Economic Development and Growth Quiz

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What is GNP and how is it calculated?

GNP is the total market value of all final goods and services produced within a nation in a particular year, plus income earned by its citizens, minus income of non-residents located in that country.

How would you distinguish between economic growth and economic development?

Economic growth deals with the problems of developed countries and is gradual and steady, while economic development deals with the problems of underdeveloped countries and is discontinuous and spontaneous.

Define economic planning according to Robbins.

Economic Planning is 'collective control or suppression of private activities production and exchange' - Robbins

What are the social indicators of economic development?

<p>Social indicators of economic development refer to the basic and collective needs of the people, including direct provision of basic needs such as health and education.</p> Signup and view all the answers

Write a short note on NITI Aayog.

<p>NITI Aayog, formed on 1st January 2015, is a National institution for transforming India which replaced the planning commission. It serves as a policy think-tank.</p> Signup and view all the answers