Econ 4130 Review 1 Essay

2566 WordsFeb 28, 201311 Pages
Economics 4130 SP13 Midterm 1 Review The exam will have 5, 10-point questions on it from the questions below. 1. List 2 data sources researchers use to estimate historical standards of living and explain what they can infer from these sources. List three indicators of economic development other than National Income measures (NI, GDP, or GNP, level, growth rate, or per capita) that are of interest to economists and explain what can be inferred from each of these indicators. 2 data sources: Censuses, surveys (population, demographic information, occupational distributions)&Tax records (production information, shipping information, exports and imports, wealth). 3 indicators: a. Average annual rate of inflation:…show more content…
After this intersection, the returns from hunting become lower than agriculture which VMP of agriculture is still constant. a. Extinction of mammoths—implications for returns to hunting. Ice age is exogenous shock. Climate change also decreases yield of hunt. b. Trial and error in agriculture (Returns to scale). Best practices were learned and passed down. Returns to agriculture increased. c. Establishments in the fertile crescents. Civilizations that can support large populations form independently in Mesopotamia, N.China, Meso-America (Central America). Areas best suited to primitive agriculture 4. List 4 contributions of the earliest civilizations (those that eventually formed the Babylonian Empire) and explain how each was important to continued economic growth. Pick any favorite 4 of 5 contributions a. Writing. (Bureaucratic necessity: state needed to keep records of tax collections and tributes. Script used to set down other languages besides Sumerian. Phonetic symbols allowed script to be used to write other ancient languages.) b. Arithmetic—necessary for keeping track of accounts. c. Weights and measures—Standard units of trade. d. Geometry—necessary for measurements of fields and architecture. e. Codes of Law • Civilization required the development o law – codified rules to regulate interactions. • Many laws dealt with Economic life. Regulation of contracts, specifying

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