## ECO347 - Development Economics I NOUN Past Questions

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### ECO347 - Development Economics I NOUN Past Questions

October/November Examination 2016

Course Code: ECO 347
Course Title: Development Economics I
Credit unit: 2
Time Allowed: 2 hours

Instruction: Answer QUESTION ONE(COMPULSORY) and any other two questions

Question:
1a) Given the values below, calculate the GDP deflator for the missing years (2003, 2004 and 2005). (10 marks)
Year Nominal GDP Real GDP GDP Deflator
2003 5,000 5,000
2004 8,500 7,300
2005 10,600 8,300

b) Given that the real GDP in Nigeria for 2012 and 2013 were 10.2 trillion and 11.1 trillion Naira respectively, calculate the growth rate in the economy.(10 marks)
c) List five (5) assumptions of the Harrod-Domar model. (10 marks)

2. A country can experience economic growth without development. Exhaustively explain why this can happen. (20 marks).

3. List and explain 5 environmental problems, faced by LDCs. Also state the causes and effects of these problems.(20 marks)

4. Explain succinctly the theory of Balanced Growth and state at least five (5) of its criticisms.(20 marks)

5. In tabular form, differentiate between economic growth and economic development. (20 marks).

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### Re: ECO347 - Development Economics I NOUN Past Questions

COURSE TITLE: DEVELOPMENT ECONOMICS I
COURSE CODE: ECO 347
UNITS: 2
TIME ALLOWED: 2 HOURS
INSTRUCTION:Answer three (3) questions. Question one (1) is compulsory and it carries 25 marks

1a) Given the figures below in millions, calculate the missing values (16 marks)
Year Nominal GDP (N) Real GDP(N) GDP Deflator(N)
2005 80 100
2006 120 120
2007 150 140
2008 180 150
1b) List and explain at least six (6) factors that determine the growth of an economy. (9 marks) (25 marks)

(2) With the aid of a diagram, explain thetheory of unlimited supplies of labour and list at least five (5) of its assumptions. (22.5 marks)

3a) Despite the huge success of thetheory of unlimited supplies of labour in identifying the two key sectors in the developing countries, most of the theory’s assumptions do not fit into the institutional and economic realities of the developing countries. Discuss (10 marks)
(3b) What are the assumptions of Solow’s model? (6 marks)
(3c) Explain briefly the criticisms of Solow’s model (6.5 marks)

4a) What are the objectives of development in any society? (5 marks)
4b) List and explain the different ways development can be measured? (15 marks)
4c) What are the objectives of sustainable development(2.5 marks)

5a) Identify and explain five indicators that can reveal the performance of a country. (10.5 marks)
5b) When countries pursue economic growth, they do so with the knowledge that it can have both positive and negative effects. Discuss these effects. (12 marks).