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Econ 333 > Econ Exam 2 Terms > Flashcards

Econ Exam 2 Terms Flashcards

0
Q

What is a Headcount Index?

A

The proportion of a country’s population living below the poverty line.

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1
Q

What is a Gini Coefficient?

A

An aggregate numerical measure of income inequality ranging from 0 ( perfect equality) to 1 ( perfect inequality).

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2
Q

What is the Kuznets Curve?

A

A graph reflecting the relationship between a country’s income per capita and its equality of income distribution.

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3
Q

What is the Lorenz Curve?

A

A graph depicting the variance of the size distribution of income from perfect equality.

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4
Q

What is MPI?

A

Multidimensional Poverty Index….A poverty measure that identifies the poor using dual cutoffs for levels and numbers of deprivations, and then multiplies the percentage of people living in poverty times the percent of weighted indicators for which poor households are deprived on average.

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5
Q

What is the Total Poverty Gap?

A

The sum of the difference between the poverty line and actual income levels of all people living below that line.

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6
Q

What are the Different Tax Systems?

A
  1. Progressive Income Tax
  2. Regressive Tax
  3. Proportional Tax
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7
Q

What is a Progressive Income Tax?

A

A tax whose rate increases with increasing personal incomes.

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8
Q

What is a Regressive Tax?

A

A tax structure in which the ratio of taxes to income tends to decrease as income increases.

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9
Q

What are Indirect Taxes?

A

Taxes levied on goods ultimately purchased by consumers, including customs duties (tariffs), excise duties, sales taxes, and export duties.

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10
Q

What is a Proportional Tax?

A

All taxpayers share the same tax rate, regardless of how much you make.

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11
Q

What is Doubling Time?

A

Period that a given population or other quantity takes to increase by its present size.

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12
Q

What is Death Rate?

A

The number of deaths each year per 1,000 population.

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13
Q

What is Demographic Transition?

A

The phasing-out process of population growth rates from a virtually stagnant growth stage characterized by high birth rates and death rates through a rapid-growth stage with high birth rates and low death rates to a stable, low-growth stage in which both birth and death rates are low.

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14
Q

What is the Hidden Momentum of Population Growth?

A

The phenomenon whereby population continues to increase even after a fall in birth rates because the large existing youthful population expands the population’s base of potential parents.

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15
Q

What is the Life Expectancy at Birth?

A

The number of years a newborn child would live if subject to the mortality risks prevailing for the population at the time of the child’s birth.

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16
Q

What is Net International Migration?

A

The excess of persons migrating into a country over those who emigrate from that country.

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17
Q

What is the Malthusian Population Trap?

A

The threshold population level anticipated by thomas malthus (1766– 1834) at which population increase was bound to stop because life-sustaining resources, which increase at an arithmetic rate, would be insufficient to support human population, which increases at a geometric rate.

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18
Q

What is the Microeconomic Theory of Fertility?

A

The theory that family formation has costs and benefits that determine the size of families formed.

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19
Q

What is the Life Expectancy at Birth?

A

The number of years a newborn child would live if subject to the mortality risks prevailing for the population at the time of the child’s birth.

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20
Q

What is the Crude Birth Rate?

A

The number of children born alive each year per 1,000 population (often shortened to birth rate).

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21
Q

What is Informal Sector?

A

The part of the urban economy of devel-oping countries characterized by small competitive individual or family firms, petty retail trade and services, labor-intensive methods, free entry, and market-determined factor and product prices.

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22
Q

What is Urban Bias?

A

The notion that most governments in developing countries favor the urban sector in their development policies, thereby creating a widening gap between the urban and rural economies.

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23
Q

What is Social Capital?

A

The productive value of a set of social institutions and norms, including group trust, expected cooperative behaviors with predictable punishments for deviations, and a shared history of successful collective action, that raises expectations for participation in future cooperative behavior.

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24
Q

What is Human Capital?

A

Productive investments embodied in human persons, including skills, abilities, ideals, health, and locations, often resulting from expenditures on education, on-the-job training programs, and medical care.

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25
Q

What is the Educational Gender Gap?

A

Male-female differences in school access and completion.

