Question

Which of the following statements is correct?

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

Answer 1

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

Economic progress is quantitative, while economic development is qualitative. For example, an increase in production due to an increase in the scale of production would be described as economic progress, whereas an increase in production due to the introduction of advanced technology would be described as economic development.