Economic Development Quiz

What is the primary goal of Economic Development?

• To increase the population

• To reduce the number of businesses

• To decrease the rate of capital formation

• To improve the standard of living and economic health

Which approach to Economic Development focuses on industrialization and GDP growth?

• Modern approach

• Traditional approach

• Sustainable approach

• Growing economy approach

What does the growing economy approach emphasize?

• Industrialization

• Technological advancement

• Human welfare and poverty eradication

• Agricultural expansion

Which of the following is considered a non-economic factor?

• Industrial output

• Capital formation

• Social features like religion and ethnicity

• GDP growth

How do non-economic factors influence Economic Development?

• They indirectly affect development through social and political elements

• They have no impact on development

• They reduce the need for capital formation

• They directly increase GDP

What characterizes an underdeveloped country?

• High GDP growth

• Coexistence of unutilized manpower and unexploited resources

• Rapid industrialization

• Full utilization of resources

What is the main difference between underdeveloped and developing economies?

• Underdeveloped economies have a high GDP

• Developing economies lack manpower

• Underdeveloped economies have no natural resources

• Developing economies have a high growth rate

What is the ultimate aim of Economic Development?

• To reduce the population

• To enhance economic wealth for inhabitants' well-being

• To increase the number of industries

• To eliminate all non-economic factors

Why is capital formation important in Economic Development?

• It reduces the standard of living

• It is necessary for rapid development

• It eliminates poverty

• It decreases the need for industrialization

Which of the following best describes Economic Development?

• A process of reducing economic wealth

• A process of stepping up the rate of capital formation

• A process of eliminating all social activities

• A process of increasing population