Test: Economic Growth and Development - 1 - JAMB MCQ

Economic growth refers to an increase in real GDP (Gross Domestic Product) per capita over time. It signifies the expansion of an economy's production capacity and is usually measured in terms of the value of goods and services produced within a country.

Economic development refers to the improvement in the standard of living, well-being, and quality of life of the population. It involves sustainable economic growth, social progress, and institutions that support the needs and aspirations of individuals in a society.

Gross domestic product (GDP) is an indicator of economic growth. It measures the total value of goods and services produced within a country's borders during a specific period. GDP is often used to assess the overall economic performance and size of an economy.

Literacy rate is an indicator of economic development. It represents the percentage of people who can read and write in a given population. Higher literacy rates are generally associated with improved human capital, which contributes to economic development.

Political stability affects economic growth and development. When a country has a stable political environment, it provides a conducive atmosphere for investment, business growth, and policy implementation, leading to sustainable economic development.

Exchange rate fluctuations are not considered a factor affecting economic growth and development. Exchange rate fluctuations impact trade competitiveness and the purchasing power of a currency but do not directly drive long-term economic growth and development.

Economic growth refers to changes in the size of the economy, typically measured by the increase in real GDP. It represents the expansion of productive capacity and the overall value of goods and services produced within a country.

Economic development refers to changes in the quality of life, including improvements in education, healthcare, infrastructure, income distribution, and other factors that contribute to the well-being of individuals and society as a whole.

A primary objective of economic growth is to increase production. Economic growth aims to expand the output of goods and services, leading to higher income levels, employment opportunities, and overall economic prosperity.

A primary objective of economic development is the reduction of poverty. Economic development seeks to improve the living conditions of the population, alleviate poverty, and promote social and economic inclusiveness through sustainable and equitable growth.