ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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demographic
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gender empowerment
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economic
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social
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Detailed explanation-1: -Gross Domestic Product (GDP), a widely used indicator, refers to the total gross value added by all resident producers in the economy. Growth in the economy is measured by the change in GDP at constant price.
Detailed explanation-2: -National income is one of the general indicators of the level of a nation’s economic development. It reflects the results of society’s economic activity to a much greater degree than many other indicators and is a yardstick of the effectiveness of social production.
Detailed explanation-3: -Growth rate of National Income: In this indicator real income is calculated on constant prices. If there is rise in national income, this indicates economic development. When there is high rate of national income, development rate is high and vice versa.
Detailed explanation-4: -The best indicator of overall economic development of a nation is its per capita income.