Question

The lecture identified which of the following variables that can impact a country’s economic development?

Group of answer choices

History of the society.

Access to capital.

Natural resources.

All of the above.

Flag this Question

Question 141 pts

As noted in the lecture, social cohesion:

Group of answer choices

Is an important factor in a country's ability to develop economically.

Requires a high level of trust within a society.

Both A and B.

None of the above.

Flag this Question

Question 151 pts

The lecture noted that provision of basic human services such as education and health care:

Group of answer choices

Tends to stop economic growth through too much government intervention.

Is an important factor in economic development.

Both A and B.

None of the above.

Answer 1

1) The correct option is d.

a) History of the society provides helps in understanding the society in a better way and can lead to the formation of policies and other ways for economic development and growth suitable for the society. But along with that other things like natural resources, capital are also needed for economic development.

b) Capital is extremely important for the economic development be it human capital or physical capital. Without the capital, there can be no production of goods and services and no development. But capital is not the only thing required for development.

c) Natural resources both renewable and non renewable act as raw materials for the production of goods and services. Hence they contribute for the economic development. But capital, history of the society are also needed with natural resources for development of the economy.

d) All of the above variables like history of the society, capital, natural resources work together for the development of the economy.

2) The correct option is c.

a) Social cohesion means how connected are people and different groups of the society are with each other. So if there is social cohesion, there will be development of social capital, no destruction of human and physical capital. All this will lead to development of economy. But for social cohesion, there needs to be trust in the society.

b) Social cohesion is a term that describes the connectedness of people and their cooperation with each other in a society. But they can only be connected if they trust each other. Social cohesion contributes in the economic development.

c) Social cohesion helps in an economy to develop by developing cooperation among people, making them work like a team and aviod situations of destruction. For all this, there needs to be trust in the society.

d) Option C is correct which says that social cohesion leads to development of economy and it requires high level of trust in the society.

3) The correct option is b.

a) Basic human services like education and health will develop skills in humans and will make them fit in order to be productive and rather than stopping economic growth, these services contribute for development of the economy.

b) Basic human service plays a very important role for economic development. They tend to develop human capital by teaching them skills needed for becoming producitve and also help them to stay healthy. All this makes the humans capable for contributing towards economic development.

c) Option A which says that basic human services stop economic growth is wrong. Human services prepares the human capital and makes path for growth.

d) Option B which says that basic human services are important for economic development is right. These services develop the needed abilities and skills in the humans for becoming productive and working for economic development.