Economic Growth and Development
Economics · 50 practice questions
Meaning and scope of economic growth and development; indicators; factors affecting growth and development; problems of development in Nigeria; development planning in Nigeria.
- Distinguish between economic growth and development.
- Highlight their indicators.
- Identify the factors affecting growth and development.
- Examine the problems of development in Nigeria and the role of planning.
Try a few questions
- Practice question 1
A key indicator distinguishing economic development from mere economic growth is the
- A.change in the exchange rate alone
- B.change in the size of the population
- C.change in poverty levels and income inequality, not just total output
- D.change in the number of banks
Show the answer
C. change in poverty levels and income inequality, not just total output
Development considers distributional and welfare outcomes beyond raw output.
- Practice question 2
If a 5-year development plan targets an average annual growth of 6% but actual growth averages 4%, the annual shortfall is
- A.6 percentage points
- B.10 percentage points
- C.2 percentage points
- D.4 percentage points
Show the answer
C. 2 percentage points
Shortfall = Target − Actual = 6 − 4 = 2 percentage points.
- Practice question 3
Nigeria's successive National Development Plans have mainly aimed to
- A.abolish all forms of private enterprise
- B.eliminate international trade completely
- C.stop all forms of taxation
- D.set targets and strategies for growth in key sectors of the economy
Show the answer
D. set targets and strategies for growth in key sectors of the economy
Development plans set deliberate sectoral growth targets.
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