TEST BANK for Economic Development 13th
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Edition by Michael Todaro, Stephen Smith
wy wy wy wy wy wy
Complete Chapters 1-15| Appendix Exam Included|
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Verified Q&As| A+ PASS
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Page | 1
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, Chapter 1: Introducing Economic Development: A Global Perspective
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Key Concepts
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As curious as students who register to take Development Economics may be, their knowledge
wy wy wy wy wy wy wy wy wy wy wy wy wy
and experience of the developing world will vary widely. The first main point of Chapter 1
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
is to emphasise how different life in the developing world is. New in the 13th edition is a
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
systematic description of four stylised strata of living standards from extreme poverty to rich
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
based on Rosling,
wy wy wy
Rosling, and Rosling Ronnlund‘s book Factfulness. This is followed by a discussion of the
wy wy wy wy wy wy wy wy wy wy wy wy wy
World Bank‘s classification of economies by ranges of average national income using gross
wy wy wy wy wy wy wy wy wy wy wy wy wy
national income (GNI) statistics.
wy wy wy wy
The second point is to provide an overview of the nature of development economics as a field.
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
A defense of development economics as a distinct field, rather than an agglomeration of other
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
economics subfields, is offered. A major theme of the book, that development economics must
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
encompass the study of institutional and social, as well as economic, mechanisms for
wy wy wy wy wy wy wy wy wy wy wy wy wy
modernising an economy while eliminating absolute poverty, is introduced.
wy wy wy wy wy wy wy wy wy
Sections 1.5 and 1.6 looks deeper into the meaning of development and a view of development
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
that is multidimensional. Amartya Sen‘s ―Capabilities‖ approach is discussed in Section 1.5. In
wy wy wy wy wy wy wy wy wy wy wy wy wy
Section 1.6, data collected in a Gallup World Poll on the relationship between happiness (as
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
measured by Gallup‘s
wy wy wy
life satisfaction ―ladder‖ question and real per capita income) and other research on
wy wy wy wy wy wy wy wy wy wy wy wy
happiness/life satisfaction is discussed. The level of happiness is not only related to level of
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
income but to other factors such as democratic freedoms and the quality of social
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
relationships. The role of normative
wy wy wy wy wy
values in development economics—a subject dealing with human misery and human potential,
wy wy wy wy wy wy wy wy wy wy wy
with equity as well as efficiency, with cultural change that causes losses as well as gains, and
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
with transfer
wy wy
as well as creation of wealth—is also stressed.
wy wy wy wy wy wy wy
The conclusion is that development is both a physical reality and a state of mind. The
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
meaning and objectives of development include the provision of basic needs, reducing
wy wy wy wy wy wy wy wy wy wy wy wy
inequality, raising living standards through appropriate economic growth, improving self-esteem
wy wy wy wy wy wy wy wy wy wy
in relation to the developed countries, and expanding freedom of choice in the market and
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
beyond.
wy
Section 1.7 presents an in depth examination of the UN‘s Sustainable Development Goals
wy wy wy wy wy wy wy wy wy wy wy wy
(SDGs). This includes a more comprehensive list of the goals themselves (appearing in Table
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
1.1) and a discussion of the shortcomings of the SDGs. In Section 1.8, the plan of the book
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
is introduced through 32 critical questions of development economics. Depending on the
wy wy wy wy wy wy wy wy wy wy wy wy
amount of material
wy wy wy
Page | 2 wy wy
,covered by the instructor, students should be able to intelligently address most of these questions
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
by the end of the course. Finally, a comparative case study of Pakistan and Bangladesh is
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
presented.
wy
Page | 3 wy wy
, Lecture Suggestions wy
It might be best to begin with a discussion of the immense scale of transformation in the world
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
economy. The late Hans Rosling‘s video ―200 countries, 200 years, 4 minutes‖ (readily
wy wy wy wy wy wy wy wy wy wy wy wy
available on YouTube) can be used to confirm this point in an entertaining way. It might also
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
be helpful to highlight that real gross world product per capita has almost tripled between
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
1960 and 2018 (implying growth per year of 1.85%) and is 33% higher than it was at the
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
turn of this century
wy wy wy wy
(implying annual growth of 1.56% from 2000 to 2018). This data can be found on the Saint Louis
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
Federal
wy
Reserve‘s website in the Federal Reserve Economic Database (or FRED).
