GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic growth can occur without economic development
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Economic development can occur without economic growth
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Economic growth always leads to economic development
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Economic growth and economic development do not relate to each other
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Detailed explanation-1: -It is possible to have economic growth without development. i.e. an increase in GDP, but most people don’t see any actual improvements in living standards. This could occur due to: Economic growth may only benefit a small % of the population. For example, if a country produces more oil, it will see an increase in GDP.
Detailed explanation-2: -Having economic growth without economic development is possible. Economic growth in an economy is demonstrated by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a country’s total output or Gross Domestic Product (GDP).
Detailed explanation-3: -Expert-Verified Answer. The right answer to the given question is Option a. Economic growth is defined as an increase in production by capita. Economic development has an influence on the country’s overall development.
Detailed explanation-4: -Economic growth without economic development is possible. Economic growth without economic development is possible. This is because economic growth is a narrower concept than economic development. Economic growth of a nation is measured in terms of rate of growth of GDP over a period of time.