ECONOMIC DEVELOPMENT 13TH EDITION BY
TODARO EXAM QUESTIONS AND SOLUTIONS
GRADED A+
◉ Absolute Poverty.
Answer: A situation of being unable to meet the minimum levels of
income, food, clothing, health care, shelter, and other essentials.
◉ Non Economic Cost.
Answer: Intangible impact or compensation for wide-array non
monetary losses.
◉ Subsistence Economy.
Answer: Economy in which production is mainly for personal
consumption and standard of living yields little more than basic
necessities of life- food, shelter, and clothing.
◉ Developing Countries.
Answer: Countries of Asia, Africa, the Middle East, Latin America,
eastern Europe, and former Soviet Union that are presently
characterized by low levels of living and other development deficit.
◉ Adam Smith.
,Answer: First development economist; author of Wealth of Nations
(1776) - systematic study of problems and processes of economic
development.
◉ Traditional Economic Values.
Answer: Principles, standards, or qualities that a society or group
within it considers worthwhile or desirable.
◉ Attitudes.
Answer: The state of mind and feelings of an individual, group, or
society regarding issues such as material gain, hard work, and saving
for the future and sharing wealth.
◉ Institutions.
Answer: Norms, rules of conduct, and generally accepted ways of
doing things; constraints that shape human interactions.
◉ Income Per Capita.
Answer: Total gross national income of a country ÷ total population.
◉ Gross National Income.
Answer: Total domestic and foreign output claimed by residents of a
country.
, ◉ Cold War.
Answer: Long term political tension and rivalry between United
States and Soviet Union.
◉ BRICS.
Answer: A group of developing nations: Brazil, Russia, India, China,
South Africa.
◉ Economic Development.
Answer: The process of improving the economic well-being and
quality of life for a community by creating and retaining jobs.
◉ Poverty.
Answer: Low salaries and lack of jobs; also not having medicine,
food, and clothes.
◉ Famine.
Answer: Extreme scarcity of food affecting a population.
◉ Sustainable Development.
Answer: Development that meets the needs of the present without
compromising the ability of future generations to meet their own
needs.
TODARO EXAM QUESTIONS AND SOLUTIONS
GRADED A+
◉ Absolute Poverty.
Answer: A situation of being unable to meet the minimum levels of
income, food, clothing, health care, shelter, and other essentials.
◉ Non Economic Cost.
Answer: Intangible impact or compensation for wide-array non
monetary losses.
◉ Subsistence Economy.
Answer: Economy in which production is mainly for personal
consumption and standard of living yields little more than basic
necessities of life- food, shelter, and clothing.
◉ Developing Countries.
Answer: Countries of Asia, Africa, the Middle East, Latin America,
eastern Europe, and former Soviet Union that are presently
characterized by low levels of living and other development deficit.
◉ Adam Smith.
,Answer: First development economist; author of Wealth of Nations
(1776) - systematic study of problems and processes of economic
development.
◉ Traditional Economic Values.
Answer: Principles, standards, or qualities that a society or group
within it considers worthwhile or desirable.
◉ Attitudes.
Answer: The state of mind and feelings of an individual, group, or
society regarding issues such as material gain, hard work, and saving
for the future and sharing wealth.
◉ Institutions.
Answer: Norms, rules of conduct, and generally accepted ways of
doing things; constraints that shape human interactions.
◉ Income Per Capita.
Answer: Total gross national income of a country ÷ total population.
◉ Gross National Income.
Answer: Total domestic and foreign output claimed by residents of a
country.
, ◉ Cold War.
Answer: Long term political tension and rivalry between United
States and Soviet Union.
◉ BRICS.
Answer: A group of developing nations: Brazil, Russia, India, China,
South Africa.
◉ Economic Development.
Answer: The process of improving the economic well-being and
quality of life for a community by creating and retaining jobs.
◉ Poverty.
Answer: Low salaries and lack of jobs; also not having medicine,
food, and clothes.
◉ Famine.
Answer: Extreme scarcity of food affecting a population.
◉ Sustainable Development.
Answer: Development that meets the needs of the present without
compromising the ability of future generations to meet their own
needs.
