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Irish economy > MCQ > Flashcards

MCQ Flashcards

1
Q

Which of the following is considered a historical phase of globalisation?

A) Industrial Revolution
B) Agricultural Revolution
C) Renaissance
D) Information Age

A

A) Industrial Revolution

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2
Q

What is one of the major political challenges to globalisation in the current era?

A) Rise of automation
B) Trade wars and protectionism
C) Global warming
D) Technological innovation

A

B) Trade wars and protectionism

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3
Q

How has Ireland’s economic development been shaped by globalisation?

A) Dependence on domestic agricultural trade
B) High levels of Foreign Direct Investment (FDI)
C) Avoidance of international monetary unions
D) Independence from global trade

A

B) High levels of Foreign Direct Investment (FDI)

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4
Q

Which of the following has been a significant dilemma for Ireland in the context of globalisation?

A) Decision to enter the Eurozone
B) Agricultural subsidies
C) Conflict with neighbouring economies
D) Maintaining a state-controlled economy

A

A) Decision to enter the Eurozone

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5
Q

Which of the following taxes is often debated due to its role in addressing intergenerational wealth transfer?

A) Carbon tax
B) Inheritance tax
C) Income tax
D) VAT

A

B) Inheritance tax

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6
Q

Why is the public’s reasoning about environmental taxes, such as carbon taxes, often different from standard economic theory?

A) Lack of understanding of fiscal policies
B) A focus on short-term economic gains over environmental sustainability
C) Preference for corporate subsidies
D) Strong resistance to any tax increases

A

B) A focus on short-term economic gains over environmental sustainability

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7
Q

Which of the following is a possible outcome of public interventions aimed at improving understanding of taxation policies?

A) Increased opposition to taxation policies
B) A decrease in social norms surrounding tax compliance
C) Increased public support for certain taxes like carbon taxes
D) A shift toward privatisation of services

A

C) Increased public support for certain taxes like carbon taxes

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8
Q

In behavioural economics, what makes the climate crisis a ‘wicked problem’ to solve?

A) It only affects a small portion of the population
B) Its complexity and the interdependence of economic, social, and environmental systems
C) Lack of scientific evidence
D) It can be solved through quick policy changes

A

B) Its complexity and the interdependence of economic, social, and environmental systems

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9
Q

Which of the following best describes a key feature of the “Information Age” phase of globalisation?

A) Mass migration of people across borders
B) Rapid technological advancements and the digital economy
C) Agricultural production dominating global trade
D) Increased use of coal and steam power

A

B) Rapid technological advancements and the digital economy

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10
Q

How did Ireland benefit from globalisation in the late 20th century?

A) Reduction in public sector employment
B) Increased agricultural exports
C) A large inflow of Foreign Direct Investment (FDI)
D) Nationalisation of key industries

A

C) A large inflow of Foreign Direct Investment (FDI)

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11
Q

Which of the following geopolitical factors has recently influenced global economic developments?

A) Decline in birth rates
B) The rise of populism and nationalism
C) An increase in global free trade agreements
D) The decline of automation

A

B) The rise of populism and nationalism

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12
Q

What was a key challenge for Ireland during the global financial crisis of 2008-2009?

A) Agricultural collapse
B) Banking sector collapse and sovereign debt crisis
C) Rising oil prices
D) Low levels of international trade

A

B) Banking sector collapse and sovereign

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13
Q

What is a common economic rationale for carbon taxes?

A) To promote economic growth by lowering corporate taxes
B) To internalize the external costs of carbon emissions
C) To reduce government budget deficits
D) To increase consumer spending

A

B) To internalize the external costs of carbon emissions

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14
Q

How can public attitudes toward taxes on pollutants, such as carbon taxes, be shifted?

A) By lowering the tax rates
B) Through education and public awareness campaigns
C) By eliminating all environmental taxes
D) By exempting certain industries

A

B) Through education and public awareness campaigns

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15
Q

What is a significant reason why the public may oppose inheritance taxes, despite economic justification?

A) It only affects large corporations
B) It is perceived as unfair or a penalty on family wealth transfer
C) It targets low-income individuals
D) It is difficult to enforce

A

B) It is perceived as unfair or a penalty on family wealth transfer

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16
Q

Which of the following factors is essential in addressing social norms through taxation policies?

A) Making the tax rates extremely high to discourage behavior
B) Clear communication and transparency about the purpose of the tax
C) Limiting the number of people affected by the tax
D) Reducing government expenditure

A

B) Clear communication and transparency about the purpose of the tax

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17
Q

How do “nudge” policies, associated with behavioural economics, help in addressing climate change?

