Principles of Economic Development Quiz

Economic development involves an increase, not a decrease, in GDP.

The industrial sector often leads economic development due to its transformative impact on productivity and employment.

The World Bank offers financial aid and technical support to developing nations for development initiatives.

Urbanization refers to the movement of people from rural to urban areas seeking improved opportunities.

Underdeveloped economies typically lack an abundance of natural resources, unlike resource-rich nations.

Structural transformation theory posits that development is linked to the shift from agrarian to industrial economies.

Language is not a direct factor influencing economic development, unlike infrastructure, education, and political stability.

Sustainable economic development aims to balance growth with environmental and social considerations.

The Consumer Price Index (CPI) measures inflation, not economic development, which is better gauged by GDP, HDI, and other indicators.

The Human Development Index (HDI) assesses a country's average achievements in health, knowledge, and living standards.

Amartya Sen introduced the concept of 'human development,' focusing on well-being beyond economic metrics.

'Big Push' theory suggests a coordinated push with substantial investments in various sectors to jumpstart economic development.

Akamatsu introduced the 'flying geese paradigm' describing the industrialization process in East Asia.

South Korea is renowned for its successful economic development model known as the 'East Asian Miracle.'

The bottom-up approach emphasizes empowering local communities and grassroots organizations for economic development.