GROWTH DEVELOPMENT CHILD
GROWTH AND DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a change in production technology
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a change in the price level
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a change in the amount of human capital
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a change in the amount of man-made resources
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Detailed explanation-1: -The correct answer is Human resources. Economic growth means more output. Economic development is the technical and institutional setup by which such output is produced and distributed. Human Resource is not taken as a factor among the non-economic factors which contribute to economic growth.
Detailed explanation-2: -Which of the following will not change economic growth? government spending.
Detailed explanation-3: -Decreased women participation in job market is not an indicator of economic development. It is not an indicator of economic development as the decreasing percentage of women will generate lower level of national income, in turn national output of an economy will also get decreased.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.