Economic Development Quiz

An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life--food, shelter and clothing.

• subsistence economy

• traditional economics

• political economy

• economic development

The process of improving the quality of all human lives and capabilities by raising people's levels of living, self-esteem and freedom.

• development

• uplifment

• increase economy

• standard of living

Countries of Asia, Africa, the Middle Easy, Latin America, eastern Europe and the former Soviet Union, that are presently characterized by low levels of living and other development deficits. Used in the development literature as a synonym for less developed countries.

• developing countries

• asian countries

• 3rd world countries

• development

An approach to economics that emphasizes utility, profit maximization, market efficiency and determination of equilibrium.

• development economics

• subsistence economy

• traditional economics

• political economics

The attempt to merge economic analysis with practical politics--to view economic activity in its political context.

• political economy

• traditional economy

• development

• globalization

The study of how economies are transformed from stagnation to growth and from low-income to high-income status, and overcome problems of absolute poverty.

• developing countries

• development economics

• development

• subsistence economy

The now economically advanced capitalist countries of western Europe, North America, Australia, New Zealand and Japan.

• Institution

• freedom

• less develop countries

• more develop countries

An economy in which production is mainly for personal consumption and the standard of living yields little more than basic necessities of life--food, shelter and clothing.

• traditional economics

• development economics

• political economics

• subsistence economy

An approach to economics that emphasizes utility, profit maximization, market efficiency and determination of equilibrium.

• development economics

• political economics

• subsistence economy

• traditional economics

Economic growth defined as..

• An increase in a country national income or output

• An increase in a county's real national income or output

• Total income received by household per year

• National income per capita in a year