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What are the indicators of development?
Economic development is a complicated multi-dimensional idea. Preferably each aspect of development needs its own indicator.
• Professor Dudley Seers argues development is regarding outcomes that are development occurs along with the reduction and exclusion of poverty, inequality and unemployment into a growing economy.
• Professor Michael Todaro is related with outcomes and sees three goals of development:
a. Producing more life sustaining requirements as like food shelter and health care and broadening their distribution
b. Increase SoL and individual self esteem
c. Increasing economic and social choice and decreasing fear.
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You win a lottery. You have the choice of two ways to be paid. If you pick Payout Scheme X, you get $2,750 today. If you pick Payout Scheme Y, you get three payments: $1,000 today,
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y explain whether you agree or disagree with the following statements. “If nominal GDP is less than real GDP, then the price level must have fallen during the year.”
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