Question

Fill in the blanks with appropriate alternative given in the bracket.

1. Economic growth without__________ is possible.
(Economic development, education, capital, trade)

2. In modern times the_________is an economic leader
(entrepreneur, actor, social worker, minister)

3. Industrial development increases_______________
(Poverty, population, urbanization, unemployment)

4. Per capita income is ____________ divided by the total population.
(Per capita consumption, national income, human development, human development, net national product.)

Answer 1

1. Economic growth without economic development is possible.

Explanation
Economic growth without economic development is possible. This is because economic growth is a narrower concept than economic development. Economic growth of a nation is measured in terms of rate of growth of GDP over a period of time. In other words, economic growth indicates a rise in the production of goods and services in an economy over a period of time. On the other hand, economic development, besides the rate of growth of GDP also includes an improvement in various other factors as well as such as education, health, employment, etc. that enhance the overall standard of living and welfare of the nation. Thus, we can say that while economic growth may be possible without economic development but the reverse is not true (that is, economic development is not possible without economic growth).

2. In modern times entrepreneur_is an economic leader

Explanation
An entrepreneur is regarded as an economic leader. An entrepreneur is the one who initiates various economic activities by undertaking the risk of investment with the basic aim of earning greater profits. It can be said that it is because of this characteristic of the entrepreneur that since he constantly explores new growth opportunities. Thus, the more active the entrepreneurs are the greater is the level of economic activity and the economy rises on the path of growth.

3. Industrial development increases urbanisation

Explanation
Industrial development in an economy leads to a rise in urbanisation. In fact, it can be said that urbanisation is a by-product of industrialisation. As greater number of industries is set up, the employment opportunities increase. As a result, the excess labour from the agriculture sector tends to shift towards the industries. Consequently, there is greater migration from the rural areas to the urban areas. Furthermore, with the increase in the employment and income, the standard of living of the people improves which further promotes urbanisation.
On the other hand, all other alternatives as mentioned in the question namely, poverty, unemployment and population tend to decrease with industrialization. As stated above, industrialization provides greater employment and income earning opportunities. This helps in reducing the social problems of poverty, unemployment and high population.

4. Per capita income is national income divided by the total population.

Explanation
Per capita income is the mean income of the people living in a country. It is calculated by dividing national income by the total population of a country. Algebraically,

$\mathrm{Per}\mathrm{capita}\mathrm{income}=\frac{\mathrm{National}\mathrm{Income}}{\mathrm{Total}\mathrm{Population}}$