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Question

Which of the following is/are the component(s) of measuring economic development?

A
Enjoying a luxurious lifestyle
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B
Economic growth
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C
Purchasing power
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D
Standard of living
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Solution

The correct option is D Standard of living
Economic growth does not guarantee all individuals with sufficient income levels and tends to ignore the qualitative factors during consideration. Therefore, economists use the term development to refer to the improvement in the quality of life. When the standard of living also improves with economic growth, it is called economic development.

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