ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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maintain a poverty threshold that matches the median income.
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eliminate the dependence of people on the welfare system.
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eliminate the income gap between the richest Americans and the poorest.
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raise the standard of living of certain less-fortunate members of society.
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Detailed explanation-1: -A welfare state is a state that is committed to providing basic economic security for its citizens by protecting them from market risks associated with old age, unemployment, accidents, and sickness.
Detailed explanation-2: -Direct Role: The government is a social-welfare organisation. It works for the benefits of the common people without making any motive to maximise profit. Hence, the main agenda of the government is welfare maximisation.
Detailed explanation-3: -A ‘welfare state’ refers to a state which plays a key role in the protection and promotion of the economic and social well-being of all its citizens. Welfare state ensures social and economic democracy. For India to become a welfare state, our constitution provides the Directive Principles of State Policy in Part IV.