Economic development
A) examines the process by which a country's production possibilities curve shifts outward over time.
B) focuses on how countries can move toward their level of potential output and achieve widely shared gains in GDP per capita.
C) concentrates on how a country can increase its human capital and labor productivity to bring about changes in productive processes.
D) requires reductions in a country's population growth rate and at the same time, increases in real GDP.

Question

Quizplus · Accepted Answer

Economic development focuses on how countries can move toward their level of potential output and the achievement of widely shared gains in GDP per capita. This involves addressing factors such as improving infrastructure, raising workforce skills, creating business-friendly policies and institutions, and fostering innovation to improve productivity and drive economic growth. The process of economic development is not necessarily tied to changes in a country's population growth rate or a shift in its production possibilities curve.

Economic Development