Which of the following statements about GDP and Welfare

Solution

Option 1 and 2 both are correct. 3.GDP and Welfare both are not related each other. - This statement is incorrect. While GDP and welfare are not synonymous, they are related. Generally, a higher GDP may enable a government to spend more on public services, healthcare, and education, which can improve the general welfare. However, the relationship is not direct or guaranteed, as GDP does not measure several factors crucial to assessing welfare directly.