growth and development quiz1

Question 1

Economic growth

Answer 1

Is the increase in real per capita gross domestic product.

Question 2

real per capita GDP formula

Answer 2

real GDP/Total population

Question 3

Drivers of economic growth

Answer 3

land, labor, capital

Question 4

Labor

Answer 4

the dependency ratio must be lower than the labor force.

Question 5

Capital

Answer 5

Goods used to produce other goods.

Human Capital- people’s knowledge and skills

Physical capital- machinery and equipment

Question 6

economic development

Answer 6

sustainable increase in the quality of life of residents in developing countries die to the changing structure of the economy.

MULTI-DIMENSIONAL

Question 7

Aspects of economic development

Answer 7

• an increase in real per capita GDP
• Diversification of primary production to 2nd and 3rd production
• increase access to HEALTH & EDUCATION
  -Infrastructure development
  -low level of negative externalities
• freedom & social justice

Question 8

HDI

Answer 8

Life expectancy, educational attainment, & adjusted rate income

(used to determine if a country is developed, developing, or underdeveloped)