What Causes Economic Development?

Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.



What is the best method of measuring economic development?

While there are a number of different ways to measure economic growth, the best-known and most frequently tracked and reported measure is gross domestic product (GDP).


Which type of economy is Indian economy Mcq?

The Indian economy that was known as an underdeveloped economy has now become a developing economy. However, it is described as a mixed economy.

Answer: B.

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Which is the most common method of measuring economic development Mcq?

The most common method is the GDP. GDP refers to the monetary value of all goods and services produced within the boundaries of a country over a period of time.


What Liberalisation implies?

liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.


Who was the father of India's five year planning?

The first Indian prime minister, Jawaharlal Nehru, presented the First Five-Year Plan to the Parliament of India and needed urgent attention.


What is economic development Mcq?

Explanation :Economic development means the change in growth along with progressive changes in socio-economic conditions of country. While Economic growth implies change or an increase in the real output of country.


What is the nature of Indian economy on the eve of independence Mcq?

India was a prosperous and wealthy economy prior to the advent of British rule. The colonial rule destroyed India's traditional handicraft industry. The economic policies pursued by the colonial government in India were concerned more with the protection and promotion of the economic interests of India.


What is the term economic development?

Economic Development is programs, policies or activities that seek to improve the economic well-being and quality of life for a community. What “economic development” means to you will depend on the community you live in. Each community has its own opportunities, challenges, and priorities.


What does economic growth measures Mcq?

Economic growth and development are essential for the well being of any country. It is measured in terms of improvement in the production of goods and services along with enhancement in quality of life within a country compared to previous years.


What makes income stable?

Explanation: A stable income will only be possible if a person earns continuously. On some days, the person might earn more and other days he might earn less. But working regularly will show consistency and will be a source of stable income.


What are the examples of economic development?

Economic development includes initiatives that improve infrastructure, enhance our education system, better our public safety, improve parks, and foster endless ways to incentivize and attract new businesses and jobs.


Which is the most suitable measure of economic development class 10?

"HDI is the most suitable measure of economic development ".


How do you define economic development?

Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it's an investment in growing your economy and enhancing the prosperity and quality of life for all residents.


Who is the father of new economics?

Adam Smith


What are the groups of classification of an economy called?

Answer. Answer: Economic activities are broadly grouped into primary, secondary, tertiary activities. Higher services under tertiary activities are again classified into quaternary and quinary activities.


How is economic development measured?

Economists usually measure economic growth in terms of gross domestic product (GDP) or related indicators, such as gross national product (GNP) or gross national income (GNI) which are derived from the GDP calculation.


What causes economic development?

Broadly speaking, there are two main sources of economic growth: growth in the size of the workforce and growth in the productivity (output per hour worked) of that workforce. Either can increase the overall size of the economy but only strong productivity growth can increase per capita GDP and income.


What is the role of economic development?

An economic developer is responsible for planning, designing, and implementing economic development strategies, as well as acting as a key liaison between public and private sectors and the community.


What type of change is economic development?

Structural change refers to dramatic shift in the way a country, industry, or market operates, usually brought on by major economic developments. The key to effect structural change is the dynamism that is inherent in that system.


Which is the most common method of measuring economic development class 10 Mcq?

Income is the most common method of measuring the economic development of a country.



Dated : 13-May-2022

Category : Education

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