Economic development ?
Correct answer: B. Means improvement in lifestyle
- A. Is the same as economic growth
- B. Means improvement in lifestyle
- C. Exists when there is equal distribution of income
- D. All of the above
Explanation
Economic development is broader than economic growth because it includes improvements in living standards, health, education and quality of life. Equal income distribution is desirable but is not a necessary condition for development.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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