Economics MCQs
Topic Notes: Economics
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
1
What term defines economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs?
Answer:
sustainable development
Sustainable development is a framework that seeks to integrate economic growth, social equity, and environmental protection. It emphasizes that current consumption and production patterns must be managed so that natural resources and environmental quality are preserved for future generations, preventing long-term ecological collapse and ensuring intergenerational equity.
2
Which approach emphasizes meeting current societal needs without compromising the ability of future generations to satisfy their own requirements?
Answer:
Sustainable development
Sustainable development is a framework that balances economic growth, social inclusion, and environmental protection. It ensures that resources are utilized in a way that maintains their availability for the future. This concept is central to modern development economics, as it recognizes that long-term prosperity depends on the health of the environment and the preservation of natural capital.
3
What is the formal designation for the non-military financial assistance provided by one country to another for development purposes?
Answer:
Official Development Assistance (ODA)
Official Development Assistance (ODA) is the standard term used by the OECD to measure foreign aid. It specifically refers to government aid designed to promote the economic development and welfare of developing countries, excluding military aid and other non-developmental transfers.