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ECON304 Final Exam - Economic Development
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MCQs on major theories of economic development, placing them in a historical context.
 

ECON304 Final Exam - Economic Development
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25 Questions

1. What variable do Sachs et al. add to the Harrod-Domar model to look at the relationship between income growth and geography?
2. On Figure 1, which line on the Lorenz curve represents a country with the highest level of inequality?
3. Complete the following statement. According to Sen, South Korea is more developed than North Korea, because South Koreans have:
4. Which of the following best represents Adam Smith's view of laissez faire?
5. What change in the economy is associated with postindustrialization?
6. In the resource constraint equation (see Figure 4), what does Lat signify?
7. More recent calls for a 'big push' strategy are concerned with which of the following?
8. Which of the following is a stage in Rostow's stages of development theory?
9. What problem does the New Institutional Economics school suggest can arise when performance based measures are implemented (such as rewarding teachers for high test scores) to resolve the principal-agent problem?
10. In the Lewis model, what does the term 'surplus labor' refer to?
11. As defined by the 1987 UN World Commission on Environment and Development, which of the following best describes sustainable development?
12. How does Sen define poverty?
13. In New Institutional Economics, what is meant by the principal-agent problem?
14. What does it mean in the Romer model when it says that there are constant returns to labor?
15. The Harrod-Domar growth model is based on the relationship of what two economic elements?
16. Which school of thought believes that a major impediment to development comes from the dualistic nature of underdeveloped economies (where a modern sector dependent on developed countries for technology exists side by side with a traditional sector)?
17. Which of the following is a tactic suggested by the structuralist school to promote economic growth and development?
18. In the Solow model, if a country is in the steady state, an earthquake causes wide-spread destruction of the capital stock, and there is no change in the level of savings or depreciation, then this will result in which of the following?
19. In New Institutional Economics, which of the following is an example of 'transaction costs,' which institutions can help to resolve?
20. The Neo-Marxists believed that developing countries must pass through advanced capitalism before moving on to socialism.
21. A multi-dimensional measure of poverty include includes which of the following elements?
22. On Figure 2, what is the name of Line D in the Lorenz curve model?
23. Complete the following sentence. According to Francis Fukuyama, social capital can be defined as:
24. The Gini Coefficient is calculated by finding which of the following?
25. According to Williamson's Hierarchy of Institutions (in the New Institutional Economics School), which of the following can be considered to be institutions?

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