Question 17
Economic Growth and DevelopmentEconomic development differs from economic growth in that development:
I. Involves improvements in living standards and quality of life
II. Requires structural transformation of the economy
III. Is measured solely by increases in GDP
IV. Includes reduction of poverty and inequality
- A.I, II and IV only
- B.I and III only
- C.III and IV only
- D.All of the above
Show the answer and explanation
Answer: A (I, II and IV only)
Explanation
Development means better living standards, structural change and less poverty and inequality. A rise in GDP alone measures growth, not development.