Question 1

In the Soviet Union,greater equality and reduced poverty came at the cost of

Accepted Answer

A) industrial production. 
B) government corruption. 
C) innovation and entrepreneurialism. 
D) industrial diversification. 
A) industrial production. 
B) government corruption. 
C) innovation and entrepreneurialism. 
D) industrial diversification.

Question 2

In which of the following ways does using purchasing power parity to calculate GDP differ from the use of straight GDP in measuring a country's economic development?

Accepted Answer

A) It typically elevates measured income for less-developed countries. 
B) It typically elevates measured income for countries with advanced welfare systems. 
C) It typically lowers the overall value of the economy for less-developed countries. 
D) It typically lowers the per capita income in countries regardless of level of development. 
A) It typically elevates measured income for less-developed countries. 
B) It typically elevates measured income for countries with advanced welfare systems. 
C) It typically lowers the overall value of the economy for less-developed countries. 
D) It typically lowers the per capita income in countries regardless of level of development.

Question 3

What is the oldest of the political-economic systems,and what system first rose to challenge it?

Accepted Answer

A) liberalism,first challenged by communism 
B) mercantilism,first challenged by liberalism 
C) communism,first challenged by social democracy 
D) social democracy,first challenged by mercantilism 
A) liberalism,first challenged by communism 
B) mercantilism,first challenged by liberalism 
C) communism,first challenged by social democracy 
D) social democracy,first challenged by mercantilism

Question 4

Overall levels of economic liberalization are on the rise during the last few decades,appearing to indicate that liberalism is the preferred political-economic system.But what qualifications are important to this assessment?

Accepted Answer

A good answer will note a few exceptions

Question 5

Purchasing power parity is a way to measure

Accepted Answer

A) inequality between people. 
B) the buying power of income across countries. 
C) changes in inequality over time. 
D) how high tax rates should be. 
A) inequality between people. 
B) the buying power of income across countries. 
C) changes in inequality over time. 
D) how high tax rates should be.

Question 6

Which political-economic system accepts a role for private property and market forces but is cautious about their benefits to society?

Accepted Answer

A) social democracy 
B) communism 
C) liberalism 
D) mercantilism 
A) social democracy 
B) communism 
C) liberalism 
D) mercantilism

Question 7

The is in charge of regulating the supply of money in a country.

Accepted Answer

A) national trust 
B) currency board 
C) central bank 
D) federal mint 
A) national trust 
B) currency board 
C) central bank 
D) federal mint

Question 8

What is a public good and why do states provide public goods rather than the market?

Accepted Answer

A good answer will define a public good

Question 9

In the United States,the government cannot take a citizen's property without just cause and compensation.This is an example of

Accepted Answer

A) a property right. 
B) capitalism. 
C) a weak state. 
D) democracy. 
A) a property right. 
B) capitalism. 
C) a weak state. 
D) democracy.

Question 10

In what key ways does social democracy differ from liberalism? In what ways is it similar?

Accepted Answer

A good answer will note that both libera

Question 11

Since the major economic downturn of the last decade,one trend in the United States,Canada,and Japan has been

Accepted Answer

A) rapid growth in mercantilist policies. 
B) an increase in criticism of social democracy. 
C) widespread elimination of tariff barriers. 
D) a decline in levels of economic liberalization. 
A) rapid growth in mercantilist policies. 
B) an increase in criticism of social democracy. 
C) widespread elimination of tariff barriers. 
D) a decline in levels of economic liberalization.

Question 12

Which of the following statements about happiness as an indicator of political-economic systems is accurate?

Accepted Answer

A) Relative income is a stronger predictor of happiness than standard of living. 
B) Standard of living is a stronger predictor of happiness than relative income. 
C) Postcommunist countries have higher levels of happiness than very poor countries. 
D) Latin American countries' very low levels of happiness correlate with very low per capita income. 
A) Relative income is a stronger predictor of happiness than standard of living. 
B) Standard of living is a stronger predictor of happiness than relative income. 
C) Postcommunist countries have higher levels of happiness than very poor countries. 
D) Latin American countries' very low levels of happiness correlate with very low per capita income.

Question 13

Which of the following statements about social expenditures is accurate?

Accepted Answer

A) Welfare systems are meant to support community institutions like the family and the church. 
B) In a sense,the welfare state primarily taxes the poor but benefits the middle class. 
C) Expenditures on highways are more likely to benefit the well-off than the poor. 
D) Social expenditures that come in the form of public goods are used mostly by the very poor. 
A) Welfare systems are meant to support community institutions like the family and the church. 
B) In a sense,the welfare state primarily taxes the poor but benefits the middle class. 
C) Expenditures on highways are more likely to benefit the well-off than the poor. 
D) Social expenditures that come in the form of public goods are used mostly by the very poor.

Question 14

What are the relative benefits and drawbacks of using purchasing power parity (PPP),the Gini index,and the Human Development Index to measure relative wealth and inequality across countries?

Accepted Answer

A good answer will note that PPP measure

Question 15

Liberalism's view of the relationship between freedom and equality favors

Accepted Answer

A) equality over freedom. 
B) freedom over equality. 
C) both equally. 
D) neither freedom nor equality. 
A) equality over freedom. 
B) freedom over equality. 
C) both equally. 
D) neither freedom nor equality.

Question 16

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

Accepted Answer

A) social democracy 
B) communism 
C) liberalism 
D) mercantilism 
A) social democracy 
B) communism 
C) liberalism 
D) mercantilism

Question 17

What tools do states use in regulating trade with other states? What political-economic systems are most and least likely to impose strict regulations on trade?

Accepted Answer

A good answer will describe the three co

Question 18

Social democracy can be defined as a system that

Accepted Answer

A) favors freedom over equality. 
B) favors equality over freedom. 
C) attempts to balance freedom and equality. 
D) opposes both freedom and equality. 
A) favors freedom over equality. 
B) favors equality over freedom. 
C) attempts to balance freedom and equality. 
D) opposes both freedom and equality.

Exam 4: Political Economy

In the Soviet Union,greater equality and reduced poverty came at the cost of

In which of the following ways does using purchasing power parity to calculate GDP differ from the use of straight GDP in measuring a country's economic development?

What is the oldest of the political-economic systems,and what system first rose to challenge it?

Overall levels of economic liberalization are on the rise during the last few decades,appearing to indicate that liberalism is the preferred political-economic system.But what qualifications are important to this assessment?

Purchasing power parity is a way to measure

Which political-economic system accepts a role for private property and market forces but is cautious about their benefits to society?

The is in charge of regulating the supply of money in a country.

What is a public good and why do states provide public goods rather than the market?

In the United States,the government cannot take a citizen's property without just cause and compensation.This is an example of

In what key ways does social democracy differ from liberalism? In what ways is it similar?

Since the major economic downturn of the last decade,one trend in the United States,Canada,and Japan has been

Which of the following statements about happiness as an indicator of political-economic systems is accurate?

Which of the following statements about social expenditures is accurate?

What are the relative benefits and drawbacks of using purchasing power parity (PPP),the Gini index,and the Human Development Index to measure relative wealth and inequality across countries?

Liberalism's view of the relationship between freedom and equality favors

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

What tools do states use in regulating trade with other states? What political-economic systems are most and least likely to impose strict regulations on trade?

Social democracy can be defined as a system that

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