A
True or False: Factor abundance tells us whether a given country has more capital, land, or labor, relative to another country
True
True or false: Factor intensity tells us whether production of a given good uses relatively more labor, land, or capital compared to other industries
True
Which of the following is false about the logic of markets?
a. logic of markets function automatically
b. logic of markets are efficient
c. logic of markets are amoral
d. logic of markets require central coordination
d. logic of markets require central coordination
Which of the following is false about the logic of states? The logic of states…..
a. support markets
b. limit markets
c. does not intervene in markets
d. provides public goods necessary to sustain markets (ex. Law, property rights)
c. does not intervene in markets
Collective action problems are not inevitable due to:
a. Institutional solutions
b. Hegemony
c. Both a and b
d. Collective action problems are inevitable
c. Both a and b
According to the theory of comparative advantage, Even if one country has an _____ advantage in the production of goods compared to its trading partner, it is welfare-improving to specialize in goods that it is ______ more efficient at producing
a. absolute, relatively
b. absolute, absolute
c. relatively, absolute
d. relatively, relatively
a. absolute, relatively
How does free riding impact international cooperation?
a. Temptation to free ride creates incentives to defect from cooperative agreements.
b. It does not affect international cooperation.
c. Freeriding makes international cooperation more likely.
d. The temptation to freeride creates concern for relative gains.
a. Temptation to free ride creates incentives to defect from cooperative agreements.
In a prisoner’s dilemma, what is an outcome where neither player can improve her outcome by changing her individual strategy (each player has a dominant strategy).
a. Pareto-optimal outcome
b. Nash equilibrium
c. Dominant strategy outcome
d. Sandalee Outcome
b. Nash equilibrium
In a prisoner’s dilemma, what are outcomes where neither player could do better without making the other player worse off (cooperative outcome)?
a. Pareto-optimal outcome
b. Nash equilibrium
c. Dominant strategy outcome
d. Sandalee Outcome
a. Pareto-optimal outcome
According to hegemonic stability theory, where there is a preponderant power that is able to provide public goods and bear the costs of free-riding, the international system is _____ stable
a. more
b. less
c. equally
d. it depends
a. more
Liberal internationalism includes...
a. embedding liberal internationalism in the welfare state to compensate domestically those harmed by trade liberalization
b. using trade to promote interdependence, peace, prosperity
c. greater focus on people > states; human security, human development + global governance
d. strong opposition to government intervention; focus on economic freedom
b. using trade to promote interdependence, peace, prosperity
Mercantalism….
a. measures the wealth of a nation in terms of profitable trade balances
b. promotes imports
c. discourages imports
d. a and c
d. a and c
Neoliberalism includes:
a. strong opposition to government intervention
b. focus on economic freedom
c. individual choice BUT support for using state institutions to “lock in” free market policies
d. all of the above
d. all of the above
Populist conservatism promotes which of the following?
a. free trade
b. anti-free trade
c. immigration
d. national security above economic gain
b. anti-free trade
What kind of economic governance does realism/neoconservatism promote?
a. interventionist
b. protectionist
c. mercantilist
d. none of the above
b. protectionist
What kind of economic governance does progressivism promote:
a. interventionist
b. protectionist
c. mercantilist
d. none of the above
a. interventionist
The Corn Laws imposed high tariffs on grain to protect British farmers in the mid-19th century (1815-1846). What was an effect of the Corn Laws in Britain?
a. Food prices lowered
b. Food prices raised
c. Food prices were the same
d. Only corn prices were raised
b. Food prices raised
Who created the anti-corn law league?
a. Robert Peel
b. Adam Smith
c. Richard Cobden
d. The Tories
c. Richard Cobden
According to the Heckscher-Ohlin Theorem, a country will specialize in and export goods that make ______ of their _____ (capital, land, labor)
a. relatively abundant factor of production, intensive use
b. intensive use, relatively abundant factor of production
c. factor mobility, relatively abundant factor of production
d. none of the above
b. intensive use, relatively abundant factor of production
According to the Heckscher-Ohlin model of trade preferences, _________ benefit from trade openness while _________ lose from free trade and benefit from tariffs
a. owners of abundant factors, people involved in production
b. people involved in production, owners of abundant factors
c. none of the above
d. all of the above
a. owners of abundant factors, people involved in production
Empirical evidence across developed and developing countries finds that women are, on average, more ________ than men, although the size of the gap varies substantially across countries.
A. Interventionist
B. Integrationist
C. Protectionist
D. None of the above
C. Protectionist
In ______ political decision-making, individuals look beyond their own outcomes to consider how policies would impact the broader community.
A. Sociotropic
B. Neoliberal
C. Egocentric
D. Communist
A. Sociotropic
Which of these is not an institution that came out of the Bretton Woods meeting?
A. International Monetary Fund
B. World Bank
C. United Nations
D. International Bank for Reconstruction and Development
C. United Nations
The Bretton Woods Conference was exclusionary in that most colonized parts of the world were not represented at the conference or in the new institutions being established. Which of the following was an exception?
A. India
B. Phillipines
C. Brazil
D. A and B
D. A and B
The Bretton Woods’ gold exchange standard broke down suddenly when President Nixon suspended the convertibility of the US dollar into gold in 1971. Since other currencies had been tied to gold only via the US dollar, this ‘Nixon shock’ signalled the end of gold’s role as a standard for other currencies as well. The _________ Dilemma highlighted the inherent instability of the gold exchange standard.
A. Nixon
B. Triffin
C. Gold
D. Bretton Woods
B. Triffin