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26
Q

What are Private Benefits?

A

The benefits that accrue directly to an individual economic unit. for example, private benefits of education are those that directly accrue to a stu-dent and his or her family.

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27
Q

What is Income Inequality?

A

The disproportionate distribution of total national income among households.

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28
Q

What is the Personal Distribution of Income ( size distribution of income)?

A

The distribution of income according to size class of persons— for example, the share of total income accruing to the poorest specific per-centage or the richest specific percentage of a population— without regard to the sources of that income.

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29
Q

What is a Quintile?

A

A 20% proportion of any numerical quantity. a population divided into quintiles would be divided into five groups of equal size.

30
Q

What is a Decile?

A

A 10% portion of any numerical quantity; a population divided into deciles would be divided into ten equal numerical groups.

31
Q

What is the Functional Distribution of Income ( factor share distribution of income)?

A

The distribution of income to factors of production without regard to the ownership of the factors.

32
Q

What are Factors of Production?

A

Resources or inputs required to produce a good or a service, such as land, labor, and capital.

33
Q

What is the Multidimensional Poverty Gap (MPI)?

A

A poverty measure that identifies the poor using dual cutoffs for levels and numbers of deprivations, and then multiplies the percentage of people living in poverty times the percent of weighted indicators for which poor households are deprived on average.

34
Q

What is the Character of Economic Growth?

A

The distributive implications of economic growth as reflected in such factors as participation in the growth process and asset ownership.

35
Q

What is Disposable Income?

A

The income that is available to households for spending and saving after personal income taxes have been deducted.

36
Q

What are Redistribution Policies?

A

Policies geared to reducing income inequality and expanding economic opportunities in order to promote development, including income tax policies, rural development policies, and publicly financed services.

37
Q

What is Land Reform?

A

A deliberate attempt to reorganize and transform existing agrarian systems with the intention of improving the distribution of agricultural incomes and thus fostering rural development.

38
Q

What is a Subsidy?

A

A payment by the government to producers or distributors in an industry to prevent the decline of that industry, to reduce the prices of its products, or to encourage hiring.

39
Q

What is the Rate of Population Increase?

A

The growth rate of a population, calculated as the natural increase after adjusting for immigration and emigration.

40
Q

What is Natural Increase?

A

The difference between the birth rate and the death rate of a given population.

41
Q

What is Net International Migration?

A

The excess of persons migrating into a country over those who emigrate from that country.

42
Q

What is the Total Fertility Rate (TFR)?

A

The number of children that would be born to a woman if she were to live to the end of her childbearing years and bear children in accordance with the prevailing age-specific fertility rates.

43
Q

What is the Under-5 Mortality Rate?

A

Deaths among children between birth and 5 years of age per 1,000 live births.

44
Q

What is the Youth Dependency Ratio?

A

The proportion of young people under age 15 to the working population aged 16 to 64 in a country.

45
Q

What is Demographic Transition?

A

The phasing-out process of population growth rates from a virtually stagnant growth stage characterized by high birth rates and death rates through a rapid-growth stage with high birth rates and low death rates to a stable, low-growth stage in which both birth and death rates are low.

46
Q

What are the criticisms of the Malthusian Model?

A
  1. They do not take adequate account of the role and impact of technological progress.
  2. They are based on a hypothesis about a macro relationship between population growth and levels of per capita income that does not stand up to empirical testing of the modern period.
  3. They focus on the wrong variable, per capita income, as the principal determinant of population growth rates. A much better and more valid approach to the question of population and development centers on the microeconomics of family size decision making in which individual, and not aggregate, levels of living become the principal determinant of a family’s decision to have more or fewer children.
47
Q

What are the Family-Planning Programs?

A

Public programs designed to help parents plan and regulate their family size.

48
Q

What are the benefits of Family Planning?

