final

Question 1

The age of globalism ushered in by Alexander the Great was primarily led by conquest whereas today’s globalism is primarily led by trade and communications.

Answer 1

True

Question 2

The definition of Comparative advantage in economic terms is when one country is more efficient than another in a type of product of service.

Answer 2

False, absolute advantage

Question 3

In general, corporations tend to be more for free trade and unions tend to be more aligned with protectionist policies. However, the exceptions are numerous.

Answer 3

true

Question 4

A free trade area includes not only the free exchange of goods and services but also the free movement of factors of production.

Answer 4

false, common market

Question 5

To the degree that the U.S. through its visa non-immigrant visa system allows Mexican and Canadian workers to work in the U.S. (and vice versa), it moves NAFTA in the direction of being a common market.

Answer 5

true

Question 6

NAFTA may still have its critics, but there is no doubt that the treaty was very successful in expanding trade among the partners.

Answer 6

true

Question 7

Which school of thought criticizes neoliberalism as being too focused on money?
The Marxist school of thought
The dependencia school of thought
The religious school of thought
Supply side economics
Malthusian economics

Answer 7

The marxist school of thought

Question 8

Which school of thought criticizes neoliberalism as being to “rigged” toward those individuals who have great wealth?
The Marxist school of thought
The dependencia school of thought
The religious school of thought
Supply side economics
Malthusian economics

Answer 8

dependence school of thought..

Question 9

When determining income distribution, the lower the coefficient or percentage, the more equal the income level across the population.

Answer 9

true

Question 10

What is the proper order of income distribution of the following large countries, going from the lowest Gini coefficient to the highest coefficient?
U.S., China, Sweden
Sweden, South Africa, China
Norway, Brazil, U.S.
Norway, France, U.S.
Russia, China, U.S.

Answer 10

russia china us

Question 11

Someone argues that economic policies should reflect efforts to reduce poverty and design policies to protect the vulnerable around the world.  Which term best describes their global trading perspective?
Free trade
State-oriented trade
Fair trade
Keynsian

Answer 11

fair trade

Question 12

What is the correct order historically of these men, from earliest to most recent?
Deng Xiaping, Ying Zheng, Chiang Kai-shek
Mao Zedong, Ying Zheng, Deng Xiaping
Ying Zheng, Sun Yat-sen, Deng Xiaping

Answer 12

C ying zheng, sun yat-sen, deng xiaping

Question 13

What Chinese leader created the socialist market economy and brought China back into the global economy?
Chiang Kai-shek
Mao Zedong 
Ying Zheng 
Deng Xiaping 
Sun Yat-sen

Answer 13

d Deng Xiaping

Question 14

In China, the highest political individual body is…?
Parliament
President
State Council 
The Supreme Leader
Politburo

Answer 14

Politburo

Question 15

The body that carries out policies (the administration) in China is:
Parliament
State Council 
The Supreme Leader
Politburo

Answer 15

state council

Question 16

China’s economic is not as large as the U.S. and EU, but it is larger than the next two economies combined.
True
False

Answer 16

true

Question 17

china

The new market economy has lifted the overall standard of living, but many are as poor or poorer than under Communism
True
False

Answer 17

false

Question 18

With the advent of a market economy, China has worked hard and been successful at increasing its environmental record.
True
False

Answer 18

true

Question 19

On one hand, regional trade blocs increase free trade goals in select areas, but on the other, they may lose some sovereignty and control over some domestic issues.
True
False

Answer 19

true

Question 20

What is the correct order of accession to the EU from earliest to most recent?
Romania, Germany, Russia
France, Greece, Germany
Italy, UK, Croatia
Norway, Denmark, Czech

Answer 20

italy, uk, croatia

Question 21

Which of the following is an EU member?
Norway
Switzerland
Serbia
All of the above
None of the above

Answer 21

none, first two affiliates, serbia candidate

Question 22

Germany is called the economic powerhouse of Europe because its economy is nearly three times the size of the next largest economy.
True
False

Answer 22

false, it is the biggest tho..

Question 23

In Western Europe, two of the poorer regions are Portugal and southern Italy.
True
False

Answer 23

true

Question 24

Which of the following economies is not in the “red zone” in terms of national debt/
Greece 
Ireland
Romania
Italy
Portugal

Answer 24

romania

Question 25

``` You are going on a trip to Europe. You are going to England, then drive to France, then stop by Barcelona (Spain), back through southern France, to Italy, where you fly home from Rome. How many currencies will use on your trip? 1 2 3 4 ```

Answer 25

4

Question 26

``` What is the executive branch of the EU? European Parliament European Court of Auditors European Council European Commission Council of the European Union ```

Answer 26

European commission

Question 27

Which of the following is NOT a continuing problem or challenge for the EU? Concerns about loss of sovereignty Concerns about integrating weaker currencies in the Euro Concerns about loss of historical ethnic identity All of the above None of the above

Answer 27

none they are all problems...

