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Practice Questions_1 - concepts of exogeneity and...

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Practice Questions : ECO324 Lectures 1-2 Prof. Gustavo J. Bobonis 1. Why is an understanding of development crucial to policy formulation in developing nations? Do you think it is possible for a nation to agree on a rough definition of development and orient its strategies accordingly? 2. How does the concept of “capabilities to function” help us gain insight into development goals and achievements? 3. Discuss four structural characteristics of LDC and why these might affect economic development and/or be affected by economic development. Relate this discussion to the
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Unformatted text preview: concepts of exogeneity and endogeneity. 4. Define: (a) social welfare functions: (b) desirable properties of social welfare functions 5. Do poverty measures P , P 1 , and P 2 satisfy the principle of transfers? Give examples as to why each may or may not do so. 6. Can you explain why the Lorenz curve could not lie above or to the left of the diagonal at any point? 7. What is Lorenz dominance? What does it imply about the ranking of inequality? Social welfare? 8. Exercises #1, 2, 3, 4, 8 & 9 in Chapter 6, D. Ray. Development Economics ....
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