Question 49
Economic Growth and DevelopmentEconomic development is defined as
- A.outward shift of the production possibility curve
- B.availability of more goods and services
- C.growth accompanied by qualitative change in living standards
- D.growth in the national income.
Show the answer and explanation
Answer: C (growth accompanied by qualitative change in living standards)
Explanation
Development is economic growth together with improvements in living standards (health, education, welfare).