Question

Which of the following is true regarding economic progress and economic development?

• A. Economic progress is qualitative, whereas economic development is quantative.
• B. Economic progress is quantitative, whereas economic development is qualitative.
• C. Both economic progress and economic development are quantitative.
• D. Both economic progress and economic development are qualitative.

Answer 1

The correct option is B Economic progress is quantitative, whereas economic development is qualitative.

Economic progress refers to the increase in the monetary output of the economy. Economic development refers to the overall well-being of the population. Therefore, economic progress is measured in terms of quantitative metrics such as the GDP and national income. Economic development is measured in terms of qualitative metrics such as the standard of living, which may include life expectancy, years of schooling, and per capita income.