Chapter 8

Question 1

is a problem faced by all the nations, whether rich or poor. In pursuing the task of growth, each nation has to take a reflection look at its own resources, and plot its own
course towards growth

Answer 1

Economic Growth

Question 2

is aimed not only at increased production, but also at the proper use of
the nation’s resources. It involves the whole economy- every aspect of it. It means specifying the
challenges and meeting them

Answer 2

Economic Growth

Question 3

Yardstick of Economic growth

Answer 3

GDP, GNP

Question 4

is related to a quantitative sustained increase in the country’s per capita output or income accompanied by expansion in its labor force, consumption capital and volume of trade.

Answer 4

Economic Growth

Question 5

is accompanied by changes in the economic and social structure of a
country. The main structural changes that occur are those which affect the pattern of demand,
production, labor allocation and urbanization.

Answer 5

Economic growth

Question 6

is a branch of economics that deals with the study of macroeconomic causes of long- term economic growth.

Answer 6

Economic Development

Question 7

__________ is a phenomenon which occurs over a long period of time

but _____________ is increase in GNP which can occur when we are able to achieve increase in number of resources or increase in technology or by the combination of both

Answer 7

Development, Economic Growth

Question 8

defines growth as an expansion of the system in one or more dimensions
without a change in its structure and development as an innovative process leading to the structural transformation of social systems.

Answer 8

Milton Friedman

Question 9

argues development is about outcomes - development occurs with
the reduction and elimination of poverty, inequality and unemployment within a growing economy

Answer 9

Professor Dudley Seers

Question 10

Three Core Values of Development

Answer 10

1. Sustenance: The ability to meet basic needs
2. Self- esteem: To be a person.
3. Freedom from Servitude: To be able to choose

Question 11

All people have certain basic needs without which life would be impossible. These life- sustaining basic human needs include food, shelter, health, and protection.

Answer 11

Sustenance: The Ability to meet basic needs

Question 12

A _______________ of the good life is self- esteem- a sense of worth and self- respect, of not being used as a tool by others for their
own ends.

Answer 12

Self esteem: To be a person, second universal
component

Question 13

that we suggest should constitute the
meaning of development is the concept of human freedom.

Answer 13

Freedom from Servitude: To be able to choose