Question 1

Taxes on imported goods are known as

Accepted Answer

A)   nontariff regulatory barriers.
B)   quotas.
C)   tariffs.
D)   regulatory fees.

Question 2

Which of the following statements about social expenditures is accurate?

Accepted Answer

A)   Welfare systems are meant to support community institutions like the family and the church.
B)   In a sense, the welfare state primarily taxes the poor but benefits the middle class.
C)   Expenditures on highways are more likely to benefit the well-off than the poor.
D)   Social expenditures that come in the form of public goods are used mostly by the very poor.

Question 3

The ________ is in charge of regulating the supply of money in a country.

Accepted Answer

A)   national trust
B)   currency board
C)   central bank
D)   federal mint

Question 4

Which of the following statements about happiness as an indicator of political-economic systems is accurate?

Accepted Answer

A)   Relative income is a stronger predictor of happiness than standard of living.
B)   Standard of living is a stronger predictor of happiness than relative income.
C)   Postcommunist countries have higher levels of happiness than very poor countries.
D)   Latin American countries' very low levels of happiness correlate with very low per capita income.

Question 5

Public goods are best defined as

Accepted Answer

A)   goods, provided or secured by the state, that are available for society and indivisible.
B)   goods, provided or secured by the state, that only members of the state and government may use.
C)   any goods that exist beyond the sovereignty of a state's borders.
D)   any goods that exist solely within the sovereignty of a state's borders.

Question 6

Extremely tight control over the money supply may result in ________,a condition that has plagued Japan since 1998.

Accepted Answer

A)   inflation
B)   deflation
C)   tariffs
D)   hyperinflation

Question 7

In which of the following ways does using purchasing power parity to calculate GDP differ from the use of straight GDP in measuring a country's economic development?

Accepted Answer

A)   It typically elevates measured income for less-developed countries.
B)   It typically elevates measured income for countries with advanced welfare systems.
C)   It typically lowers the overall value of the economy for less-developed countries.
D)   It typically lowers the per capita income in countries regardless of level of development.

Question 8

Country X has no direct taxation of its people,but citizens are limited in what they can earn because wages are fixed.No matter what a citizen's age or job is,the state provides for his or her health costs,education,and retirement,even though the quality of those services may be low.If a citizen does have cash,he or she can only buy private goods illegally on the black market.This country has what kind of political-economic system?

Accepted Answer

A)   communist
B)   liberal
C)   mercantilist
D)   social democratic

Question 9

The Gini index is one way that social scientists measure

Accepted Answer

A)   total national wealth.
B)   the distribution of public goods.
C)   the environmental impact of development.
D)   the amount of economic inequality in a society.

Question 10

What is the oldest of the political-economic systems,and what system first rose to challenge it?

Accepted Answer

A)   liberalism, first challenged by communism
B)   mercantilism, first challenged by liberalism
C)   communism, first challenged by social democracy
D)   social democracy, first challenged by mercantilism B

Question 11

In what key ways does social democracy differ from liberalism? In what ways is it similar?

Accepted Answer

A good answer will note that both libera...

Question 12

Restrictions that limit the quantities of foreign goods coming into a country are known as

Accepted Answer

A)   nontariff regulatory barriers.
B)   quotas.
C)   tariffs.
D)   regulatory fees.

Question 13

Overall levels of economic liberalization are on the rise during the last few decades,appearing to indicate that liberalism is the preferred political-economic system.But what qualifications are important to this assessment?

Accepted Answer

A good answer will note a few exceptions...

Question 14

What are the relative benefits and drawbacks of using purchasing power parity (PPP),the Gini index,and the Human Development Index to measure relative wealth and inequality across countries?

Accepted Answer

A good answer will note that PPP measure...

Question 15

Which political-economic system views private property as a form of exploitation?

Accepted Answer

A)   social democracy
B)   communism
C)   liberalism
D)   mercantilism B

Question 16

________ are the most fundamental components of political economy.

Accepted Answer

A)   Property and assets
B)   Income and markets
C)   Markets and property
D)   Supply and demand

Question 17

Over the past two decades,most countries around the world have

Accepted Answer

A)   increased economic liberalization.
B)   decreased economic liberalization.
C)   increased their social democratic institutions.
D)   become more mercantilist.

Question 18

Which of the following statements about mercantilism is accurate?

Accepted Answer

A)   Mercantilism involves a greater role for the state in economic policy than communism.
B)   Mercantilism directs the economy toward certain industries and away from others.
C)   Mercantilism mandates that unemployment should be accepted as inevitable.
D)   Mercantilism advocates for a state to intervene in the economy only when crises arise.

