ECONOMIC DEVELOPMENT 13TH EDITION BY
TODARO ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS
◉ Agglomeration (External) Economies.
Answer: The savings to an individual enterprise derived from
locational association with a cluster of other similar economic
activities, such as other factories or retail stores.
◉ Agricultural Labor Force.
Answer: A measure of the participating portion of an economy's
labor force.
◉ Assembly Line Production.
Answer: Arrangement of workers, machines, and equipment in
which the product being assembled passes consecutively from
operation to operation until completed.
◉ Break of bulk point.
Answer: A location where goods are transferred from one type of
carrier to another. (e.g. Barge to Railroad)
◉ Bulk Gaining Industry.
,Answer: An industry in which the final product weighs more or
comprises a greater volume than the inputs.
◉ Bulk Reducing Industry.
Answer: An industry in which the final product weighs less or
comprises a lower volume than the inputs.
◉ Comparative Advantage.
Answer: The principle that an area produces the items for which it
has the greatest ratio of advantage or the least ratio of disadvantage
in comparison to other areas, assuming free trade exists.
◉ Core-Periphery Model.
Answer: A model of the spatial structure of an economic system in
which underdeveloped or declining peripheral areas are defined
with respect to their dependence on a dominating developed core
region.
◉ Cottage Industry.
Answer: Industry in which the production of goods and services is
based in homes (not factories); specialty goods (assembled
individually or in small quantities) are often produced in this
manner.
, ◉ Cultural Convergence.
Answer: The tendency for cultures to become more alike as they
increasingly share technology and organizational structures in a
modern world united by improved transportation and
communication.
◉ Deindustrialization.
Answer: Process by which companies move industrial jobs to other
regions with cheaper labor, leaving the newly deindustrialized
region to switch to a service economy and to work through a period
of high unemployment.
◉ Dependency Theory.
Answer: a model of economic and social development that explains
global inequality in terms of the historical exploitation of poor
nations by rich ones
◉ Development.
Answer: The process of growth, expansion, or realization of
potential; bringing regional resources into full productive use.
◉ Ecotourism.
Answer: A form of tourism, based on the enjoyment of scenic areas
or natural wonders, that aims to provide an experience of nature or
culture in an environmentally sustainable way.
TODARO ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS
◉ Agglomeration (External) Economies.
Answer: The savings to an individual enterprise derived from
locational association with a cluster of other similar economic
activities, such as other factories or retail stores.
◉ Agricultural Labor Force.
Answer: A measure of the participating portion of an economy's
labor force.
◉ Assembly Line Production.
Answer: Arrangement of workers, machines, and equipment in
which the product being assembled passes consecutively from
operation to operation until completed.
◉ Break of bulk point.
Answer: A location where goods are transferred from one type of
carrier to another. (e.g. Barge to Railroad)
◉ Bulk Gaining Industry.
,Answer: An industry in which the final product weighs more or
comprises a greater volume than the inputs.
◉ Bulk Reducing Industry.
Answer: An industry in which the final product weighs less or
comprises a lower volume than the inputs.
◉ Comparative Advantage.
Answer: The principle that an area produces the items for which it
has the greatest ratio of advantage or the least ratio of disadvantage
in comparison to other areas, assuming free trade exists.
◉ Core-Periphery Model.
Answer: A model of the spatial structure of an economic system in
which underdeveloped or declining peripheral areas are defined
with respect to their dependence on a dominating developed core
region.
◉ Cottage Industry.
Answer: Industry in which the production of goods and services is
based in homes (not factories); specialty goods (assembled
individually or in small quantities) are often produced in this
manner.
, ◉ Cultural Convergence.
Answer: The tendency for cultures to become more alike as they
increasingly share technology and organizational structures in a
modern world united by improved transportation and
communication.
◉ Deindustrialization.
Answer: Process by which companies move industrial jobs to other
regions with cheaper labor, leaving the newly deindustrialized
region to switch to a service economy and to work through a period
of high unemployment.
◉ Dependency Theory.
Answer: a model of economic and social development that explains
global inequality in terms of the historical exploitation of poor
nations by rich ones
◉ Development.
Answer: The process of growth, expansion, or realization of
potential; bringing regional resources into full productive use.
◉ Ecotourism.
Answer: A form of tourism, based on the enjoyment of scenic areas
or natural wonders, that aims to provide an experience of nature or
culture in an environmentally sustainable way.
