ECON 313 Study Guide - Midterm Guide: Loanable Funds, Root Mean Square, Ethnocentrism

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12 Oct 2017

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Absolute poverty a situation of being unable to meet the minimum levels of income, food, clothing, health care, shelter, and other essentials. 3 core values of development: sustenance: the ability to meet basic needs (necessary but not suf cient, self-esteem: to be a person, freedom from servitude: to be able to choose. 3 objectives of development: to increase the availability and widen the distribution of basic life-sustaining goods, to raise levels of living, to expand the range of economic and social choices. Greater scope than traditional neoclassical economics and political economy. Primarily focuses on the economic, social, and institutional mechanisms needed to bring about rapid and large-scale improvements in standards of living. Formulation of appropriate public policies designed to effect major: economic, institutional, social transformations of entire societies in a very short time. What people do or can do with the commodities of given characteristics that they come to possess or control.

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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ECON 313 Study Guide - Midterm Guide: Loanable Funds, Root Mean Square, Ethnocentrism

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