1307ps03answers - IS and Econ 13 Winter 2007 Problem Set #3...

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IS and Econ 13 Winter 2007 Problem Set #3 Answers 1. What is the Hunan Development Index (“HDI”)? What is its purpose and what are its three main components? Do HDI rankings of countries differ substantially from income-per-capita rankings? The Human Development Index (HDI) is a comparative measure of well-being that takes account not just of per-capita income but also of health and education measures. Its three main components are: (i) an income-per-capita measure (that does not count increases in income beyond $10,000 as much as does at lower income levels); (ii) an index of life expectancy at birth (as a measure of health); and (iii) a combination of the adult literacy ratio and school enrollment ration (as a measure of education levels). The HDI rankings do not differ substantially from income-per-capita ranking for a large majority of countries. Significant deviations exist for some oil-producing countries (whose ranking in terms of income-per-capita are higher than their rankings in HDI in the order of 20 to 30 places). 2. Describe the main correlates of modern economic growth that were discussed in lecture. 1. Higher per capita incomes. 2. The proportion of food in consumption decreases, whereas the proportion of manufactured and services increase. 3. Increased production of goods and services for sale in the market, rather than for household consumption. Economies, then, became more monetized and commodified. 4. The increasing variety of goods and services that produced. 5.
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This note was uploaded on 02/20/2009 for the course ECON 62020 taught by Professor Skaperdas during the Winter '09 term at UC Irvine.

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1307ps03answers - IS and Econ 13 Winter 2007 Problem Set #3...

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