G12 Domestic & Intl. Factors and Economic Development [REVIEWER]

What is the difference between economic development & economic growth?

• Economic development focuses only on GDP growth, while economic growth considers social factors.

• Economic development includes improvements in living standards, while economic growth is about GDP increases.

• Economic growth involves technological advancement, while economic development does not.

• Both terms mean the same thing.

How does access to education contribute to economic development?

• By improving healthcare services.

• By attracting more foreign tourists.

• By reducing reliance on natural resources.

• By increasing skills and productivity in the workforce.

Why is political stability important for economic development?

• It guarantees high exports.

• It ensures that corruption remains manageable.

• It attracts investors and fosters a predictable environment for growth.

• it increases a country's dependence on foreign aid.

Which of the following is an example of infrastructure supporting economic development?

• 
  Building efficient transportation networks for goods and people.

• Providing free healthcare to all citizens.

• Implementing anti-corruption campaigns.

• Promoting cultural diversity in urban areas.

How can over-reliance on natural resources negatively affect a country’s development?

• It encourages diversification of industries.

• It eliminates environmental concerns.

• It reduces the need for trade agreements.

• It can lead to the “resource curse” and economic instability.

Improved healthcare leads to higher productivity and contributes to economic growth.

• True

• False

Corruption and poor governance create confidence in a country’s economy and attract investments.

• True

• False

Corruption and poor governance create confidence in a country’s economy and attract investments.Globalization only benefits developed countries.

• True

• False

Trade agreements can open markets for developing countries but might impose restrictions on their economies.

• True

• False

Technology transfer can accelerate innovation and productivity in developing countries.

• True

• False