Section 5 Economics

Why is it important to understand poverty, living standards, population dynamics, and economic development in the global economy?

• To prioritize economic development over other aspects of society.
• To only focus on economic growth without considering social factors.
• To ignore the economic landscape and focus on individual well-being.
• To analyze the challenges and opportunities in the global economy and inform policies for sustainable development.

How does improving living standards benefit a society?

• It leads to lower productivity and decreased well-being.
• It can lead to better health outcomes, higher productivity, and overall well-being for the population.
• It has no impact on society.
• It only benefits individuals with high incomes.

How can differences in economic development manifest between countries?

• Through equal access to resources and opportunities.
• Through similarities in infrastructure, technology, and institutions.
• Through variations in wealth, income, and living standards.
• Through consistent economic growth and prosperity.

What are the consequences of a rapidly growing population on resources and infrastructure?

• It leads to increased availability of resources and improved infrastructure.
• It has no impact on resources and infrastructure.
• It only affects the availability of healthcare services.
• It can strain resources and infrastructure, leading to challenges in providing healthcare, education, and employment opportunities.

What factors contribute to living standards?

• Low income, lack of education, and limited access to healthcare.
• Lack of education, poor healthcare, inadequate housing, and limited access to basic services.
• Access to luxury goods, high social status, and expensive vacations.
• Income levels, access to education, healthcare, housing, and essential services.

Why do developed countries typically have higher levels of economic development?

• Due to advanced infrastructure, technology, and institutions that support economic growth and prosperity.
• Due to lack of resources and poor government policies.
• Due to historical legacies and natural resources.
• Due to limited access to education and healthcare.

What is the main difference between absolute poverty and relative poverty?

• Absolute poverty is a situation where individuals have significantly higher incomes compared to society, while relative poverty refers to a lack of resources for survival.
• Absolute poverty is a situation where individuals have access to basic necessities, while relative poverty refers to a lack of resources for survival.
• Absolute poverty refers to a lack of basic necessities required for survival, while relative poverty is a situation where individuals have lower incomes compared to society.
• Absolute poverty is a situation where individuals have lower incomes compared to society, while relative poverty refers to a lack of basic necessities required for survival.

What are some factors that contribute to differences in economic development between countries?

• Population growth, income levels, access to education, and healthcare.
• Historical legacies, natural resources, government policies, and international trade relations.
• Migration patterns, age demographics, and labor supply.
• Climate change, technological advancements, and cultural differences.

How can governments address poverty effectively?

• Implementing strict austerity measures.

• Reducing taxes for high-income individuals.

• Investing in education and healthcare systems.

• Privatizing social welfare programs.

What is the measurement used to determine the minimum income required to meet basic needs?

• GDP per capita.

• Inflation rate.

• Poverty line.

• Consumer Price Index