Regional Economics

1.Which Growth Model is an economic framework that focuses on the factors driving long-term economic growth in an economy.

• Diminishing Marginal Returns

• neoclassical growth model

• Steady State Equilibrium

• Technological Progress

2.The neoclassical model assumes_________ to capital.

• Constant Returns to scale

• increasing marginal returns

• diminishing marginal returns

3.The Lewis model, proposed by economist Arthur Lewis, is a classic example of a dualistic model

• True

• False

4. _______refers to a theoretical framework that examines the coexistence of two distinct and often contrasting sectors within an economy or society.

• social dualism,

• dualism

• formal sector

• informal sector

5.Which Sector often lacks access to credit, social security, legal protections, and basic infrastructure?

• Modern sector

• traditional sector

6.The labor surplus model is also known as the Lewis model.

• True

• False

7.Which Year Lewis model was developed?

• 1960

• 1950

• 1970

• 1980

8.The Lewis model assumes the presence of a ______ in the traditional sector

• surplus of labor

• Capital Accumulation

• Dualistic Transformation

• Lewis Turning Point

9.The labor surplus model suggests that there is a point in the development process, known as the “Lewis turning point.

• True

• False

10.__________ is an economic model that explores the relationship between migration and development

• Harris-Todaro model

• Labour Surplus