Economic Development: Rich vs Poor
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Questions and Answers

What is GDP often used to indicate in a country?

  • The total number of goods and services produced
  • The total market value of goods and services imported
  • The total income of the government
  • The average well-being of the population (correct)

    • What is GDP per capita an estimate of?

  • The total market value of goods and services produced
  • The total number of people living in poverty
  • The total income of the country
  • The average income produced per person in the economy (correct)

    • According to the World Bank, what is poverty?

  • Having a job, but no access to education
  • Lack of food and shelter only
  • Lack of income only
  • More than lack of income, including lack of shelter, healthcare, education, and job opportunities (correct)

    • What is the main difference between a 'rich' and a 'poor' person?

    <p>Their income, wealth, goods, or services</p> Signup and view all the answers

    What is the total market value of all final goods and services produced in an economy in a given year?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    What is the universal theme reflected in the World Bank's quotes about poverty?

    <p>Poverty is more than lack of income, it is inherently multidimensional</p> Signup and view all the answers

    What is the primary goal of poor countries?

    <p>Economic development</p> Signup and view all the answers

    What is the main difference between economic growth and economic development?

    <p>Economic growth is necessary but not sufficient for economic development</p> Signup and view all the answers

    What is the classification of countries based on their income?

    <p>Low-income, Lower-middle-income, Upper-middle-income, and High-income</p> Signup and view all the answers

    What is the focus of welfare economics?

    <p>All of the above</p> Signup and view all the answers

    What is the Human Development Index (HDI) used for?

    <p>Assessing the standard of living</p> Signup and view all the answers

    What is the main difference between the First World and the Third World?

    <p>The First World is high-income, while the Third World is low- and middle-income</p> Signup and view all the answers

    What is one way to measure economic development mentioned in the text?

    <p>Standardized testing results</p> Signup and view all the answers

    Which of the following is NOT mentioned as a change accompanying economic development in the text?

    <p>Frequent elections</p> Signup and view all the answers

    What does economic development refer to?

    <p>Economic growth accompanied by changes in output distribution and economic structure</p> Signup and view all the answers

    What is an example of economic development given in the text?

    <p>Building a new railway</p> Signup and view all the answers

    What aspect of the labor force is mentioned to increase with economic development in the text?

    <p>Education and skills</p> Signup and view all the answers

    What does economic development enable producers and consumers to do more efficiently, as per the text?

    <p>Live wealthier lives</p> Signup and view all the answers

    What is the main idea behind the concept of development mentioned in the text?

    <p>Enhancing human freedoms to lead fulfilling lives</p> Signup and view all the answers

    Which of the following is NOT mentioned as a major source of unfreedom that development seeks to eliminate?

    <p>Excessive government intervention</p> Signup and view all the answers

    In the given example of the construction worker, what signifies progress and development?

    <p>Switching from consuming sardines to consuming chicken</p> Signup and view all the answers

    What describes the focus of Economic Development as mentioned in the text?

    <p>Employing economic theories and approaches to achieve progress</p> Signup and view all the answers

    What is the relationship between Development Economics and Economic Development?

    <p>They have the same goals and objectives and are considered synonymous for the class</p> Signup and view all the answers

    What is one reason for the differences in economic growth rate of nations?

    <p>Total factors productivity (TFP)</p> Signup and view all the answers

    How does the text define the process of development?

    <p>Enhancement of freedoms to enable people to live meaningful lives</p> Signup and view all the answers

    Which factor plays a crucial role in promoting faster economic growth?

    <p>Institutions providing incentives for innovation</p> Signup and view all the answers

    What is a significant way for countries to escape poverty?

    <p>Increasing total factors productivity (TFP)</p> Signup and view all the answers

    How can international trade contribute to increasing productivity in less-developed countries?

    <p>By providing markets for goods produced</p> Signup and view all the answers

    What is a key indicator of economic growth?

    <p>Rising levels of income</p> Signup and view all the answers

    What defines economic growth in a nation?

    <p>Sustained increase over time in production of goods and services</p> Signup and view all the answers

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