Answered: Which of the following is the closest…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following is the closest to the concept of economic
development?
a.     economic growth accompanied by an improvement in the people’s
quality of life.
b.     economic growth without improvement in the quality of lives of the
people.
c.     economic growth due to increased GDP per capita.
d.     GDP per capita only.

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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