Which of the following statements is NOT true?
A) Economic growth refers to the increased productive capacity of an economy.
B) Economic development refers to an increased capacity utilization in the economy.
C) Economic growth can be depicted through a rightward shift of the production possibility frontier.
D) Economic growth can occur without any economic development.

Question

Quizplus · Accepted Answer

Economic development is broader than just increased capacity utilization; it involves improvements in standards of living, income distribution, and the reduction of poverty, among other factors. Economic growth, on the other hand, is a narrower concept that refers to an increase in the output that an economy can produce over a period of time, which can be represented by an outward shift of the production possibility frontier.

Which of the Following Statements Is NOT True