Multiple Choice
What is the difference between economic growth and economic development?
A) Economic growth examines qualitative changes in the processes by which potential output increases over time, whereas economic development examines how a country moves from one point on its production possibility curve to another point on the curve.
B) Economic growth implies qualitative changes in productive processes whereas economic development requires quantitative change in virtually every aspect of life.
C) Economic growth implies quantitative changes in productive processes whereas economic development requires widespread structural changes in the way people live.
D) There is no difference between the two terms.
Correct Answer:
Verified
Correct Answer:
Verified
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