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    Question

    Consider the following statements about economic growth

    and development: 1. Economic growth refers to a quantitative increase in a country’s output. 2. Economic development includes qualitative improvements in living standards. 3. Economic growth always leads to economic development. Which of the above statements are correct?
    A 1 only Correct Answer Incorrect Answer
    B 1 and 2 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1, 2, and 3 Correct Answer Incorrect Answer

    Solution

    Economic growth is a quantitative increase in GDP (statement 1). Development focuses on improved living standards and social indicators (statement 2). Growth does not always lead to development (statement 3 is incorrect).

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