Exam 2

Due Date October 23, 2017 1:20 p.m.

A writing reminder. This is a take home exam. You have the world of information available to you. As such you answers are expected to be in depth answers. Write all you can, then read it. What did you miss? Write some more... read it again. What did you miss? Write some more. Answers will be graded on both the depth of an answer as well as the quality of that depth. Answers that are cut and paste answers have zero value.

1. Explain the concept of income and how it is measured. Income per capita is a flawed concept for comparing development between regions. Why? Explain.
2. How does purchasing power parity help provide a tool for comparison of standards of living between regions.
3. West Virginia has seen a significant increase to mountain top mining that has resulted in more income in the region at the expense of higher levels of pollution. Explain why traditional methods of income calculations fall short of true senses of welfare using this example.
4. Explain why poverty, inequality, and economic growth and intertwining concepts making economic development much more complicated.