A) By mandating strict penalties for environmental violations
B) By subtly altering people’s choices without restricting their options
C) By completely banning carbon emissions
D) By raising taxes to fund renewable energy projects

A

B) By subtly altering people’s choices without restricting their options

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18
Q

Which of the following best describes the concept of “externality” in the context of climate change?

A) The impact of private investments on global trade
B) The unintended environmental consequences of economic activities
C) The influence of foreign corporations on domestic economies
D) The effect of public debt on economic growth

A

B) The unintended environmental consequences of economic activities

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19
Q

Which behavioural economics concept suggests that individuals may not act in their own best interest due to a lack of information or understanding?

A) Bounded rationality
B) Opportunity cost
C) Comparative advantage
D) Perfect competition

A

A) Bounded rationality

20
Q

What is one of the main reasons that taxes on carbon and pollutants face resistance from the public?

A) The taxes are seen as primarily benefiting large corporations
B) The public often perceives the short-term costs more than the long-term benefits
C) There is no economic justification for these taxes
D) These taxes are only implemented in developing countries

A

B) The public often perceives the short-term costs more than the long-term benefits

21
Q

What role do fiscal policies, like carbon taxes, play in tackling climate change?

A) They aim to raise government revenue for general expenditure
B) They provide incentives for reducing emissions by increasing the cost of pollution
C) They are intended to shift public opinion on renewable energy
D) They lower the price of fossil fuels to stimulate the economy

A

B) They provide incentives for reducing emissions by increasing the cost of pollution

22
Q

Which of the following is an example of a “nudge” that could encourage environmentally friendly behavior?

A) Mandatory electric vehicle use
B) Offering tax deductions for companies reducing carbon footprints
C) Providing information on energy-efficient appliances at the point of sale
D) Increasing fuel taxes

A

C) Providing information on energy-efficient appliances at the point of sale

23
Q

What was one of the primary economic benefits for Ireland after joining the European Monetary Union (EMU)?

A) Access to larger agricultural subsidies
B) A more stable currency through the adoption of the Euro
C) Reduced trade with other EU countries
D) Complete autonomy in monetary policy

A

B) A more stable currency through the adoption of the Euro

24
Q

What is a typical criticism of globalisation regarding its impact on less developed countries?

A) It promotes social equality
B) It leads to wage stagnation in developed economies
C) It exacerbates income inequality and exploitation of labor in developing countries
D) It only benefits agricultural sectors

A

C) It exacerbates income inequality and exploitation of labor in developing countries

25
Q

Which of the following is a primary reason why globalisation has been politically challenged in recent years?

A) Increased collaboration between countries
B) The belief that globalisation undermines national sovereignty
C) Higher levels of technological innovation
D) Decreasing international trade flows

A

B) The belief that globalisation undermines national sovereignty

26
Q

Why is behavioural economics considered important in addressing climate change?

A) It helps predict the exact impact of climate policies on the economy
B) It explains why individuals often do not act in line with their long-term environmental interests
C) It suggests that economic growth can continue without addressing climate change
D) It focuses solely on corporate decision-making

A

B) It explains why individuals often do not act in line with their long-term environmental interests

27
Q

What is a key characteristic of the first phase of globalisation in the 19th century?

A) Increased digital connectivity
B) Expansion of industrialisation and trade via steam power
C) The establishment of global governance institutions
D) Growth in e-commerce

A

B) Expansion of industrialisation and trade via steam power

28
Q

Which of the following is a major challenge to globalisation in the 21st century?

A) Technological innovation
B) Protectionist trade policies
C) Increased global tourism
D) Expansion of international organisations

A

B) Protectionist trade policies

29
Q

How has globalisation impacted Ireland’s economic development?

A) It caused Ireland to focus on domestic production
B) It increased Ireland’s reliance on Foreign Direct Investment (FDI)
C) It led to Ireland abandoning its monetary union with Europe
D) It led to significant reductions in trade with Europe

A

B) It increased Ireland’s reliance on Foreign Direct Investment (FDI)

30
Q

The rise of populism in recent years has led to:

A) Greater economic integration between countries
B) A decline in trade barriers globally
C) Increased political resistance to globalisation
D) The growth of free trade agreements

A

C) Increased political resistance to globalisation

31
Q

During the global financial crisis (2008-2009), what was a key issue for Ireland?

