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global economy

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Quiz on global economy, created by Javi Lpz Gmz on 13/03/2016.
Javi Lpz Gmz
Quiz by Javi Lpz Gmz, updated more than 1 year ago
Javi Lpz Gmz
Created by Javi Lpz Gmz about 8 years ago
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Resource summary

Question 1

Question
Choose the correct answer. Economic globalization is:
Answer
  • The process that expands international trade, international investment, and immigration relative to national output, investment, and population growth.
  • The process that merely expands international trade
  • The process that merely expands international investment.

Question 2

Question
Which are the mayor aspect of economic globalization identified by economic literature:
Answer
  • Only globalization of consumption
  • Only globalization of production and ownership
  • Both a) and b) as globalization of labor

Question 3

Question
Which type of economic globalization typically refers to the growing volume of international trade?
Answer
  • Globalization in consumption
  • Globalization in labor
  • Globalization in of production and ownership

Question 4

Question
Choose the correct answer. Direct Foreign Investment (FDI):
Answer
  • Brings only an expansion of the physical capital stock
  • rings only knowledge about management techniques.
  • a) and b) as technical innovation and knowledge about production

Question 5

Question
Globalization of labor Implies:
Answer
  • That the nationality of the owner and controller of productive assets becomes independent of the nation housing them.
  • An increasing number of workers who make products and services for export or cross borders for work.
  • That the nation in which a product was made becomes independent of the nationality of the consumer.

Question 6

Question
What aspect of economic globalization implies that the nation in which a product was made becomes independent of the nationality of the consumer?
Answer
  • Globalization in consumption
  • Globalization in labor
  • Globalization in of production and ownership

Question 7

Question
)Which type of economic globalization typically refers to the phenomenon of rising cross-border financial flows (financial globalization)?
Answer
  • globalization of labor and con
  • globalization of production and ownership
  • Direct Foreign Investment (FDI)

Question 8

Question
Choose the correct answer. Related with the globalization in labor, there have also been increasing flows of migrants across borders (international labor migration), through: a) Legal routes only b) Informal routes only c) Both legal and informal routes.
Answer
  • Legal routes only
  • Informal routes only
  • Both legal and informal routes.

Question 9

Question
Which is the name given to the best educated generation in human history and the generation of digital natives?
Answer
  • X Generation
  • Generation Y
  • New generation

Question 10

Question
If we say that the demand for workers is being most pronounced in emerging markets thanks to continued brisk growth in most of these economies, regarding which phenomenon are we talking about?
Answer
  • Tectonic market shifts are transforming the global business landscape.
  • A new “geography of talent”
  • Digital skills and Agile thinking

Question 11

Question
Choose the correct answer. a) The speed of the globalization process is closely related to the ability of the state to supply the conditions of a successful market economy. b) Globalization appears as the new ideology of capitalism. c) Both a) and b) are right
Answer
  • The speed of the globalization process is closely related to the ability of the state to supply the conditions of a successful market economy.
  • Globalization appears as the new ideology of capitalism.
  • Both a) and b) are right

Question 12

Question
Free trade refers to: a) A situation where a government does not attempt to restrict what its citizens can buy from another country or what they can sell to another country. b) A situation that allows to arbitrage in order to earn profits from the price difference between previously separated markets c) Both a) and b) are right
Answer
  • A situation where a government does not attempt to restrict what its citizens can buy from another country or what they can sell to another country.
  • A situation that allows to arbitrage in order to earn profits from the price difference between previously separated markets
  • Both a) and b) are right

Question 13

Question
Which wave of globalization was focused on integration between rich countries as Europe, North America and Japan restored trade relations through a series of multilateral trade liberalizations?
Answer
  • First wave (1870-1914)
  • Second Wave (1950-1980)
  • Third wave (1980-present)

Question 14

Question
Which wave of globalization was sparked by advances in transport and reductions in trade barriers such that the level of exports to world income doubled to 8 percent as international trade boomed?
Answer
  • First wave(1870-1914)
  • Second Wave (1950-1980)
  • Third wave (1980-present)

Question 15

Question
Which wave of globalization sparked that 10 percent of the world's population moved to new countries searching for better jobs?
Answer
  • First wave(1870-1914)
  • Second Wave (1950-1980)
  • Third wave (1980-present)

Question 16

Question
Choose the correct answer. After World War II:
Answer
  • Advanced countries made a commitment to higher barriers to trade and investment.
  • Since 1950, average tariffs have increased significantly
  • Advanced countries made a commitment to lower barriers to trade and investment.

