Multiple choice

The concept of economic development is

  1. synonymous to economic growth concept

  2. narrower than economic growth concept

  3. broder than economic growth concept

  4. none of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Economic development is a broader concept than economic growth. While economic growth refers only to increase in real national income/GDP, economic development encompasses growth plus qualitative improvements in standard of living, reduction in poverty and inequality, better education and health, and structural transformation of the economy.

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