Choose the given statement is true/false:

Economic growth is referred to as a process to increase national income, and social welfare and improve standards of living in addition to poverty alleviation and equitable distribution of income.

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True

False

answer is B.

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Detailed Solution

The given statement is false.
Economic growth can be defined as an increase in real national income at a point in time. It is a narrow and short-term concept, focusing on the quantitative aspects of development. Economic development is economic growth considering social development factors, including poverty alleviation, equity, gender equality, etc. Economic development is a much broader and long-term process. Economic growth is time-specific; that is, it is measured at a given point in time in contrast to economic development, which is a continuous and sustained process accounting for socio-economic factors and is analysed over long periods.
The correct statement will be that economic growth can be defined as an increase in real national income at a point in time.

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