10 Questions
Define Economic Institutions.
Humanly devised constraints that shape interactions in an economy.
What is the formula for Income per Capita?
Total gross national income divided by total population.
Differentiate between Functionings and Capabilities.
Functionings refer to what people do or can do, while capabilities are the freedoms that people have.
Explain the concept of Sustenance.
Basic goods and services necessary for survival.
What are Millennium Development Goals?
A set of eight goals adopted to eradicate extreme poverty.
What is the main focus of traditional economics?
Utility, profit maximization, and market efficiency
Define absolute poverty.
Unable to meet minimum income
What does political economy merge economic analysis with?
Practical politics
What is the main concern of development economics?
How economies are transformed
Define subsistence economy.
Production is for personal consumption
Test your knowledge on economic development, poverty, traditional economics, and neoclassical economics. Topics include improving quality of human lives, developing countries, absolute poverty, subsistence economy, and traditional/neoclassical economic theories.
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