PSCI 1102 Midterm Quiz Questions and Answers All Correct
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PSCI 1102
PSCI 1102 Midterm Quiz Questions and Answers All Correct
What is the difference between GDP and real GDP? - Answer-GDP tracks the total value of goods and services produced in an economy in a given time period by calculating all their quantities and all their prices. Real GDP tracks the total val...
PSCI 1102 Midterm Quiz Questions
and Answers All Correct
What is the difference between GDP and real GDP? - Answer-GDP tracks the total
value of goods and services produced in an economy in a given time period by
calculating all their quantities and all their prices. Real GDP tracks the total value of
goods and services calculating the quantities but using constant prices. One is adjusted
for inflation (real) and one is not
Use this figure to explain the difference between poverty and inequality: - Answer-
Poverty describes a relative or absolute state of deprivation
Inequality is a state of distribution
A state where everyone up to the 90th percentile is relatively poor and there is a long
tail is very unequal. We can say of any society that X amount of people live in poverty
(and put this at a level). Inequality would look toward the shape of this graph whereas
poverty studies would ask, at which percentile you are considered poor in this society.
What does this figure tell us about the challenge of development in Africa? - Answer-
The figure shows us the distribution of civil wars and conflict zones in Africa.
Conflict is an indicator of a lack of political stability and strong governance. This can in
turn undermine strong economic governance and adversely affect the development of
democratic structures.
Without peace, state capacity isn't being built.
This could be traced back to the division of ethnic groups and the drawing of arbitrary
borders during the scramble for africa. The long term effects of these divisions still affect
conflict in the region ... add mor e
What are the key ingredients of the "resource curse"? - Answer-Dutch disease: oil
discovery = currency appreciation = loss of value of other domestic exports.
Volatility: hard to police or guess the price of natural resources. They're volatile, making
economies dependent on those resources also volatile.
Borrowing: Intuitively when the price of your resource is high and you're doing well you
would save and defer gratification. ACTUALLY when a resource is doing well, countries
borrow MORE because they're more likely to receive capital on international financial
markets. They can ALSO borrow when times are bad because they have all this
valuable oil. Countries are just never saving, always borrowing
Governance and accountability: Government is extracting revenue without having to tax
citizens so the demand for accountability is so low because there is less contact
between governments and citizens
What is the significance of this figure of oil prices for development? - Answer-This figure
just shows insanely volatile oil prices. It's hard to predict where they will be at any given
, moment. If the price crashes and you're totally dependent on oil, you're just ****ed aren't
you.
How does the relationship between investment and capital depreciation impact
economic growth? - Answer-If capital depreciates faster than investment replaces it,
your economy shrinks
SO at the same time you're seeing depreciation/consumption of fixed capital, the private
sector and the government are SPENDING on new fixed assets.
Depreciation reduces the stock of fixed assets, while investment replenishes or
increases it.
If depreciation is FASTER, you just have less capital. Capital, k, is a key factor in the
neoclassical growth model, and so your economy is SHRINKING. This has adverse
effects on economic growth
What was "structural adjustment"? And how, according to Jerven, is it related to data
quality? - Answer-Structural adjustment is strings-attached reforms that an economy
must adopt in order to secure a loan from the IMF or the World Bank. They imply
reduced government spending, opening to free trade, and a restructuring of tax
collection and welfare. Small state. End of ISI era.
Jerven asks: if you have dodgy data: how can you then tell if a policy shift (e.g.
structural adjustment) has had a positive effect on economic growth
Why might a consumption survey do a better job of capturing poverty than an income
survey? - Answer-Income studies are really limiting: Expenditure or consumption
surveys are better: food, water, shelter, clothing, transportation, services, including
education, medical services, water and costs of servicing debt. This captures the actual
realities of lie and Sen-ian capability to live comfortably. It can show now what one
could buy but what one does - are you living in poverty or not? Also, should note, VERY
hard to measure given that consumption baskets vary so greatly across countries
What are the two components of global inequality? Is each component rising, falling, or
staying about the same? - Answer-Global inequality between countries
Global inequality is falling between countries: international inequality is on the decline.
Globally we have seen the growth of countries like China and India, coupled with
stagnation and slow population growth in rich countries. Industrialisation technology and
the emergence of modern states have all contributed to lifting the global poor out of
poverty. By historical standards, international inequality is still high
Global inequality within countries
Domestic inequality is mostly rising because of trade liberalization, skill biased
technological change, lower taxes and the rise of anti-government movements
We discussed the Malthusian constraints that limited economic growth in the pre-
modern area. What were those key constraints? Describe the Malthusian economy. -
Answer-Economic growth was limited in the pre-modern era because population would
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