State, giving valid reasons whether the following statements are true or false.
The two indicators of economic development are Growth of GDP and
Growth of infrastructure.
It is not a cause of worry if Indian economy is able to produce more
goods and services without generating enough employment opportunities.
Worker-population ratio is an indicator for analysing the growth of the country.
Answers
Answer:
You might have heard the term standard of living before—it means all of the elements that contribute to a person's happiness.
Standard of living is a broad term that encompasses many factors—including some that are not bought and sold in the market and some that are. The level of GDP per capita, for instance, captures some of what we mean by the term standard of living, as illustrated by the fact that most of the migration in the world involves people who are moving from countries with relatively low GDP per capita to countries with relatively high GDP per capita.
To understand the limitations of using GDP to measure the standard of living, it is useful to spell out some things that GDP does not cover that are relevant to standard of living.
Explanation:
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