1)Briefly show your understanding of the following paired concepts
Cost of living and standard of living
Underdevelopment and undevelopment of a country
Custom union and common market
Command planning and indicative planning (5 marks each=25)
2)What are the key objectives of development? (6 marks)
Explain clearly the costs which economic growth imposes on society (10 marks)
Briefly explain why GNP ( Gross National Product) is not a measure of economic welfare(9 marks)
3)Between Rostow’s stages theory and the Marxism theory of social-economic transformation which theory explains developing countries development prospects better? Justify your opinion (25 marks)
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