Exam 14: Macroeconomics and Us Economic Hegemony

Which period proved most fortuitous for the economic theories of John Maynard Keynes?

Feudalism relied principally upon extensive trade to fill the coffers of the nascent European state system.

Which economic system gained control of Europe with the advent of the Middle Ages?

With which country does the United States have its largest, most balanced, and most amicable trading relationship?

When we speak of production, distribution, and consumption as societal responses to the universal problem of scarcity, what is it that gets produced, distributed, and consumed?

A government-directed economy is called a traditional economy.

Monetary policy involves the use of taxing and spending revenues for political purposes.

Intellectual historian Dorothy Ross considers the three pivotal disciplines central to the Americanization of the social sciences 100 years ago to have been:

Successful completion of the Uruguay Round of the GATT negotiations resulted in the creation of the World Trade Organization WTO).

Scarcity is the central problem of economic life because human desires for goods and services seem infinite, but society is limited by finite human and non-human resources.

What are the three most useful levels of analysis in the discipline of economics?

Supply-side economic theory is very compatible with the traditional principles of Keynesian economics.

As means of subsistence, traditional economies rely on either hunting and gathering, horticulture, or pastoral activities.

Money has served as the medium lubricating market exchanges ever since the very first ancient civilizations more than five thousand years ago.

Large corporations dominate the economic landscape in the United States more than in France or in Canada.

Both OPEC and the De Beers corporation are international cartels.

Fordism was based on which principle of economic theory?

Which country comes closest to meeting the criteria for a global economic hegemon over the last fifty years?