A
  1. An increase in the education of women and a consequent change in their role and status
  2. An increase in female nonagricultural wage employment opportunities, which raises the price or cost of their traditional child- rearing activities
  3. A rise in family income levels through the increased direct employment and earnings of a husband and wife or through the redistribution of in-come and assets from rich to poor
  4. A reduction in infant mortality through expanded public health programs and better nutritional status for both mother and child and better medical care
  5. The development of old-age and other social security systems outside the extended family network to lessen the economic dependence of parents, especially women, on their offspring 6. expanded schooling opportunities so that parents can better substitute child “quality” for large numbers of children
49
Q

What is Reproductive Choice?

A

The concept that women should be able to determine on an equal status with their hus-bands and for themselves how many children they want and what methods to use to achieve their desired family size.

50
Q

What are Megacities?

A

The largest cities in the world containing a population of at least 10 million people.

51
Q

What is Rural-Urban Migration?

A

The movement of people from ru-ral villages, towns, and farms to urban centers ( cities) in search of jobs.

52
Q

What are Agglomeration Economies?

A

Cost advantages to producers and consumers from location in cities and towns, which take the forms of urbanization economies and localization economies.

53
Q

What are Urbanization Economies?

A

Agglomeration effects associated with the general growth of a concentrated geographic region.

54
Q

What are Localization Economies?

A

Agglomeration effects captured by particular sectors of the economy, such as finance or autos, as they grow within an area.

55
Q

What is Social Capital?

A

The productive value of a set of social institutions and norms, including group trust, expected cooperative behaviors with predictable punishments for deviations, and a shared history of successful collective action, that raises expectations for participation in future cooperative behavior.

56
Q

What is Congestion?

A

An action taken by one agent that decreases the incentives for other agents to take similar actions. Compare to the opposite effect of a complementarity.

57
Q

What is First-City Bias?

A

A form of urban bias that has often caused considerable distortions. The country’s largest or “ first- place” city receives a disproportionately large share of public investment and incentives for private in-vestment in relation to the country’s second-largest city and other smaller cities. as a result, the first city receives a disproportionately—and inefficiently—large share of population and economic activity.

58
Q

What is an Informal Sector?

A

The part of the urban economy of developing countries characterized by small competitive individual or family firms, petty retail trade and services, labor-intensive methods, free entry, and market-determined factor and product prices.

59
Q

What is an Efficiency Wage?

A

The notion that modern-sector urban employers pay a higher wage than the equilibrium wage rate in order to attract and retain a higher- quality workforce or to obtain higher productivity on the job.

60
Q

What are the basic objectives of Development?

A

Education and Health.

61
Q

What is Human Capital?

A

Productive investments embodied in human persons, including skills, abilities, ideals, health, and locations, often resulting from expenditures on education, on-the-job training programs, and medical care.

62
Q

What is a Discount Rate?

A

In present-value calculations, the annual rate at which future values are decreased to make them comparable to values in the present.

63
Q

What is Child Labor?

A

When children under age 15 work, their labor time disrupts their schooling and in a majority of cases prevents them from attending school altogether.

64
Q

What does it mean to have an equilibrium for child labor?

A

If there is a bad equilibrium, a ban on child labor will be made, moving to a good equilibrium.

65
Q

What is the Educational Gender Gap?

A

Male-female differences in school access and completion.

66
Q

What are Private Benefits?

A

The benefits that accrue directly to an individual economic unit. For example, private benefits of education are those that directly accrue to a student and his or her family.

67
Q

What are the Social Benefits of Education?

A

Benefits of the schooling of individuals, including those that accrue to others or even to the entire society, such as the benefits of a more literate workforce and citizenry.

68
Q

What are the Social Costs of Education?

A

Costs borne by both the individual and society from private education decisions, including government education subsidies.

69
Q

What are Private Costs?

A

The costs that accrue to an individual economic unit.

70
Q

What is Educational Certification?

A

The phenomenon by which particular jobs require specified levels of education.

71
Q

What is Basic Education?

A

The attainment of literacy, arithmetic competence, and elementary vocational skills.

72
Q

What is Brain Drain?

A

The emigration of highly educated and skilled professionals and technicians from the developing countries to the developed world.

73
Q

What is the Disease Burden?

A

Developing countries face a much more crippling disease burden than developed countries, especially regarding infectious diseases. AIDs, malaria, and parasites are three major problems in this section.

Econ 333 (1 decks)

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