Question

Economic development includes economic growth along with:

• A. Increased government spending
• B. Improvement in the quality of life
• C. Higher tax rates
• D. Reduced exports

Answer 1

Answer:

B. Improvement in the quality of life

Economic growth

• An increase in the production of goods and services in an economy.

• The increase in the total output of a country in the current year compared to the previous year.

• The rate of increase in national income in the current year as compared to the previous year

• Economic development = Economic growth + Improvement in quality of life