Question : While computing Net Economic Welfare (NEW), which of the following items is subtracted from Gross National Product (GNP)?
Option 1: Value of leisure time
Option 2: Adjustments for congestion of urban life
Option 3: Do-it-yourself activities
Option 4: The underground economy
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Correct Answer: Adjustments for congestion of urban life
Solution : The correct answer is Adjustments for the congestion of urban life.
Adjustments for the crowded and busy nature of urban life are necessary because they reduce the enjoyment and happiness of living in cities. To calculate Net Economic Welfare (NEW), these values are subtracted from the Gross National Product (GNP).
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