ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statements about economic growth and economic development is CORRECT?
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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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Explanation:
Detailed explanation-1: -The answer to this question is C. Economic growth is a long-run process resulting from the compounding of many events.
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: -The correct answer is Increase in per capita real GDP over time. Economic growth is an increase in the production of goods and services in an economy.
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.
There is 1 question to complete.