Question:
Economic development means
(1) Economic growth with Balance of Payment surplus.
(2) Economic growth plus structural and qualitative changes.
(3) Improvement in the living standards of the urban population.
(4) Sustainable increases in Gross National Income (GNI).
(5) Equitable income distribution along with a reduction in the poverty level.
Correct Answer:
(2)
Answer Explanation:
Economic development is a multidimensional process. It requires not just an increase in real national output (economic growth), but also significant qualitative and structural transformations within the economy, leading to poverty reduction, lower inequality, and improved health and education.
Topic: Economic Development Year: 2020
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