Tag: economic growth and development

Questions Related to economic growth and development

Economic development refers to economic growth accompanied by changes in the ____________ structure of the economy.

geography economic growth and development development and growth need for sustainable development economics of development

  1. social

  2. economic

  3. both A & B

  4. neither A nor B

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Correct Option: C

Economic growth provides a broader outlook on economic changes as compared to economic development.

geography economic growth and development development and growth need for sustainable development economics of development

  1. True

  2. False

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Correct Option: B
Explanation:

False. 

Economic development refers to the economic growth of the economy in all terms which includes all aspects and has become a main and central theme of economic thought throughout the years.
Economic growth refers to the process of using natural resources for the development of the economy in order to increase the per capita income of the economy. 

_______________, under the modern approach, is interpreted as the increase in real per capita income accompanied with reduction in poverty, inequality and unemployment.

geography economic growth and development development and growth need for sustainable development economics of development

  1. Sustainable development

  2. Economic growth

  3. Growth with stability

  4. Economic development

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Correct Option: D

The new approach to economic development states that, economic development is not only increase in real per capita income, but also reduction in _____________.

geography economic growth and development development and growth need for sustainable development economics of development

  1. poverty

  2. income inequality

  3. unemployment

  4. all of the above

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Correct Option: D

Economic growth requires higher degree of government intervention as compared to economic development.

geography economic growth and development development and growth need for sustainable development economics of development

  1. True

  2. False

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Correct Option: B
Explanation:

False. 

Economic growth refers to the process of using natural resources for the development of the economy in other to increase the per capita income of the economy. The growth mainly measures the per capita income rather than overall income of the economy.

Economic development refers to the economic growth of the economy in all terms which includes all aspects and has become a main and central theme of economic thought throughout the years. It includes reduction in poverty, income inequality as well as unemployment.  

Therefore, economic development requires a high degree of government intervention. 

Modern approach to economic development gave a __________ definition of economic development.

geography economic growth and development development and growth need for sustainable development economics of development

  1. broad

  2. narrow

  3. either A or B

  4. none of the above

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Correct Option: A

Economic growth is an entirely __________ concept, while economic development deals with both qualitatively and quantitative aspects of the economy.

geography economic growth and development development and growth need for sustainable development economics of development

  1. quantitative

  2. qualitative

  3. theoretical

  4. both B & C

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Correct Option: A
Explanation:

Economic growth refers to a quantitative process of using natural resources for the development of the economy in other to increase the per capita income of the economy. The growth mainly measures the per capita income rather than overall income of the economy.

Economic development refers to the economic growth of the economy in both quantitative as well as qualitative terms which includes all aspects and has become a main and central theme of economic thought throughout the years. It includes reduction in poverty, income inequality as well as unemployment.  
Therefore, economic development is a broader as well as more comprehensive term as compared to economic growth.

Economic growth is fully measurable because it is measured using qualitative indicators.

geography economic growth and development development and growth need for sustainable development economics of development

  1. True

  2. False

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Correct Option: B

Economic development relates to the problems faced by the present day's __________ countries.

geography economic growth and development development and growth need for sustainable development economics of development

  1. rich

  2. developed

  3. developing

  4. underdeveloped

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Correct Option: C

Which among the following is a limitation of per capita income?

geography economic growth and development development and growth need for sustainable development economics of development

  1. Neglects composition of national output.

  2. Ignores distribution of income.

  3. Social costs are not accounted for.

  4. All of the above

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Correct Option: D