ECS 3013Professor: Sharmila VishwasraoList of Questions for Test 1.(For all theories you should know, main assumptions, basic structure, major conclusions, policy recommendations and criticisms)1.Define economic development.2.What are the limitations of using GNI growth as a measure of development?3.What is PPP GNI? Does it improve on traditional methods of income comparison across countries?4.How to calculate growth rate of income, doubling time etc.5.What are the main characteristics of developing countries? (Know the relationships between income and literacy, health, poverty etc)6.What are the five stages of economic development according to Rostow? Describe each briefly.6.What are the determinants of growth according to the Harrod-Domar model? 7.What are the determinants of growth according to the Neo-classical (Solow) model of economic growth?