A) Surplus in public finances
B) Collapse of the property market and banking sector
C) Growth in public sector jobs
D) Increase in agricultural production

A

B) Collapse of the property market and banking sector

32
Q

One significant factor that contributed to Ireland’s economic success in the late 20th century was:

A) Strong agricultural output
B) Its ability to attract large multinational companies via low corporate tax rates
C) High levels of protectionism
D) A focus on tourism as the primary industry

A

B) Its ability to attract large multinational companies via low corporate tax rates

33
Q

What does Ireland’s membership in the European Union (EU) provide in terms of economic benefits?

A) Complete control over its own monetary policy
B) Access to a single market and customs union
C) The ability to opt out of all EU-wide regulations
D) A focus on national agricultural exports

A

B) Access to a single market and customs union

34
Q

Which of the following geopolitical trends is posing a challenge to globalisation today?

A) The decline of digital technologies
B) Increasing cross-border migration flows
C) Growing trade agreements between large economies
D) Economic nationalism and trade wars

A

D) Economic nationalism and trade wars

35
Q

Ireland’s participation in the Eurozone created which of the following challenges?

A) Loss of control over its interest rates and monetary policy
B) Limited access to European markets
C) Trade conflicts with non-EU countries
D) Exclusion from international trade agreements

A

A) Loss of control over its interest rates and monetary policy

36
Q

What is a typical criticism of globalisation, especially regarding its impact on workers?

A) It has led to widespread increases in wages
B) It has increased the power of local trade unions
C) It has led to job losses due to outsourcing to low-wage countries
D) It has strengthened domestic industries

A

C) It has led to job losses due to outsourcing to low-wage countries

37
Q

Which of the following is an economic rationale for implementing carbon taxes?

A) To promote fossil fuel usage
B) To internalise the external costs of carbon emissions
C) To decrease government revenues
D) To incentivise the use of non-renewable resources

A

B) To internalise the external costs of carbon emissions

38
Q

In behavioural economics, why is climate change considered a “wicked problem”?

A) It is straightforward to solve with a single policy
B) The complexity of the issue and the conflicting interests make it difficult to resolve
C) It only affects a small number of people
D) There is no economic impact associated with it

A

B) The complexity of the issue and the conflicting interests make it difficult to resolve

39
Q

How can public attitudes toward environmental taxes be improved?

A) By increasing tax rates without explanation
B) Through effective communication and education on the benefits of such taxes
C) By making taxes voluntary
D) By reducing government spending on environmental programs

A

B) Through effective communication and education on the benefits of such taxes

40
Q

What is a common public perception issue regarding inheritance tax?

A) It is seen as only affecting the wealthy
B) It is widely understood and accepted
C) It is perceived as an unfair penalty on family wealth transfer
D) It is primarily targeted at corporations

A

C) It is perceived as an unfair penalty on family wealth transfer

41
Q

Which type of fiscal policy might be used to change social norms related to pollution?

A) Tax incentives for pollution reduction
B) Reduced tax on polluting industries
C) Subsidies for fossil fuels
D) Increasing tariffs on imports

A

A) Tax incentives for pollution reduction

42
Q

Which concept in behavioural economics explains why people may fail to act in their long-term interests?

A) Opportunity cost
B) Bounded rationality
C) Perfect competition
D) Comparative advantage

A

B) Bounded rationality

43
Q

Which of the following taxes is often justified to reduce negative externalities?

A) Inheritance tax
B) Carbon tax
C) Income tax
D) Value Added Tax (VAT)

A

B) Carbon tax

44
Q

When can taxes on pollutants alter social norms?

A) When taxes are only levied on small businesses
B) When they are combined with awareness campaigns and information on environmental impact
C) When the tax is set at a very low rate
D) When enforcement is lax

A

B) When they are combined with awareness campaigns and information on environmental impact

45
Q

Which of the following interventions is most likely to increase public support for environmental taxation?

A) Reducing environmental regulation
B) Clear communication about the environmental and economic benefits of such taxes
C) Exempting large corporations from carbon taxes
D) Subsidising polluting industries

A

B) Clear communication about the environmental and economic benefits of such taxes

46
Q

What role do fiscal policies, such as carbon taxes, play in addressing climate change?

A) They are designed to promote fossil fuel usage
B) They aim to make businesses and consumers bear the cost of environmental harm
C) They seek to limit technological advancements
D) They are implemented to decrease public revenue

A

B) They aim to make businesses and consumers bear the cost of environmental harm

Irish economy (13 decks)

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