Q.1)Is the Gross Domestic Product (GDP) concept a good measure of wellbeing (welfare)? Compare the welfare of any two countries using GDP per capital and the United Nation’s Human Development Index...

Question 1
GDP has always been a production measure, not a welfare measure. The value of finalized consumer products and services, private and public, present and future, is measured at existing prices. (Given that GDP requires investment goods output), Future consumption is protected Converting to constant prices allows for the time-limited calculation of GDP growth and spatial variations.
It is the most common instrument for calculating the productivity of an economy and is therefore known to be an economic metric. When people claim that one economy is bigger than another or that one economy is increasing or decreasing, they normally mean GDP. GDP per person is a major economic indicator and a valuable unit for comparing the average quality of living and financial wellbeing across countries.
A index which measures the main dimensions of human development is the Human Development Index (HDI). The three most important dimensions: a long, stable life is calculated by a life expectancy Access to education determined by the projected schooling years of the school age children and mean adult education years and adequate living standards determined by the gross national per capita income adjusted to country's market level.
GDP per capita of Norway is $67,989, GDP per capita of Ireland is $79,669.Human development Index for Norway is 0.957 and it ranks 1. Human development Index for Ireland is 0.955 and it ranks 2.From this we can say that the economic well - being was high in Ireland and low in Norway, while human well - being was higher in Norway and lower in Ireland.
Question 2
The theory of total economy expenditure and its impacts on production, jobs and inflation is a keynesian economy. In an effort to explain the Great Depression, the British economist John Maynard Keynes had created the Keynesian economy in the 1930s. Keynesian economics is considered a philosophy of "market," focusing on short-term economic shifts.
Keynes's theorem was the first to distinguish commercial activity and markets from general national economic aggregate causes and mechanisms by taking individual motivation into account. Keynes argued in favor of higher government spending and reduced taxation to boost demand and drive the world economy out of deflation. The concepts of optimum economic production and preventing economic slums by government activist stability and economic intervention strategies have been used to influence aggregate demand. Keynesian economy then used Keynesian economy.
Keynes concluded that insufficient demand overall could lead to sustained high unemployment. The goods and services production of an economy is the aggregate of four components: net exports (the difference between what a country sells to and buys from foreign...