ECN 503 Chapter Notes - Chapter 2: Critical Role, Longrun

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16 Nov 2011

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Most striking feature of the global economy is its extreme. This is reflected in such areas as: output per worker, real income per capita, life expectancy, health (e. g. , undernourishment, literacy/illiteracy rates (1) defining the developing world. Tribal, and religious conflicts): larger rural populations but rapid rural-to-urban. Migration. (table 2. 10): lower levels of industrialization and manufactured. Exports. (table 2. 11): adverse geography (south versus north, underdeveloped financial and other markets. Relations (5) how low-income countries today differ from developed. Development capabilities: efficacy of domestic institutions (6) are living standards of developing and developed. Nations converging? (figures 2. 8, 2. 9, and 2. 10: two reasons for expected convergence, you don"t have to reinvent the wheal, , the marginal product of capital and the. Than in the latters: reality (evidence) lends support to the presence of. Convergence (e. g. , china & india) as well as of. The critical role of: geography and resource endowments; and, institutions (i. e. , the rules of the game of economic life),

Related Questions

Consider the following information about a developing country:

Income per capita Life expectancy Adult literacy Gross enrollment

$1037 43 years 53% 46%

a) Income index =

b) Life expectancy index =

c) Education index =

d) Human development index =

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Go to the United Nations Human Development report website: http://www.undp.org/content/undp/en/home/librarypage/hdr/2014-human-development-report/

Briefly describe what is the human development index (HDI).

Scroll to the bottom of the webpage and choose three countries from the list of the 2014 Human Development Index.

For each of the three countries selected, find the real GDP per capita of 2013, life expectancy, and education attainment, and briefly describe how those numbers are calculated, or what they stand for.

In your opinion, which country would be best to live in? Explain.

In your opinion, what is a better indicator of standard of living: real GDP per capita, life expectancy, or educational attainment?

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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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ECN 503 Chapter Notes - Chapter 2: Critical Role, Longrun

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