Political Economy

Question 1

Public Good economic def

Answer 1

A non-excludable, non rival good

Question 2

Public Good, simple def

Answer 2

A good that no one person or organization can own

Question 3

Inflation

Answer 3

Sustained price increase, purchase power goes down

Question 4

Deflation

Answer 4

Purchase power goes up and up, people don’t buy because they know it’ll be cheaper the next day

Question 5

Barriers to trade, types

Answer 5

Taridd and nontariff regulatory barriers

Question 6

Liberalism

Answer 6

Free markets and protection of private property

Question 7

Social democracy

Answer 7

Liberalism but with gov provision of public good

Question 8

Neocorporatism

Answer 8

Tripartite agreement between business, labour, the government - often in combination with social democracy

Question 9

Communism

Answer 9

No individual freedom but equality - total governement intervention

Question 10

Mercantilism (Nationalism)

Answer 10

Economic growth over equality and individual freedom - protection of certain industries over others.

Question 11

TNCs

Answer 11

TraNational Corporations

Question 12

MNC = TNC?

Answer 12

Yes, transnational corporation and multinational corporation

Question 13

PPP

Answer 13

Purchasing Power Parity - what a dollar buys me in any other country