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
B 1 and 2 only
C 2 and 3 only
D 1, 2, and 3
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