Choose the given statement as true/false:

Economic growth is a monetary notion, but human development is a non-monetary one.

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True

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Detailed Solution

The above statement is true.
Human development is a "Human-centered" strategy for growth that puts the needs of individuals first. Its goal is to establish living circumstances allowing people to express their unique brilliance. Basic health, education, and financial security are all components of human development. It is a non-financial concept. The transition of a population from a low-income (poor) economy to a high-income (rich) economy is known as economic development. Economic development increases when the local quality of life rises. It occurs when the rate of production exceeds the rate of population growth, and the rate of GDP growth is sufficient to meet the needs of the people.

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