Tag: economics of development

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Questions Related to economics of development

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Economic growth provides a broader outlook on economic changes as compared to economic development.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

False. 

Economic development refers to the economic growth of the economy in all terms which includes all aspects and has become a main and central theme of economic thought throughout the years.
Economic growth refers to the process of using natural resources for the development of the economy in order to increase the per capita income of the economy. 

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

_______________, under the modern approach, is interpreted as the increase in real per capita income accompanied with reduction in poverty, inequality and unemployment.

  1. Sustainable development

  2. Economic growth

  3. Growth with stability

  4. Economic development
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The modern approach defines economic development as a process that improves the quality of life, which includes rising income alongside reductions in poverty, inequality, and unemployment.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

The new approach to economic development states that, economic development is not only increase in real per capita income, but also reduction in _____________.

  1. poverty

  2. income inequality

  3. unemployment

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The new or modern approach to economic development emphasizes that growth is insufficient on its own; it must be accompanied by improvements in social welfare, specifically the reduction of poverty, inequality, and unemployment.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Economic growth requires higher degree of government intervention as compared to economic development.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

False. 

Economic growth refers to the process of using natural resources for the development of the economy in other to increase the per capita income of the economy. The growth mainly measures the per capita income rather than overall income of the economy.

Economic development refers to the economic growth of the economy in all terms which includes all aspects and has become a main and central theme of economic thought throughout the years. It includes reduction in poverty, income inequality as well as unemployment.  

Therefore, economic development requires a high degree of government intervention. 

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Modern approach to economic development gave a __________ definition of economic development.

  1. broad

  2. narrow

  3. either A or B

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The modern approach is considered a broad definition because it incorporates multiple dimensions of human well-being, including social, political, and economic factors, rather than just income growth.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Economic growth is an entirely __________ concept, while economic development deals with both qualitatively and quantitative aspects of the economy.

  1. quantitative

  2. qualitative

  3. theoretical

  4. both B & C
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Economic growth refers to a quantitative process of using natural resources for the development of the economy in other to increase the per capita income of the economy. The growth mainly measures the per capita income rather than overall income of the economy.

Economic development refers to the economic growth of the economy in both quantitative as well as qualitative terms which includes all aspects and has become a main and central theme of economic thought throughout the years. It includes reduction in poverty, income inequality as well as unemployment.  
Therefore, economic development is a broader as well as more comprehensive term as compared to economic growth.
Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Economic development relates to the problems faced by the present day's __________ countries.

  1. rich

  2. developed

  3. developing

  4. underdeveloped
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Economic development is a term primarily used to describe the process of transformation and improvement in developing countries, which face challenges like poverty and low industrialization.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Which among the following is a limitation of per capita income?

  1. Neglects composition of national output.

  2. Ignores distribution of income.

  3. Social costs are not accounted for.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Per capita income is an average that hides income distribution, ignores the composition of goods produced, and fails to account for social costs like pollution or health outcomes.

Multiple choice geography economic growth and development development and growth need for sustainable development economics of development

Economic growth relates to the problems faced by __________ countries.

  1. poor

  2. developed

  3. developing

  4. underdeveloped
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Economic growth is a term often used to describe the expansion of output in already developed countries, where the focus is on maintaining or increasing existing levels of prosperity.