ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a) the adoption of new technologies
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b) general improvement in living standards
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c) transition from agriculture-based to industry-based economy
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d) creating and/or retaining jobs and supporting or growing incomes
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All of the above
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Detailed explanation-1: -Detailed Solution. The correct answer is All of the above. Economic development is defined as an increase in a country’s wealth and standard of living. For example, Improved productivity, higher literacy rates, and better public education are all consequences of economic development in a country.
Detailed explanation-2: -The literacy rate of a country affects its economic development greatly. The more literate citizens a country has, the greater is its economic development. People who are literate can more easily develop skills that will help them in the workplace and will help them find and keep jobs, so they can spend money.
Detailed explanation-3: -The illiterate people trapped in a cycle of poverty with limited opportunities for employment or income generation and higher chances of poor health, turning to crime and dependence on social welfare. Therefore, illiteracy is a curse to humanity and socioeconomic development.
Detailed explanation-4: -The literacy rate is one of the most important indicators of social development and is closely related to the socio-economic growth of any country.
Detailed explanation-5: -Census of India pegged the average literacy rate to be 73% in 2011 while National Statistical Commission surveyed literacy to be 77.7% in 2017–18. Literacy rate in urban areas was 87.7%, higher than rural areas with 73.5%.