final Flashcards
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.
True
The definition of Comparative advantage in economic terms is when one country is more efficient than another in a type of product of service.
False, absolute advantage
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.
true
A free trade area includes not only the free exchange of goods and services but also the free movement of factors of production.
false, common market
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.
true
NAFTA may still have its critics, but there is no doubt that the treaty was very successful in expanding trade among the partners.
true
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
The marxist school of thought
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
dependence school of thought..
When determining income distribution, the lower the coefficient or percentage, the more equal the income level across the population.
true
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.
russia china us
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
fair trade
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
C ying zheng, sun yat-sen, deng xiaping
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
d Deng Xiaping
In China, the highest political individual body is…? Parliament President State Council The Supreme Leader Politburo
Politburo
The body that carries out policies (the administration) in China is: Parliament State Council The Supreme Leader Politburo
state council
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
true
china
The new market economy has lifted the overall standard of living, but many are as poor or poorer than under Communism
True
False
false
With the advent of a market economy, China has worked hard and been successful at increasing its environmental record.
True
False
true
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
true
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
italy, uk, croatia
Which of the following is an EU member? Norway Switzerland Serbia All of the above None of the above
none, first two affiliates, serbia candidate
Germany is called the economic powerhouse of Europe because its economy is nearly three times the size of the next largest economy.
True
False
false, it is the biggest tho..
In Western Europe, two of the poorer regions are Portugal and southern Italy.
True
False
true
Which of the following economies is not in the “red zone” in terms of national debt/ Greece Ireland Romania Italy Portugal
romania
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
4
What is the executive branch of the EU? European Parliament European Court of Auditors European Council European Commission Council of the European Union
European commission
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
none they are all problems…
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
gatt disappeared with the creation of the WTO
With the inclusion of China in 2001 and Russia in 2012, the WTO now incorporates 98% of the world economy.
True
False
true
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
longer
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
false
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
false
What fundamental type of bank is the IMF? Central bank Development bank Both of the above None of the above
central
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
c?
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
true
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
all of
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
true?
Some of the harshest critics of organizations such as the WTO, IMF, and World Bank have been Europeans, Wall Street and Neoliberals.
True
False
false
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
true
which is short term and which is long term.. imf and world bank
imf short term
world bank long
a customs unit has a higher degree of economic intergration thatn a common market..
true
false
false a common market has a higher degree of integration than a customs union..
the definition of comparative advantage is wherea country can produce something with a low marginal cost
true
false
true
what country or countries does CAFTA-DR include?
costa rica, elsavlador, Guatemala, Honduras, and Nicaragua.. and the dr
historical critiques of capitalism.
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..
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?
marxist.. (critical theory)
which of the following is a principle or are principles of the wto trading system?
non discrimination reciprocity transparency
which two make up the legislative branch of the European union?
European parliament and the council of the european union..
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
false
the infant industry argument points out that small children are extremely vulnerable and it is necessary to regulate it…
false
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
true
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
false
unlike almost all other countries in the world the federal government provides almost no assistance to promote foreign trade
false
the world bank primarily loans money to countries that need short term credit to shore up their economies
false
the imf is the major development bank to the world..
false
the state council of china is the highest administrative body, and roughly equivalent to our executive branch
false polituro
