EC320PS1

EC320PS1 - Economic Development CAS EC 320 Problem Set 1...

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Economic Development CAS EC 320 Problem Set 1 February 2, 2010 Each question is worth 10 points. 1. What is economic convergence? Use a diagram to explain your answer. What is the evidence on convergence over the past 30-50 years? What are the implications of this evidence for economic policy in developing countries? 2. What is purchasing power parity (PPP)? How is it calculated? What are the PPP per capita GDP and nominal per capita GDP of your country or your parents’ country? If you and your parents were born in America, pick a country that begins with the same letter as your last name. 3. What is the Human Development Index? How is it constructed? What are the HDI rank and per capita GDP rank of “your” country? 4. Suppose China’s GDP is growing by 9% a year and its population grows by 1% a year. Also suppose that US GDP grows by 3% a year and its population grows by 1% a year, and that in 2010 US GDP is twice as large as China’s while its population is one quarter of China’s. If these growth rates continue
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EC320PS1 - Economic Development CAS EC 320 Problem Set 1...

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