wy wy wy wy wy wy wy wy wy
Despite such advances, tremendous disparities continue to exist. In terms of easily accessible statistics
wy wy wy wy wy wy wy wy wy wy wy wy wy
the
wy
PEW Research Centre‘s ―World Population by Income‖ provides an interactive map
wy wy wy wy wy wy wy wy wy wy
showing the share of economies‘ population who are economically poor, low income, middle
wy wy wy wy wy wy wy wy wy wy wy wy
income, upper middle income, and high income. While regrettably the data provided is for
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
2011, it
wy wy
echoes what Todaro and Smith point out in the text, that more than 75% of the world‘s population
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
live on
wy wy
$15 or less a day (or about $5,500 per person per year). Several excellent books attempt to give
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
some idea of the range of living standards found throughout the world. For example, The
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
Material World by Peter Menzell. This book presents photographic profiles of typical families
wy wy wy wy wy wy wy wy wy wy wy wy wy
around the world with all of their possessions placed in front of their homes. As one goes from
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
one family to the next the instructor has the opportunity to highlight the important differences
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
between nations and regions and to touch on key issues of growth and development.
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
One of the key strengths of this chapter is that it does not focus solely on the hard numbers that
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
supposedly measure development. The discussion of Sen‘s Capabilities approach and the far less
wy wy wy wy wy wy wy wy wy wy wy wy
than perfect relationship between income and happiness are well worth spending a fair amount
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
of class time exploring. Class time should also be spent discussing the 32 critical questions
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
listed on
wy wy
pages 21–23 of the text and then asking students to identify 3 or 4 questions that they are
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
particularly interested in exploring. Asking each student to list what they consider to be
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
―critically‖ critical questions on a sheet of paper, collecting their responses, and then trying to
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
direct the rest of the term to addressing the most commonly mentioned critical questions for
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
that class will be helpful
wy wy wy wy wy
in further drawing students in and holding their attention throughout the term.
wy wy wy wy wy wy wy wy wy wy wy
Page | 4 wy wy
wy wy wy wy wy
Edition by Michael Todaro, Stephen Smith
wy wy wy wy wy wy
Complete Chapters 1-15| Appendix Exam Included|
wy wy wy wy wy
Verified Q&As| A+ PASS
wy wy wy wy
Page | 1
wy wy
, Chapter 1: Introducing Economic Development: A Global Perspective
wy wy wy wy wy wy wy
Key Concepts
wy
As curious as students who register to take Development Economics may be, their knowledge
wy wy wy wy wy wy wy wy wy wy wy wy wy
and experience of the developing world will vary widely. The first main point of Chapter 1
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
is to emphasise how different life in the developing world is. New in the 13th edition is a
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
systematic description of four stylised strata of living standards from extreme poverty to rich
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
based on Rosling,
wy wy wy
Rosling, and Rosling Ronnlund‘s book Factfulness. This is followed by a discussion of the
wy wy wy wy wy wy wy wy wy wy wy wy wy
World Bank‘s classification of economies by ranges of average national income using gross
wy wy wy wy wy wy wy wy wy wy wy wy wy
national income (GNI) statistics.
wy wy wy wy
The second point is to provide an overview of the nature of development economics as a field.
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
A defense of development economics as a distinct field, rather than an agglomeration of other
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
economics subfields, is offered. A major theme of the book, that development economics must
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
encompass the study of institutional and social, as well as economic, mechanisms for
wy wy wy wy wy wy wy wy wy wy wy wy wy
modernising an economy while eliminating absolute poverty, is introduced.
wy wy wy wy wy wy wy wy wy
Sections 1.5 and 1.6 looks deeper into the meaning of development and a view of development
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
that is multidimensional. Amartya Sen‘s ―Capabilities‖ approach is discussed in Section 1.5. In
wy wy wy wy wy wy wy wy wy wy wy wy wy
Section 1.6, data collected in a Gallup World Poll on the relationship between happiness (as
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
measured by Gallup‘s
wy wy wy
life satisfaction ―ladder‖ question and real per capita income) and other research on
wy wy wy wy wy wy wy wy wy wy wy wy
happiness/life satisfaction is discussed. The level of happiness is not only related to level of
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
income but to other factors such as democratic freedoms and the quality of social
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
relationships. The role of normative
wy wy wy wy wy
values in development economics—a subject dealing with human misery and human potential,
wy wy wy wy wy wy wy wy wy wy wy
with equity as well as efficiency, with cultural change that causes losses as well as gains, and
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
with transfer
wy wy
as well as creation of wealth—is also stressed.
