I am new to Qt and developing with python. 
Would a python application developed using Qt framework and PyQt require the entire Qt framework to be installed on a user's machine in order to run a "exe" version of the application created with something like p2exe? Or would py2exe copy the required Qt framework components into the application that it creates?
No need for further install. 
e.g. Py2exe will copy everything needed. 
If you have some special requirement you may have to copy other stuff manually. In my application I copy some extra ddls, some ico files and some matplotlib files.
Do Frozen PyQt applications need the Qt to be installed on client machines