ECO 2114 Study Guide - Midterm Guide: Gross Domestic Product, Gross National Income, Millennium Development Goals

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4 May 2016

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30 solow neoclassical growth model: lastly, endogenous grow. Eco 2117 - midterm 1 notes (trimmed: what is development economics, study of how economies are transformed from stagnation to growth, from low income to high income & overcome absolute poverty, in developing countries: Commodity & resource markets are highly imperfect. Multiple equilibria rather than a single equilibrium are common. When there is agreement over subjective values, corresponding public policies (e. g. , compulsory schooling) based on objective theoretical & quantitative analyses can be pursued: views in development, traditional economic measures. Focus on industrialization: new economic view of development. Development is the expansion of people"s capabilities (i. e. the freedoms to do the things they have reason to value) Everyone should not have the same capabilities. The transformation of resources into capabilities depends on various factors: Differences between individuals, regions, institutions, relational perspectives & distribution within the family: example: Utility: pleasure / happiness: 3 core values of development, sustenance.

Related Questions

1. Countries tend to be classified as more or less developed based on

a. the literacy rate.

b. the poverty rate.

c. the level of income per capita.

d. the types of goods they produce.

2. A subsistence economy is

a. a very low income economy.

b. an economy in which people make what they consume.

c. an economy in which people receive food for pay.

d. all of the above.

3. Development economics is the study of the

a. alleviation of absolute poverty.

b. transformation of institutions.

c. allocation of resources in developing countries.

d. all of the above.

4. Which of the following is not an important objective of development?

a. increases in per capita income

b. the expansion of available choices

c. increases in individual and national self-esteem

d. all of the above are important objectives of development

5. The core values of development include

a. increasing income per person.

b. reducing the inequality of income.

c. the ability to meet basic needs.

d. all of the above.

6. An example of an upper-middle income country is

a. India.

b. Brazil.

c. Indonesia.

d. Nigeria.

7. A newly industrialized country is

a. the same as a high-income country.

b. any country that has experienced sustained growth in industry.

c. a special classification given to some upper-middle income countries that have
achieved relatively advanced manufacturing sectors.

d. any country that has moved out of lower income status.

8. Which of the following is not an upper-middle income country?

a. Brazil

b. South Africa

c. Pakistan

d. Argentina

9. One of the components of the human development index is

a. the percentage of the population who are high school graduates.

b. the average daily intake of protein.

c. life expectancy at birth.

d. the number of doctors per hundred people in the population.

10. The number of units of developing country currency required to purchase a basket of goods and services in a developing country that costs one dollar in the U.S. is given by

a. GNI price deflator.

b. Human Development Index ranking.

c. purchasing power parity.

d. the exchange rate.

Part B: Quantitative Analysis (Show all your work with graphical analysis).

Problem # 1:

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ECO 2114 Study Guide - Midterm Guide: Gross Domestic Product, Gross National Income, Millennium Development Goals

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