Question

Find the odd word:

Theory of Economic Welfare:

Options

• Theory of Income and Employment

• Efficiency in production

• Efficiency in Consumption

• Overall Economic Efficiency

Answer 1

Theory of Income and Employment

Explanation:

• Theory of Economic Welfare primarily focuses on efficiency in various aspects like production, consumption, and overall economic efficiency to maximize societal well-being.
• Theory of Income and Employment belongs to macroeconomics and deals with aspects like national income, employment levels, and aggregate demand, which are not directly related to economic welfare in terms of efficiency.