Question 17

Question
Free trade refers to a situation where:
Answer
  • Government does not attempt to restrict what its citizens can buy from another country or what they can sell to another country
  • Government tend to intervene in international trade to protect the interests of politically important groups
  • Both a) and b) are right

Question 18

Question
A tariff is an instrument of trade policy that consist in:
Answer
  • A government payment to a domestic producer
  • A tax levied on imports that effectively raises the cost of imported products relative to domestic products
  • A direct restriction on the quantity of some good that may be imported into a country

Question 19

Question
A subsidy is an instrument of trade policy that consist in:
Answer
  • A government payment to a domestic producer
  • A tax levied on imports that effectively raises the cost of imported products relative to domestic products
  • A direct restriction on the quantity of some good that may be imported into a country

Question 20

Question
An Import quota is an instrument of trade policy that consist in: a) A government payment to a domestic producer b) A tax levied on imports that effectively raises the cost of imported products relative to domestic products c) A direct restriction on the quantity of some good that may be imported into a country
Answer
  • A government payment to a domestic producer
  • A tax levied on imports that effectively raises the cost of imported products relative to domestic products
  • A direct restriction on the quantity of some good that may be imported into a country

Question 21

Question
The extra profit that producers make when supply is artificially limited by an import quota is: a) A Voluntary export restraints b) A quota rent c) A Tariff rate quota
Answer
  • A Voluntary export restraints
  • A quota rent
  • A Tariff rate quota

Question 22

Question
) Choose the wrong answer.
Answer
  • Tariffs are unambiguously pro-producer and anti-consumer and reduce the overall efficiency of the world economy
  • Subsidies help domestic producers compete against low-cost foreign imports
  • Tariffs are unambiguously pro-consumer and anti-producer and increase the overall efficiency of the world economy

Question 23

Question
Choose the right answer. Ad valorem tariffs:
Answer
  • Are levied as a fixed charge for each unit of a good imported
  • Are levied as a proportion of the value of the imported good
  • Are a hybrid of a quota and a tariff where a lower tariff is applied to imports within the quota than to those over the quota

Question 24

Question
A local content requirement is an instrument of trade policy that: a) Demands that some specific fraction of a good be produced domestically b) Establishes bureaucratic rules that are designed to make it difficult for imports to enter a country c) Forbids selling goods in a foreign market below their cost of production.
Answer
  • Demands that some specific fraction of a good be produced domestically
  • Establishes bureaucratic rules that are designed to make it difficult for imports to enter a country
  • Forbids selling goods in a foreign market below their cost of production.

Question 25

Question
Administrative trade polices is an instrument of trade policy that:
Answer
  • Demands that some specific fraction of a good be produced domestically
  • Establishes bureaucratic rules that are designed to make it difficult for imports to enter a country
  • Forbids selling goods in a foreign market below their cost of production.

Question 26

Question
Which of these trade policies hurt consumers by denying access to possibly superior foreign products?
Answer
  • local content requirement
  • Antidumping policies
  • Administrative trade

Question 27

Question
Which of these trade policies are designed to punish foreign firms in order to protect domestic producers from “unfair” foreign competition?
Answer
  • local content requirement
  • Antidumping policies
  • Administrative trade

Question 28

Question
Choose the wrong answer. Local content requirements:
Answer
  • Punish domestic producers and jobs, but consumers face lower prices
  • Benefits domestic producers and jobs, but consumers face higher prices
  • Requirement can be in physical terms or in value terms

Question 29

Question
Which type of arguments exit in order justify the government intervention in trade?
Answer
  • Legal arguments only
  • Political arguments only
  • Political and economic arguments mainly

Question 30

Question
Choose the right answer. Political reasons argued in order to justify government intervention:
Answer
  • are typically concerned with protecting the interests of certain groups within a nation (normally producers), often at the expense of other groups (normally consumers)
  • are typically concerned with boosting the overall wealth of a nation (to the benefit of all, both producers and consumers)
  • Both a) and b) are right.

