30 Questions
What is GDP often used to indicate in a country?
The average well-being of the population
What is GDP per capita an estimate of?
The average income produced per person in the economy
According to the World Bank, what is poverty?
More than lack of income, including lack of shelter, healthcare, education, and job opportunities
What is the main difference between a 'rich' and a 'poor' person?
Their income, wealth, goods, or services
What is the total market value of all final goods and services produced in an economy in a given year?
Gross Domestic Product (GDP)
What is the universal theme reflected in the World Bank's quotes about poverty?
Poverty is more than lack of income, it is inherently multidimensional
What is the primary goal of poor countries?
Economic development
What is the main difference between economic growth and economic development?
Economic growth is necessary but not sufficient for economic development
What is the classification of countries based on their income?
Low-income, Lower-middle-income, Upper-middle-income, and High-income
What is the focus of welfare economics?
All of the above
What is the Human Development Index (HDI) used for?
Assessing the standard of living
What is the main difference between the First World and the Third World?
The First World is high-income, while the Third World is low- and middle-income
What is one way to measure economic development mentioned in the text?
Standardized testing results
Which of the following is NOT mentioned as a change accompanying economic development in the text?
Frequent elections
What does economic development refer to?
Economic growth accompanied by changes in output distribution and economic structure
What is an example of economic development given in the text?
Building a new railway
What aspect of the labor force is mentioned to increase with economic development in the text?
Education and skills
What does economic development enable producers and consumers to do more efficiently, as per the text?
Live wealthier lives
What is the main idea behind the concept of development mentioned in the text?
Enhancing human freedoms to lead fulfilling lives
Which of the following is NOT mentioned as a major source of unfreedom that development seeks to eliminate?
Excessive government intervention
In the given example of the construction worker, what signifies progress and development?
Switching from consuming sardines to consuming chicken
What describes the focus of Economic Development as mentioned in the text?
Employing economic theories and approaches to achieve progress
What is the relationship between Development Economics and Economic Development?
They have the same goals and objectives and are considered synonymous for the class
What is one reason for the differences in economic growth rate of nations?
Total factors productivity (TFP)
How does the text define the process of development?
Enhancement of freedoms to enable people to live meaningful lives
Which factor plays a crucial role in promoting faster economic growth?
Institutions providing incentives for innovation
What is a significant way for countries to escape poverty?
Increasing total factors productivity (TFP)
How can international trade contribute to increasing productivity in less-developed countries?
By providing markets for goods produced
What is a key indicator of economic growth?
Rising levels of income
What defines economic growth in a nation?
Sustained increase over time in production of goods and services
Explore the concepts of rich and poor in the context of economic development. Learn how economists use indicators like GDP per capita to measure the well-being of individuals and nations. Dive into the relationship between income, wealth, and overall economic prosperity.
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