Economic Development

What is economic growth usually measured by?

• Gross Domestic Product (GDP)

• Human Development Index (HDI)

• Population Reference Bureau (PRB)

• Human Capital Index (HCI)

According to Amartya Sen, what is development about?

• Removing freedom from people

• Creating obstacles for people

• Promoting corruption in society

• Creating freedom for people

What is the world population predicted to grow to in the next 50 years?

• 7 billion

• 8 billion

• 10 billion

• 9 billion

What was the International Dependence Model popular for in the 1970s and early 1980s?

• Promoting socialism

• Arguing for underdevelopment due to dominance of developed countries

• Encouraging free trade agreements

• Advocating for capitalism

What did Lewis' two-sector model focus on?

• Government vs. Private Sector

• Technology vs. Environment

• Healthcare vs. Education

• Agricultural sector vs. Industrial Revolution

What is the central idea of Sustainable Development?

• Exploiting natural resources for short-term gains

• Improving quality of life while protecting the environment

• Neglecting the environment for economic growth

• Maximizing profits at any cost

According to Robert Solow, what are the three factors of output growth?

• Population growth, education quality, capital accumulation

• Labour quantity, capital quality, technology advancement

• Healthcare quality, education quantity, technology advancement

• Labour quantity, capital accumulation, technology improvement

What did Adam Smith argue in 'The Wealth of Nations'?

• Revolution is inevitable for economic growth

• Competition leads to public interests through the 'invisible hand'

• Private investors maximize national output through exploitation

• Social ownership of property leads to wealth creation

What is human capital according to Richard Freeman?

• A concept that blames workers for defects

• A factor of production like physical capital

• A Marxist theory of exploitation

• A signal of talent and ability

How is the contribution of education measured in the Rate of Return Approach?

• By studying the impact of education on healthcare outcomes

• By comparing the number of educated individuals in a country

• By calculating the increase in GDP due to education

• By analyzing the relationship between expenditure on education and income