Question 19

When governments print more money because they lack revenue,one result may be

Accepted Answer

A)   hyperinflation.
B)   hyperdevaluation.
C)   hyperdeflation.
D)   hypertaxation. A

Question 20

Liberalism's view of the relationship between freedom and equality favors

Accepted Answer

A)   equality over freedom.
B)   freedom over equality.
C)   both equally.
D)   neither freedom nor equality.

Exam 4: Political Economy

Taxes on imported goods are known as

Correct Answer
verified

Which of the following statements about social expenditures is accurate?

Correct Answer
verified

The ________ is in charge of regulating the supply of money in a country.

Correct Answer
verified

Which of the following statements about happiness as an indicator of political-economic systems is accurate?

Correct Answer
verified

Public goods are best defined as

Correct Answer
verified

Extremely tight control over the money supply may result in ________,a condition that has plagued Japan since 1998.

Correct Answer
verified

In which of the following ways does using purchasing power parity to calculate GDP differ from the use of straight GDP in measuring a country's economic development?

Correct Answer
verified

Correct Answer
verified

The Gini index is one way that social scientists measure

Correct Answer
verified

What is the oldest of the political-economic systems,and what system first rose to challenge it?

Correct Answer
verified
B

In what key ways does social democracy differ from liberalism? In what ways is it similar?

Correct Answer
verified
A good answer will note that both libera...
View Answer

Restrictions that limit the quantities of foreign goods coming into a country are known as

Correct Answer
verified

Overall levels of economic liberalization are on the rise during the last few decades,appearing to indicate that liberalism is the preferred political-economic system.But what qualifications are important to this assessment?

Correct Answer
verified
A good answer will note a few exceptions...
View Answer

What are the relative benefits and drawbacks of using purchasing power parity (PPP),the Gini index,and the Human Development Index to measure relative wealth and inequality across countries?

Correct Answer
verified
A good answer will note that PPP measure...
View Answer

Which political-economic system views private property as a form of exploitation?

Correct Answer
verified
B

________ are the most fundamental components of political economy.

Correct Answer
verified

Over the past two decades,most countries around the world have

Correct Answer
verified

Which of the following statements about mercantilism is accurate?

Correct Answer
verified

When governments print more money because they lack revenue,one result may be

Correct Answer
verified
A

Liberalism's view of the relationship between freedom and equality favors

Correct Answer
verified

Exam 4: Political Economy

Taxes on imported goods are known as

Correct AnswerverifiedShow Answer

Which of the following statements about social expenditures is accurate?

Correct AnswerverifiedShow Answer

The ________ is in charge of regulating the supply of money in a country.

Correct AnswerverifiedShow Answer

Which of the following statements about happiness as an indicator of political-economic systems is accurate?

Correct AnswerverifiedShow Answer

Public goods are best defined as

Correct AnswerverifiedShow Answer

Extremely tight control over the money supply may result in ________,a condition that has plagued Japan since 1998.

Correct AnswerverifiedShow Answer

In which of the following ways does using purchasing power parity to calculate GDP differ from the use of straight GDP in measuring a country's economic development?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Gini index is one way that social scientists measure

Correct AnswerverifiedShow Answer

What is the oldest of the political-economic systems,and what system first rose to challenge it?

Correct AnswerverifiedB

In what key ways does social democracy differ from liberalism? In what ways is it similar?

Correct AnswerverifiedA good answer will note that both libera...View AnswerShow Answer

Restrictions that limit the quantities of foreign goods coming into a country are known as

Correct AnswerverifiedShow Answer

Overall levels of economic liberalization are on the rise during the last few decades,appearing to indicate that liberalism is the preferred political-economic system.But what qualifications are important to this assessment?

Correct AnswerverifiedA good answer will note a few exceptions...View AnswerShow Answer

What are the relative benefits and drawbacks of using purchasing power parity (PPP),the Gini index,and the Human Development Index to measure relative wealth and inequality across countries?

Correct AnswerverifiedA good answer will note that PPP measure...View AnswerShow Answer

Which political-economic system views private property as a form of exploitation?

Correct AnswerverifiedB

________ are the most fundamental components of political economy.

Correct AnswerverifiedShow Answer

Over the past two decades,most countries around the world have

Correct AnswerverifiedShow Answer

Which of the following statements about mercantilism is accurate?

Correct AnswerverifiedShow Answer

When governments print more money because they lack revenue,one result may be

Correct AnswerverifiedA

Liberalism's view of the relationship between freedom and equality favors

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
B

Correct Answer
verified
A good answer will note that both libera...
View Answer

Correct Answer
verified

Correct Answer
verified
A good answer will note a few exceptions...
View Answer

Correct Answer
verified
A good answer will note that PPP measure...
View Answer

Correct Answer
verified
B

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified