Question

Which of the following statements explains economic development?

• A. It refers to the growth of new technologies in the economy.
• B. It refers to the overall growth of the agriculture sector of the economy by the adoption of new technologies.
• C. It refers to the overall growth of all sectors of the economy by the adoption of new technologies.
• D. It refers to the overall growth of the agricultural and industrial sectors of the economy by the adoption of new technologies.

Answer 1

The correct option is C It refers to the overall growth of all sectors of the economy by the adoption of new technologies.

Economic activities of a country include various activities related to sectors like agriculture, industries, and services. Thus, to evaluate economic development, we need to understand the growth of all these sectors. In other words, economic development can be defined as the overall growth of all sectors of the economy by the adoption of new technologies.