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Midterm

EC207 Midterm: Practice


Department
Economics
Course Code
EC207
Professor
Shadab Qaiser
Study Guide
Midterm

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The Multiple Choices and Short questions will cover the following broader questions:
1. Justify your answer for the following statement “Traditional Neoclassical economics failed to
address challenges face by the process of economic development” Justify your answer?
a. Market friendly approach for traditional, info perfect, in developed but developing not
perfect, one model is not all fit
2. What are the problems with measuring economic development through Gross Domestic
Product? What alternative measures do you suggest to measure economic development?
a. Products and services, all formal, market value of g & s, other not included. In
developing the market is not well defined. Environment is not included, not account for
poverty and income development econ pie is increasing but how its disturbed, illegal
not counted, GDP market based mayor, no health and edu and other
3. “Economic Development is the process of increasing people’s capabilities? Justify your answer
based on Sen’s Approach to define development?
a. Prof martia says: increasing people’s capabilities, capacity, functioning, and capabilities,
commodities
b. Prof Shens approach to define dev: increase capabilities e.g.
4. Do you think it is in the material interests of high-income countries to help low-income
countries improve their economic performance? Why or why not?
a. Disease, problem of disease, world flu
b. Invest in econ wellbeing, find more market to do trade, terrorism
c. The systematic risk, live in global village where info sharing is possible, developed
countries invest to get more market
d. Global development Millennium development goals center and periphery
5. Different school of thoughts in Development Economics and their point of emphasis.
a. Lewis
b. Market friendly approach
c. Etc: contribution and limitation. Limitation of Lewis model: assumed modern
productivity is 0 at developing very strong assumption, not progressive labour
especially if the workers from agriculture to manu if they are not reinvested in labour
intense
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Some sample MCQs:
1. Why are women often referred to as playing a central role in economic development?
2. Yes
3. No
Answer: Yes
Women empowerment is mayor goal of any development, source of labour. Without women dev,
we cannot achieve econ development
2. In defining development to include more than just the growth of per capita income, there is an
implicit assumption that the growth of per capita income alone is not sufficient to guarantee the
reduction of poverty and the growth of self-esteem?
!. Yes
2. No
Answer: Yes
3. Developing countries are starting to converge with developed countries in the long run in what respect?
a. Growth rate
b. Income inequality
c. Population
d. Per capita income
Answer: D
4. What is a broader measure of Human development:
1. Human Development Index
2. GDP in PPP
Answer: Human Development Index
not special components, but need to know, important component
5. The neocolonial dependence model emphasizes the unequal power relationships between the
developed and less developed countries:
1. Yes
2. No
Answer: Yes
Center hold the power
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