Ch 1 Concepts in Developing World

Developing countries are richer than developed countries.

• true

• false

Norway is a developed country.

• true

• false

Which of these countries is an emerging market. (In-between developed and developing)

• USA

• Canada

• India

• Ireland

Economics is the study of how people make decisions under conditions of ________.

• abundance

• scarcity

• wealth

• all of the above

Development economics focuses on the development and improvement of economic, fiscal, and social conditions in poor or developing countries.

• true

• false

Fiscal can refer to government

• spending

• taxation

• budgets

• all of the above

The total value of goods and services produced in a country in a year is called

• income

• gross domestic product

• per capita

• gross dominant production

Which is true about GDP/Capita?

• does not take into account population

• is not related to standard of living

• measures total output

• measures output per person

Name a factor of growth

Corporations, schools, and media are examples of

• businesses

• institutions

• measures of growth

• all of the above