Deck 4: Anthropology and Intercultural Relations

Question 1

Which of the following factors contributed to the Great Economic Crisis that began in 2008?

A) a sharp rise in US banking liquidity
B) the collapse of the real estate bubble in the US
C) excessive US banking regulation in the 1980s
D) the sovereign debt crisis in the Eurozone

Answer 1

a sharp rise in US banking liquidity

Question 2

Which Asian economy technically avoided a major recession during the global economic crisis of 2008?

A) China
B) India
C) South Korea
D) All of these are correct.

Answer 2

All of these are correct.

Question 3

Which of the following is the formal, economic definition of a recession?

A) The inability of a country to pay back its debts
B) A period of reduced economic activity often marked by high unemployment and inflation
C) The ability to pay debts when they come due without incurring unacceptable losses
D) Two consecutive quarters of declining economic growth

Answer 3

Two consecutive quarters of declining economic growth

Question 4

What factor does the book say helped to mitigate, if not prevent, the effects of the global crisis on a number of Middle Eastern nations?

A) having more natural gas and shale
B) having fewer economic ties to Iran
C) having more petroleum/oil
D) having fewer economic ties to China

Question 5

What is the meaningful unit of analysis in most contemporary definitions of economics?

A) the multinational corporation seeking rents
B) an individual actor seeking utility
C) the government seeking to make economic policy
D) irrational human beings

Question 6

The textbook describes which three economic paradigms?

A) Liberal, nationalist, and Marxist
B) Marxist, capitalist, and mercantilist
C) Liberal, conservative, and communist
D) None of these is correct.

Question 7

Liberal economic theory states that

A) all nations would benefit by opening trade between nations without restrictions.
B) all nations would benefit by opening trade between nations with reasonable restrictions.
C) every nation should implement protectionist policies to ensure the well-being of its people first and foremost and then allow for trade between nations.
D) None of these is correct.

Question 8

Adam Smith's Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776, was the first book to articulate the theory of

A) political liberalism.
B) liberal economics.
C) socialism.
D) taxation without representation.

Question 9

Liberal economic theorists assume that individual actors are "rational" in what sense?

A) Individuals know their best interests and how to get what they want.
B) Individuals have goals that make sense and will work to attain these goals in a rational manner.
C) Individuals attempt to achieve their goals at minimal cost to themselves.
D) Individuals do not use their emotions when planning how to get ahead.

Question 10

According to the law of supply and demand, which factor does NOT determine the price of a good in the marketplace?

A) The supply of the item
B) The number of banks in the country
C) The number of buyers who want it
D) The availability of money

Question 11

Which of these are often considered synonymous?

A) Economic nationalism and Marxism
B) Socialism and protectionism
C) Liberalism and economic nationalism
D) Economic nationalism and mercantilism

Question 12

Which of the following statements is not true of the theory of economic nationalism?

A) Tariffs, subsidies, and import quotas have an important place in economic policy.
B) Economic activity is independent of a country's social and political systems.
C) Economic activity is zero-sum; one nation's gain is another's loss.
D) All of these are true about the theory of economic nationalism.

Question 13

According to Karl Marx, the value of goods and services

A) is determined by supply and demand.
B) should be determined by the state.
C) derives from the cost of labor needed to produce them.
D) depends on the materials goods are made from.

Question 14

Marx theorized that economic and political inequality were inescapable as long as there was a working class and a capitalist class that

A) owned all the businesses.
B) owned the means of production.
C) owned colonies overseas.
D) owned government bonds.

Question 15

What is the definition of the economic indicator known as the gross domestic product, or GDP?

A) The total value of all the goods produced in a country in a year
B) The total value of all the services produced in a country in a year
C) The total value of all the goods and services produced in a country in a year
D) None of these is correct.

Question 16

What does development economics study?

A) Growth strategies in less developed countries
B) How capital produces more capital
C) How economic control metamorphoses into political control
D) All of these are correct.

Question 17

Which author theorized that nations pass through five economic stages before reaching the stage of high mass consumption, like that seen in the United States and Western Europe?

A) Adam Smith
B) W. W. Rostow
C) Immanuel Wallerstein
D) Margaret Thatcher

Question 18

What did economist Arturo Escobar argue is the reason development projects successful in the First World often fail when instituted in the Third World?

A) Lack of sufficient capital to sustain initial growth
B) Decades of labor exploitation leading Third World workers to embrace apathy instead of ambition
C) Different cultural logics
D) None of these are correct.

Question 19

What is the goal of neoliberalism?

A) To free the movements of goods and services between countries
B) To maximize economic profits and efficiency regardless of citizenship
C) To ease trade restrictions between different nations
D) All of these are correct.

Question 20

What is/was the Washington Consensus?

A) an agreement about how to address the 2008 global economic crisis
B) a set of policies aimed at instituting free markers in the entire Western hemisphere
C) an idea advocated by Joseph Stiglitz
D) a plan to increase tariffs on goods from Latin America

Question 21

What is one reason given in the textbook to explain Western and non-Western economic differences?

A) Western culture urges people to work hard to accumulate goods and services to achieve happiness.
B) Many non-Western cultures urge members to minimize wants to achieve happiness.
C) Both of these are correct.
D) Neither of these is correct.

Question 22

What is the underlying issue concerning sustainability?

A) Industrial capitalism is the cause of economic deficiency.
B) Depletion of natural resources is only a few years away.
C) Perpetual growth and economic efficiency are not sustainable.
D) All of these are correct.

Question 23

What do ecological economists attempt to do?

A) identify the best farming practices in Nigeria and the Swiss Alpine valleys
B) create a reasonable method of deciding on the value of things like clean water, functioning environments, and future resource needs
C) trade short-term gains for long-term costs
D) find new, untapped sources of petroleum