GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Economic growth can occur without economic development
|
|
|
Economic growth cannot occur without economic development
|
|
|
Economic growth always results in economic development
|
|
|
Economic development can occur without economic growth
|
Detailed explanation-1: -The answer to this question is C. Economic growth is a long-run process resulting from the compounding of many events.
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: -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.
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.
Detailed explanation-5: -Economic progress refers to the increase in the monetary output of the economy. Economic development refers to the overall well-being of the population. Therefore, economic progress is measured in terms of quantitative metrics such as the GDP and national income.