Measurement of Economic Growth And Development - SS3 Economics Past Questions and Answers - page 1
What are economic growth indicators used for?
To measure the well-being of a country's citizens
To measure changes in the size of an economy over time
To measure access to healthcare and education
What is the most widely used indicator of economic growth?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Gross National Income (GNI)
Which development indicator measures the average income of a country's citizens?
Literacy rate
Life expectancy
GDP Per Capita
What is the purpose of development indicators?
To measure changes in the size of an economy over time
To measure the overall well-being of a country's citizens
To measure access to healthcare and education
What is the difference between GNP and GNI?
GNP measures the total value of all goods and services produced within a country's borders, while GNI measures the value of all goods and services produced by a country's citizens, both domestically and abroad.
GNP measures the value of all goods and services produced by a country's citizens, both domestically and abroad, while GNI measures the income earned by a country's citizens, both domestically and abroad.
GNP measures the total income of a country's citizens, both domestically and abroad, while GNI measures the value of all goods and services produced within a country's borders.
What is the importance of using both economic growth and development indicators to measure a country's economic performance?
Using both economic growth and development indicators provides a more comprehensive picture of a country's economic performance by measuring both the size of its economy and the overall well-being of its citizens.
What are some examples of development indicators and how do they contribute to measuring a country's economic development?
Examples of development indicators include literacy rate, life expectancy, infant mortality rate, access to healthcare and education, and poverty rate. These indicators contribute to measuring a country's economic development by assessing the overall well-being of its citizens, which is an important aspect of sustainable economic growth.