Economic Development Models Form
Test your understanding of core economic development models and their applications.
Which of the following is NOT one of Rostow’s five stages of economic growth?
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Traditional Society
Preconditions for Take-off
Age of Mass Consumption
Dependency Phase
According to the Harrod-Domar model, what is a key driver of economic growth?
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Labor productivity
Capital accumulation
Technological innovation
Government regulation
Select all features associated with the Lewis dual-sector model.
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Transfer of labor from agriculture to industry
Unlimited supply of labor
Focus on technological progress
Surplus labor in rural areas
Briefly explain the main idea of Dependency Theory.
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Which model emphasizes diminishing returns to capital?
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Solow-Swan Model
Rostow’s Stages
Lewis Model
Harrod-Domar Model
Rate your confidence in distinguishing between exogenous and endogenous growth models.
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Not confident
1
2
3
4
Very confident
5
1 is Not confident, 5 is Very confident
Match the economic development model to its key characteristic.
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Rows
Key Characteristic
Rostow Model
Stages of growth
Capital accumulation
Labor transfer
Core-periphery relations
Harrod-Domar Model
Stages of growth
Capital accumulation
Labor transfer
Core-periphery relations
Lewis Model
Stages of growth
Capital accumulation
Labor transfer
Core-periphery relations
Dependency Theory
Stages of growth
Capital accumulation
Labor transfer
Core-periphery relations
Which of the following statements best describes endogenous growth theory?
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Growth is solely determined by external technological progress
Growth results from investment in human capital, innovation, and knowledge
Growth depends on surplus labor
Growth is unrelated to savings or investment
List two criticisms of the linear stages of growth models.
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Name one economist associated with the Solow-Swan model.
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