ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This statement is false. Economic development is a broader concept than economic growth. Besides economic growth (as measured in terms of increase in the national income), it comprises of improvement in various other factors as well such as education, health, equality, etc.

Detailed explanation-2: -Lower unemployment. With higher output and positive economic growth, firms tend to employ more workers creating more employment.

Detailed explanation-3: -that enhance the overall standard of living and welfare of the nation. Thus, we can say that while economic growth may be possible without economic development but the reverse is not true (that is, economic development is not possible without economic growth).

Detailed explanation-4: -The relationship between economic growth and unemployment shows that there is a high correlation between the economic growth rate and the decrease in unemployment rates. An increase in the growth rate increases the employment rate or decreases the unemployment rate.