Deck 15: International Economics

Question 1

Both Adam Smith and David Ricardo developed theories justifying protectionism as a form of economic nationalism.

Answer 1

False

Question 2

Protectionist barriers were removed when the British Parliament enacted the 1946:

A) Corn Laws
B) Gold Standard
C) Free Trade Laws
D) Chevalier treaty
E) Smoot-Hawley Laws

Answer 2

Corn Laws

Question 3

The United States was the Allied country which insisted on the payment of reparations after World War I.

Answer 3

False

Question 4

Which region best epitomizes the philosophy of neo-mercantilism?

A) Arab Middle East
B) Sub-Saharan Africa
C) East Asia
D) Latin America
E) North America

Question 5

Bancosol is an example of:

A) collective bargaining
B) micro-entrepreneurship
C) economic multilateralism
D) hyperinflation
E) dumping

Question 6

Which country consistently ranks highest on the Human Development Index HDI)?

A) United States
B) Germany
C) Britain
D) Netherlands
E) Canada

Question 7

A country committed to the theory of comparative advantage could be expected to engage in economic nationalism.

Question 8

The Dawes Plan for the cyclical distribution of money worked right up until the outbreak of World War II in 1939.

Question 9

Which theory considers the state as the key rational actor on the world stage?

A) Economic Idealism
B) Economic Realism
C) Economic Marxism
D) Economic Neo-mercantilism
E) Economic Neo-Liberalism

Question 10

New technological advances allowed which group of countries to challenge British economic hegemony in the latter decades of the nineteenth century?

A) Italy, France, Holland
B) Sweden, United States, Russia
C) Germany, Italy, Japan
D) Japan, France, United States
E) United States, Germany, France

Question 11

Which case study suggests that some economic and financial institutions set about internationalizing their portfolios too hastily and carelessly?

A) Malden Mills
B) Barings Bank
C) OPEC
D) UNCTAD I
E) VERs

Question 12

Britain and France accorded most favored nation MFN) status to each other in the 1860 Franco-British Chevalier Treaty.

Question 13

The gold standard remained intact until:

A) 1812
B) 1914
C) 1929
D) 1945
E) 1973

Question 14

A country in search of economic self-sufficiency follows a policy of:

A) multilateralism
B) bilateralism
C) protectionism
D) comparative advantage
E) autarcky

Question 15

Which two countries come closest to challenging the U.S. for economic leadership in the world?

A) Germany and China
B) Germany and Britain
C) Germany and Japan
D) Japan and France
E) Japan and China

Question 16

Name the U.S. president who assented to participation in the UNCTAD I conference:

A) Franklin Roosevelt
B) Harry Truman
C) John Kennedy
D) Lyndon Johnson
E) Ronald Reagan

Question 17

Which of these represents a barrier to trade?

A) tariff
B) quality standards
C) import quotas
D) all of the above
E) none of the above

Question 18

Which event occurred in 1930?

A) the Opium War
B) Chevalier Treaty
C) Dawes Plan
D) Smoot-Hawley tariff
E) none of the above

Question 19

World trade was increased most dramatically by which set of events?

A) Agricultural revolution
B) French revolution
C) American revolution
D) Industrial revolution
E) Glorious revolution

Question 20

Which of these names has been tainted by its exacerbation of the Great Depression?

A) Dawes Plan
B) Smoot-Hawley Tariff
C) Chevalier Treaty
D) Keynes Plan
E) Ricardo Plan

Question 21

The ideas associated in your text with a book by Herman Schwartz ought to sound like pleasing music to the ears of MNCs, but more like dissonant noise to countries.

Question 22

The Bretton Woods system set up the free floating monetary exchange rate whereby currency is treated essentially as a commodity in determining its value.

Question 23

Selling goods at a level 10% less than one's competitors is what is meant by dumping.

Question 24

A free-floating currency was adopted by the U.S. under president Jimmy Carter.

Question 25

The OPEC organization is an example of an international cartel.

Question 26

The similarities between Aaron Feurstein and Al Dunlap discussed in the textbook outweigh any possible differences between these two corporate elites.

Question 27

The figure which the United Nations sets as a target for rich countries to give to poor countries in aid and assistance is 5 percent of GNP, but only the U.S. meets this figure.

Question 28

The happy confluence of cheap containers and cheap labor has worked to the benefit of the NICs more than any other group of nations.

Question 29

A global recession occurred between 1979-83.

Question 30

Colonization by European powers occurred for a period of about 400 years.