Question 1

Which of the following explains the term economic development?
A)improvement in the technology involved
B)improvement in production
C)improvement in distribution system
D)all the above

Accepted Answer

Economic development encompasses improvements in technology, production, and distribution systems, contributing to the overall progress and prosperity of an economy.

Question 2

An underdeveloped economy is characterized by
A)high per capita real income
B)large proportion of labour force in the tertiary sector
C)state of deprivation of large proportion of population
D)all the above

Accepted Answer

An underdeveloped economy is often characterized by a state of deprivation of a large proportion of its population, which includes low income, poor living standards, and inadequate access to basic needs and services. Choices A and B are typically characteristics of more developed economies.

Quiz 1: Understanding Economic Development and Growth: Exploring Indicators, Models, and Concepts

Which of the following explains the term economic development?

An underdeveloped economy is characterized by