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Economic Development and Institutions Quiz

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Economic Development and Institutions Quiz

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Questions and Answers

Which measure is used to compare relative GNIs and GDPs by using a common set of international prices for all goods and services?

Purchasing power parity (PPP) (correct)

Human Development Index (HDI)

Gross Domestic Product (GDP)

Official foreign-exchange rates

What does PPP stand for in the context of comparing developed and less developed countries?

Partnership for Productive Projects

Personalized Purchasing Power

Purchasing power parity (correct)

Productive production process

What does the Human Development Index (HDI) measure?

Absolute poverty

Gross Domestic Product (GDP)

Living levels and capabilities (correct)

Purchasing power parity (PPP)

What characteristic is common among low-income countries according to the text?

Higher Population Growth Rates Signup and view all the answers

What does the concept of absolute poverty represent according to development economists?

A specific minimum level of income needed for basic physical needs Signup and view all the answers

What is the classification system used by the World Bank to rank economies based on their gross national income per capita?

Low-income countries, lower-middle-income countries, upper-middle-income countries, high-income OECD countries, and other high-income countries Signup and view all the answers

What is the gross national income (GNI) of a country?

The total domestic and foreign output claimed by residents of a country Signup and view all the answers

How are low-middle-income countries (LMCs) and upper-middle-income countries (UMCs) informally grouped?

As middle-income countries Signup and view all the answers

What are the basic indicators of development mentioned in the text?

Gross National Income (GNI), health, and education Signup and view all the answers

According to the World Bank's classification system, what are the different types of high-income countries?

High-income OECD countries and other high-income countries Signup and view all the answers

What is the primary purpose of using purchasing power parity (PPP) instead of exchange rates as conversion factors?

To accurately measure the relative domestic purchasing power of different currencies Signup and view all the answers

What is the main improvement in the reformulation of the Human Development Index (HDI) to the New HDI (NHDI)?

The addition of variants such as health, life expectancy, and education to allow for imperfect substitutability Signup and view all the answers

Why are per capita GNI comparisons between developed and less developed countries exaggerated when using official foreign-exchange rates to convert national currency figures into U.S. dollars?

Because official foreign-exchange rates do not measure the relative domestic purchasing power of different currencies Signup and view all the answers