Economics · Economic Growth vs Economic Development
Consider the following statements regarding the differences between economic growth and economic development: I. Economic growth is single-dimensional whereas economic development is multi-dimensional. II. Economic growth is measurable quantitative change, whereas economic development includes qualitative factors that are difficult to measure precisely. Which of the statement(s) given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I
- 2Only II
- 3Both I and II✓
- 4Neither I nor II
Correct answer
Both I and II
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