In the context of measuring economic progress, the 'Genuine Progress Indicator' attempts to:
A. Replace GDP with only environmental indicators
B. Adjust GDP by subtracting environmental and social costs and adding non-market benefits
C. Measure only market production
D. Ignore all non-market activities
Answer: Option B
Solution (By JKSSB Mock Tests)
The Genuine Progress Indicator starts from personal consumption expenditure and then adjusts for factors such as income distribution, environmental degradation, and the value of unpaid work to provide a broader measure of welfare.
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