wy wy wy wy wy wy wy
The conclusion is that development is both a physical reality and a state of mind. The
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
meaning and objectives of development include the provision of basic needs, reducing
wy wy wy wy wy wy wy wy wy wy wy wy
inequality, raising living standards through appropriate economic growth, improving self-esteem
wy wy wy wy wy wy wy wy wy wy
in relation to the developed countries, and expanding freedom of choice in the market and
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
beyond.
wy
Section 1.7 presents an in depth examination of the UN‘s Sustainable Development Goals
wy wy wy wy wy wy wy wy wy wy wy wy
(SDGs). This includes a more comprehensive list of the goals themselves (appearing in Table
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
1.1) and a discussion of the shortcomings of the SDGs. In Section 1.8, the plan of the book
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
is introduced through 32 critical questions of development economics. Depending on the
wy wy wy wy wy wy wy wy wy wy wy wy
amount of material
wy wy wy
Page | 2 wy wy
,covered by the instructor, students should be able to intelligently address most of these questions
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
by the end of the course. Finally, a comparative case study of Pakistan and Bangladesh is
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
presented.
wy
Page | 3 wy wy
, Lecture Suggestions wy
It might be best to begin with a discussion of the immense scale of transformation in the world
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
economy. The late Hans Rosling‘s video ―200 countries, 200 years, 4 minutes‖ (readily
wy wy wy wy wy wy wy wy wy wy wy wy
available on YouTube) can be used to confirm this point in an entertaining way. It might also
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
be helpful to highlight that real gross world product per capita has almost tripled between
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
1960 and 2018 (implying growth per year of 1.85%) and is 33% higher than it was at the
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
turn of this century
wy wy wy wy
(implying annual growth of 1.56% from 2000 to 2018). This data can be found on the Saint Louis
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
Federal
wy
Reserve‘s website in the Federal Reserve Economic Database (or FRED).
wy wy wy wy wy wy wy wy wy
Despite such advances, tremendous disparities continue to exist. In terms of easily accessible statistics
wy wy wy wy wy wy wy wy wy wy wy wy wy
the
wy
PEW Research Centre‘s ―World Population by Income‖ provides an interactive map
wy wy wy wy wy wy wy wy wy wy
showing the share of economies‘ population who are economically poor, low income, middle
wy wy wy wy wy wy wy wy wy wy wy wy
income, upper middle income, and high income. While regrettably the data provided is for
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
2011, it
wy wy
echoes what Todaro and Smith point out in the text, that more than 75% of the world‘s population
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
live on
wy wy
$15 or less a day (or about $5,500 per person per year). Several excellent books attempt to give
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
some idea of the range of living standards found throughout the world. For example, The
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
Material World by Peter Menzell. This book presents photographic profiles of typical families
wy wy wy wy wy wy wy wy wy wy wy wy wy
around the world with all of their possessions placed in front of their homes. As one goes from
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
one family to the next the instructor has the opportunity to highlight the important differences
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
between nations and regions and to touch on key issues of growth and development.
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
One of the key strengths of this chapter is that it does not focus solely on the hard numbers that
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
supposedly measure development. The discussion of Sen‘s Capabilities approach and the far less
wy wy wy wy wy wy wy wy wy wy wy wy
than perfect relationship between income and happiness are well worth spending a fair amount
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
of class time exploring. Class time should also be spent discussing the 32 critical questions
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
listed on
wy wy
pages 21–23 of the text and then asking students to identify 3 or 4 questions that they are
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
particularly interested in exploring. Asking each student to list what they consider to be
wy wy wy wy wy wy wy wy wy wy wy wy wy wy
―critically‖ critical questions on a sheet of paper, collecting their responses, and then trying to
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
direct the rest of the term to addressing the most commonly mentioned critical questions for
wy wy wy wy wy wy wy wy wy wy wy wy wy wy wy
that class will be helpful
wy wy wy wy wy
in further drawing students in and holding their attention throughout the term.
wy wy wy wy wy wy wy wy wy wy wy
Page | 4 wy wy
