Elements of Economic Development
Q. ___________ is the total value of all goods and services produced in a country in one year.
- Per capita income
- Total output
- National income
- Purchasing power of money
Q. Isa is in the process of setting up a chocolate factory. He sets it up in a shed and has money to run the business. Which of the following factors of production does Isa lack?
Q. Hajara is a fashion entreprenuer. Which of the following fall under the entrepreneurial category of factors of production?
- Sewing skills
- Marketing skills
- Capital for the business
Q. The nations that have witnessed a long-term rise in income are termed as developed. Select them from the list.
- Hong Kong
Q. Which of the following economists defined economic development as an improvement in economic welfare?
- Prof. Colin Clark
- Prof. Meier
- Alfred Marshall
- Adam Smith
Q. Why is the increase in prices adjusted to calculate the real national income?
- To normalise income inequality
- To reflect the actual purchasing power
- To eliminate social inequalities
- To reflect the foreign exchange rate
Q. Which of the following is not a factor of production?