Review Questions/Topics

First midterm

  1. How different is GDP per capita around the world? (please give 1-2 examples.)
  2. Why do we use per capita GDP as opposed to GDP?
  3. Explain the concept of value judgments in Economics.
  4. What was the "old" idea of economic development? "Trickle down" economics?
  5. What does "growth without development" mean? (please give 1-2 examples... try Brazil)
  6. Explain why "utility" is not an appropriate measure of development?
  7. Explain Amartya Sen's Capabilities Approach to measuring development.
  8. What are the three core values of development according to T&S?
  9. How is mortality a good indicator of economic success? education? income?
  10. What is the definition of correlation? How does correlation relate to causality?
  11. What is diminishing marginal utility?
  12. What is the difference between exchange rate adjusted and PPP adjusted income?
  13. What are some criticisms of PPP?
  14. What is the "Big Mac Index"?
  15. What are log functions useful for?
  16. What are the components of the HDI?
  17. What are some criticisms of the HDI?
  18. Can the HDI or any index be an accurate measure of development?
  19. What are the characteristics of developing countries?
  20. How do developing countries differ from one another?
  21. How do developing countries differ from developed countries in their earlier stages?
  22. Why are the three previous questions important?
  23. What are the implications of the Harrod-Domar model? Criticisms?
  24. What are the implications of the Lewis model? Criticisms?
  25. What are the implications of the Patterns of Development approach? Criticisms?
  26. What are the implications of the Neocolonial theories? Criticisms?
  27. What are the implications of the Neoclassiscal theories? Criticisms?

note: this is NOT a sample exam nor is this an exhaustive list of all the potential questions that might be on the exam. It is only meant to help guide your studying.