Question 1

Purchasing power parity is a way to measure:

Accepted Answer

Purchasing power parity is a way to measure the buying power of income across countries. It takes into account the differences in exchange rates and the cost of living between countries. It is often used to compare living standards between different countries.

Question 2

The Gini index is one way that social scientists measure:

Accepted Answer

The Gini index is a measure of inequality, specifically the unequal distribution of income or wealth within a population. It ranges from 0 to 1, with 0 representing perfect equality and 1 representing complete inequality. Social scientists and economists use the Gini index to analyze and compare income inequality across different countries or regions.

Question 3

Parastatals are commonly associated with which political economic systems?

Accepted Answer

Parastatals are typically associated with state-led or interventionist economic systems, such as social democracy. Mercantilism may also involve state intervention in the economy, while anarchism and communism are more likely to favor decentralization and non-governmental control of industry. Liberalism generally favors a more laissez-faire approach to the economy, with minimal state intervention.

Question 4

Since 2008, the main trend in political economic systems has been:

Accepted Answer

Since the global financial crisis of 2008, there has been an increased critique of liberalism and free market capitalism, with calls for more government intervention and regulation to address inequality and economic instability. This trend can be seen in the rise of populist movements and the election of politicians who espouse more interventionist policies.

Question 5

What has been the global trend of inequality over the past 20 years?

Accepted Answer

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Question 6

Over the past 25 years, countries around the world have become:

Accepted Answer

Over the past 25 years, countries around the world have become more liberal in terms of promoting free trade, reducing trade barriers, and encouraging foreign investment. This trend can be seen in the signing of various free trade agreements and the formation of international organizations like the World Trade Organization.

Question 7

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

Accepted Answer

Communism views property as a form of exploitation, as it believes that private ownership of property allows the bourgeoisie to exploit the proletariat. In a communist society, all property is owned collectively and there is no concept of private ownership.

Question 8

What basic public goods should a state provide? What should be left to the market?

Accepted Answer

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Question 9

Which political economic system views the economy as an instrument to serve state power and national sovereignty?

Accepted Answer

Mercantilism views the economy as a means to advance the power and wealth of the state, and emphasizes state intervention in trade, industry, and commerce to achieve this goal. It emphasizes a positive balance of trade, accumulation of gold and silver reserves, and colonies as sources of raw materials and markets for manufactured goods.

Question 10

Neo-corporatism is an example of which political economic system?

Accepted Answer

Neo-corporatism is a form of social democracy, as it involves cooperation between the state, business, and labor to promote economic growth and social welfare.

Question 11

The UN Human Development Index measures:

Accepted Answer

The UN Human Development Index measures three key dimensions of human development: living a long and healthy life (measured by life expectancy), accessing education (measured by years of schooling and expected years of schooling), and having a decent standard of living (measured by gross national income per capita). These three dimensions collectively provide a more comprehensive measure of human well-being than a focus solely on economic measures like GDP.

Question 12

Japan's economic success is often attributed to which political economic system?

Accepted Answer

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Question 13

Mercantilism is best associated with which of the following policies?

Accepted Answer

Mercantilism is a system of economic nationalism that emphasizes maximizing exports and minimizing imports through the implementation of various policies, such as protective tariffs, subsidies to domestic industries, and strict government control over trade. Therefore, the best choice associated with mercantilism is B, tariff barriers.

Question 14

What is the relationship between wealth and happiness?

Accepted Answer

Wealthier countries tend to have higher levels of happiness due to better access to resources, healthcare, and education, although the relationship is not perfectly linear and other factors also play a role.

Question 15

Which part of the world is most commonly associated with social democracy?

Accepted Answer

The social democracy movement originated in Western Europe and is most commonly associated with European countries such as Sweden, Denmark, and Germany. These countries have developed strong welfare states and use a mixed economy approach, with elements of both capitalism and socialism.

Question 16

Why is liberalism stronger in North America than in Europe?

Accepted Answer

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Question 17

Does inequality pose a threat to any particular political economic system(s)? Can inequality grow if everyone's standard of living is on the rise? What political economic system is likely to produce the greatest amount of happiness?

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Question 18

For whom is free trade positive? For whom is it negative? Should trade be controlled and, if so, by what means and in what areas?

Accepted Answer

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Question 19

Why has liberalism become a more dominant political economic system over the past few decades? Is this change good or bad?

Accepted Answer

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Quiz 4: Political Economy