Question 28

Which of the following statements is true? GATT disappeared with the creation of the WTO GATT took over the role of the WTO in 1995 GATT was incorporated into the WTO in 1995 GATT and the WTO are competing organizations but the WTO is “winning

Answer 28

gatt disappeared with the creation of the WTO

Question 29

With the inclusion of China in 2001 and Russia in 2012, the WTO now incorporates 98% of the world economy. True False

Answer 29

true

Question 30

As the GATT and WTO have evolved, the trade rounds have become: Shorter in length of negotiating time Longer in length of negotiating time Stayed about the same in length of negotiating time

Answer 30

longer

Question 31

Under WTO rules, you may only treat your own national domestic goods differently. The goods of all other countries in the WTO must be treated similarly. True False

Answer 31

false

Question 32

Because of the importance of the WTO in today’s global economy, the Director-General of the WTO is considered more powerful than the presidents of countries. True False

Answer 32

false

Question 33

``` What fundamental type of bank is the IMF? Central bank Development bank Both of the above None of the above ```

Answer 33

central

Question 34

The Executive Board of the IMF has 24 members. The weight of members’ voting is based primarily on: Population National equality (equal voting power for all member countries) Size of national economy All of the above None of the above

Answer 34

c?

Question 35

The WTO seeks to promote economic stability and prevent crises; to help resolve crises when they do occur; to promote growth and alleviate poverty; and monitor national monetary systems (surveillance). True False

Answer 35

true

Question 36

Which of the following statements is most accurate? The IMF and World Bank were created at the same time. Except for minor differences, the membership and management structures are similar If the IMF is the “head” of the world economic system, the World Bank is its “heart” All of the above None of the above

Answer 36

all of

Question 37

The World Bank tends to focus on assisting developing countries on a project-by-project basis, rather than providing support for central governments. True False

Answer 37

true?

Question 38

Some of the harshest critics of organizations such as the WTO, IMF, and World Bank have been Europeans, Wall Street and Neoliberals. True False

Answer 38

false

Question 39

Most experts agree that IFIs such as the WTO, IMF, and World Bank have improved accountability in some ways such as greater transparency, more sensitivity to local needs, and updating proportional representation, but that has not changed the fundamental structures of these economic entities. True False

Answer 39

true

Question 40

which is short term and which is long term.. imf and world bank

Answer 40

imf short term | world bank long

Question 41

a customs unit has a higher degree of economic intergration thatn a common market.. true false

Answer 41

false a common market has a higher degree of integration than a customs union..

Question 42

the definition of comparative advantage is wherea country can produce something with a low marginal cost true false

Answer 42

true

Question 43

what country or countries does CAFTA-DR include?

Answer 43

costa rica, elsavlador, Guatemala, Honduras, and Nicaragua.. and the dr

Question 44

historical critiques of capitalism.

Answer 44

critical theory gives too much power to a few rich people.. dependence theory capitalism is too tilted toward historically advantages countries and some religious teachings..

Question 45

popular economic theory is trickle down economics. Innovative and hard working weatlthy people create jobs and opportunites for their communiteis and countries what critique would take the most issue?

Answer 45

marxist.. (critical theory)

Question 46

which of the following is a principle or are principles of the wto trading system?

Answer 46

non discrimination reciprocity transparency

Question 47

which two make up the legislative branch of the European union?

Answer 47

European parliament and the council of the european union..

Question 48

according to keith alex of dr hortan impact fees in developing land tracts for residential development are as large as the land acquisition fees on average

Answer 48

false

Question 49

the infant industry argument points out that small children are extremely vulnerable and it is necessary to regulate it…

Answer 49

false

Question 50

nafta may still have its critics but there is no doubt that the treaty was very successful in expanding trade among partners.. largest trade partner is Canada

Answer 50

true

Question 51

one argument for regional trading blocs is that integration is easy to achieve and sustain, because all countries are aware the potential economic benefits of closer economic integration.. FALSE

Answer 51

false

Question 52

unlike almost all other countries in the world the federal government provides almost no assistance to promote foreign trade

Answer 52

false

Question 53

the world bank primarily loans money to countries that need short term credit to shore up their economies

Answer 53

false

Question 54

the imf is the major development bank to the world..

Answer 54

false

Question 55

the state council of china is the highest administrative body, and roughly equivalent to our executive branch

Answer 55

false polituro