DEPARTMENT OF ECONOMICS UNIVERSITY OF VICTORIA ECONOMICS 320: Economic DevelopmentTerm Test 1: Winter Session 1, 2009 VERSION 1Instructions:Answer ALLquestions. All answers should be written in the answer booklet. Write the version number of your test on your answer booklet. Insert the test inside the answer booklet before you hand it in. Total Marks = 40; Time allowed = 50 minutes. Instructor: Dr. Nilanjana Roy Question 1:(4 X 3 = 12 marks) Statewhether each of the following statements is TRUE or FALSE. If you say that the given statement is FALSE, then correctthe given statement. 1) A positive relationship between per capita growth rate and log of per capita GDP is indicative of a tendency of countries towards convergence of income. 2) Poverty trap refers to the vicious cycle where very low income leads to low investment in human capital as well as plant and equipment and infrastructure, which in turn leads to low productivity and economic stagnation. 3) In the Human Development Index, the income index uses logarithm of income to
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