Economic development refers to ?
Correct answer: B. economic growth plus changes in (c) output distribution and economic structure
- A. economic growth
- B. economic growth plus changes in (c) output distribution and economic structure
- C. improvement in the well-being of the urban population
- D. sustainable increase in Gross National Product
Explanation
Economic development is broader than economic growth: it combines rising output with changes in income distribution and the structure of the economy. A rise in GNP alone measures growth, not necessarily 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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