Question
Consider the following statements about economic growth
and development: 1. Economic growth refers to a quantitative increase in a country’s output. 2. Economic development includes qualitative improvements in living standards. 3. Economic growth always leads to economic development. Which of the above statements are correct?Solution
Economic growth is a quantitative increase in GDP (statement 1). Development focuses on improved living standards and social indicators (statement 2). Growth does not always lead to development (statement 3 is incorrect).
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