Question 31

Question
Choose the right answer. Economic arguments for government intervention in international trade include:
Answer
  • Protecting jobs, protecting industries deemed important for national security, retaliating to unfair foreign competition
  • The infant industry argument and Strategic trade policy
  • Both a) and b) are right

Question 32

Question
Choose the right answer. The infant industry argument suggests that:
Answer
  • An industry should be protected until it can develop and be viable and competitive internationally.
  • In cases where there may be important first mover advantages, governments can help firms from their countries attain these advantages
  • Both a) and b) are right

Question 33

Question
Choose the right answer. The Strategic Trade Policy suggests that:
Answer
  • In cases where there may be important first mover advantages, governments can help firms from their countries attain these advantages
  • Governments can help firms overcome barriers to entry into industries where foreign firms have an initial advantage
  • Both a) and b) are right

Question 34

Question
Choose the right answer. New trade theorists believe:
Answer
  • government intervention in international trade is always justified
  • government intervention in international trade is never justified
  • Both a) and b) are wrong

Question 35

Question
Choose the right answer. Classic trade theorists believe:
Answer
  • Disagree with new trade theorists
  • Agree partially with some new trade theorists
  • While strategic trade theory is appealing in theory, it may not be workable in practice – they suggest a revised case for free trade

Question 36

Question
) Who famous economist argues that strategic trade policies aimed at establishing domestic firms in a dominant position in a global industry are beggar-thy-neighbor policies that boost national income at the expense of other countries. A country that attempts to use such policies will probably provoke retaliation
Answer
  • Adam Smith
  • David Ricardo
  • Paul Krugman

Question 37

Question
Which was the philosophy that guided European thinking about international trade in the several centuries before Adam Smith?
Answer
  • Mercantilism
  • Imperialism
  • Colonialism

Question 38

Question
Choose the right answer. Mercantilists viewed international trade:
Answer
  • as a source of major benefits to a nation
  • As a zero-sum activity
  • Both a) and b) are right

Question 39

Question
Choose the right answer. A central belief of mercantilist was:
Answer
  • That national well-being or wealth was based on national holdings of gold and silver.
  • The government regulation of trade was necessary to provide the largest national benefits.
  • Both a) and b) are right

Question 40

Question
Choose the right answer. Based on mercantilist thinking, governments:
Answer
  • Imposed an array of taxes and prohibitions to limit imports
  • Subsidized and encouraged exports.
  • Both a) and b) are right

Question 41

Question
Choose the right answer. Neo-mercantilists believe that:
Answer
  • Exports are good because they create jobs in the country, and imports are bad because they take jobs from the country. Neo-mercantilists continue to depict trade as a zero-sum activity.
  • Imports are good because they create jobs in the country, and exports are bad because they take jobs in more country.
  • With the Economic Globalization international trade is not a zero-sum activity.

Question 42

Question
What are the key factors of influencing the development of trade from the point of Krugman model?
Answer
  • Product differentiation
  • Economies of Scale
  • Global Economics

Question 43

Question
What is the countries trading goal based on, in order to maximize the Profit regarding to the Krugman model?
Answer
  • Demand
  • Economies of Scale
  • Product differentiations

Question 44

Question
What is not an advantage of the Krugman model?
Answer
  • Economies of scales are possible
  • Comparative advantage for products
  • No specification between countries

Question 45

Question
Who benefits the most from the Krugman model?
Answer
  • Developed countries
  • Multinational companies
  • Developing countries

Question 46

Question
Which theory is giving the benefit of selling on the lowest costs?
Answer
  • Krugman model
  • Gravity model
  • Product lifecycle

Question 47

Question
Which types of intra-industry trade theory are there?
Answer
  • Horizontal and parallel
  • Vertical and parallel
  • Horizontal and vertical

Question 48

Question
This type of intra-industry trade theory refers to the simultaneous exports and imports of goods classified in the same sector and at the same stage of processing…
Answer
  • Horizontal
  • Vertical
  • Parallel

Question 49

Question
) Why do countries implement the intra-industry trade theory?
Answer
  • Lower transportation costs near borders
  • Overlapping demand segments
  • All of the above are correct

Question 50

Question
Which one of the answers is wrong? The product life cycle theory:
Answer
  • Explains the expected life cycle of a typical product from design to obsolescence.
  • Is divided into the phases of product introduction, product growth, maturity, and decline.
  • Its goal is to minimize its value and profitability at each stage.

Question 51

Question
The product life cycle theory regarding the international trade theory consists in:
Answer
  • Introduction, growth, maturity and decline
  • Introduction, expansion, maturity and decline
  • Introduction, development, maturity and decline
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