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 and economic development are identical.
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Countries with rapid economic growth may not experience economic development.
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The definition of economic growth is broader than that of economic development.
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None of the above.
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Detailed explanation-1: -The term economic development can be explained as the process by which the economic well-being and quality of life of a nation, community, or particular region are improved i.e., a multi-dimensional approach according to predefined goals and objectives. Hence statement 1 is correct.
Detailed explanation-2: -Answer and Explanation: The correct answer is b) In large measure, economics is the study of how people make choices.
Detailed explanation-3: -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-4: -Answer. Answer: Economic development is economic growth leading to an improvement in the economic welfare of the poorest segment of the population or changes in educational level, output distribution, and economic structural change.