Question 1

Why do states have to provide public goods to their citizens? Please make sure to illustrate your answer with examples of public goods.

Accepted Answer

Students should clearly state that public goods cannot be provided by the free market economy, as their costs are too high and benefits too diffuse.The answer should contain at least a few examples of public goods.

Question 2

The United Kingdom leaving the euro zone is known in common terms as "Brexit."

Accepted Answer

A) True 
 B)False  False

Question 3

Capitalism is the combination of a market economy with private property rights.

Accepted Answer

A) True 
 B)False  True

Question 4

The term "convergence" helps explain how different kinds of institutions in different economies are complementary.

Accepted Answer

A) True 
 B)False

Question 5

What effect(s) has globalization had on nation-states?

Accepted Answer

A) the eradication of the nation-states 
B) the weakening of nation-states 
C) the strengthening of national economies 
D) firms have taken over governing duties in nation-states 
A) the eradication of the nation-states 
B) the weakening of nation-states 
C) the strengthening of national economies 
D) firms have taken over governing duties in nation-states

Question 6

Supporters of neoliberal policies argue that the failure of these polices in many states in the Global South has been due to

Accepted Answer

A) authoritarian governments 
B) incomplete implementation of the policies 
C) national differences 
D) fundamentally flawed policies 
A) authoritarian governments 
B) incomplete implementation of the policies 
C) national differences 
D) fundamentally flawed policies

Question 7

A healthy market economy requires the government to

Accepted Answer

A) have a limited role in the market 
B) absolutely do not participate in the market 
C) completely control the market 
D) limit itself to the prevention of monopolies only 
A) have a limited role in the market 
B) absolutely do not participate in the market 
C) completely control the market 
D) limit itself to the prevention of monopolies only

Question 8

An economic system in which individuals and firms exchange goods and services in a largely unfettered manner is best defined as

Accepted Answer

A) capitalism 
B) a market economy 
C) communism 
D) a command economy 
A) capitalism 
B) a market economy 
C) communism 
D) a command economy

Question 9

Globalization is the rapid increase in the flow of economic activity, technology, and communication around the globe.

Accepted Answer

A) True 
 B)False

Question 10

How does the United States demonstrate the classic elements of an LME, and how does it differ from the LME model, and why?

Accepted Answer

From text: "Not until the Great Depressi

Question 11

The economic model of Germany is best defined as liberal market economy.

Accepted Answer

A) True 
 B)False

Question 12

Compare and contrast Keynesianism and Neoliberalism.What are they key differences?

Accepted Answer

The answer should clearly deli

Question 13

Britain's majoritarian democracy allows ruling parties to implement policies pretty much as they please, at least in the short run. Has this been beneficial or harmful to the country's economic well-being?

Accepted Answer

Students should describe the c

Question 14

"Market failure" is best defined as

Accepted Answer

A) a phenomenon that occurs when markets fail to perform efficiently or they fail to perform according to other widely held social values 
B) a phenomenon that occurs when markets perform efficiently or they perform according to other widely held social values 
C) a phenomenon that occurs when markets crash, generating an economic crisis such as during the Great Depression 
D) a phenomenon that occurs when markets experience simultaneous high inflation and high unemployment 
A) a phenomenon that occurs when markets fail to perform efficiently or they fail to perform according to other widely held social values 
B) a phenomenon that occurs when markets perform efficiently or they perform according to other widely held social values 
C) a phenomenon that occurs when markets crash, generating an economic crisis such as during the Great Depression 
D) a phenomenon that occurs when markets experience simultaneous high inflation and high unemployment

Question 15

In response to globalization, LMEs tend to

Accepted Answer

A) increase the role of unions 
B) proceed very cautiously 
C) increase worker training 
D) strengthen market mechanisms 
A) increase the role of unions 
B) proceed very cautiously 
C) increase worker training 
D) strengthen market mechanisms

Question 16

A cost or benefit of the production process that is not fully included in the price of the final market transaction when the product is sold is known as

Accepted Answer

A) a public good 
B) an externality 
C) a monopoly 
D) none of the above 
A) a public good 
B) an externality 
C) a monopoly 
D) none of the above

Question 17

The United Kingdom leaving the European Union is known in common terms as "Brexit."

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is an example of an externality?

Accepted Answer

A) the cost of building infrastructure 
B) the cost of producing a car 
C) the cost of environmental damage 
D) the cost of workers' wages 
A) the cost of building infrastructure 
B) the cost of producing a car 
C) the cost of environmental damage 
D) the cost of workers' wages

Question 19

Which of the following countries pioneered the social market economy?

Accepted Answer

A) Japan 
B) Germany 
C) Soviet Union 
D) Brazil 
A) Japan 
B) Germany 
C) Soviet Union 
D) Brazil

Question 20

Name at least two essential economic roles of the state.

Accepted Answer

providing security; establishi

Why do states have to provide public goods to their citizens? Please make sure to illustrate your answer with examples of public goods.

The United Kingdom leaving the euro zone is known in common terms as "Brexit."

Capitalism is the combination of a market economy with private property rights.

The term "convergence" helps explain how different kinds of institutions in different economies are complementary.

What effect(s) has globalization had on nation-states?

Supporters of neoliberal policies argue that the failure of these polices in many states in the Global South has been due to

A healthy market economy requires the government to

An economic system in which individuals and firms exchange goods and services in a largely unfettered manner is best defined as

Globalization is the rapid increase in the flow of economic activity, technology, and communication around the globe.

How does the United States demonstrate the classic elements of an LME, and how does it differ from the LME model, and why?

The economic model of Germany is best defined as liberal market economy.

Compare and contrast Keynesianism and Neoliberalism.What are they key differences?

Britain's majoritarian democracy allows ruling parties to implement policies pretty much as they please, at least in the short run. Has this been beneficial or harmful to the country's economic well-being?

"Market failure" is best defined as

In response to globalization, LMEs tend to

A cost or benefit of the production process that is not fully included in the price of the final market transaction when the product is sold is known as

The United Kingdom leaving the European Union is known in common terms as "Brexit."

Which of the following is an example of an externality?

Which of the following countries pioneered the social market economy?

Name at least two essential economic roles of the state.

Introduction

The Modern State

States, Citizens, and Regimes

States and Identity

Governing Institutions in Democracies

Institutions of Participation and Representation in Democracies

Contentious Politics: Social Movements, Political Violence, and Revolution

Authoritarian Institutions

Regime Change

Political Economy of Development

Public Policies When Markets Fail: Welfare, Health, and the Environment

Filters

Exam 10: Political Economy of Wealth

Why do states have to provide public goods to their citizens? Please make sure to illustrate your answer with examples of public goods.

The United Kingdom leaving the euro zone is known in common terms as "Brexit."

Capitalism is the combination of a market economy with private property rights.

The term "convergence" helps explain how different kinds of institutions in different economies are complementary.

What effect(s) has globalization had on nation-states?

Supporters of neoliberal policies argue that the failure of these polices in many states in the Global South has been due to

A healthy market economy requires the government to

An economic system in which individuals and firms exchange goods and services in a largely unfettered manner is best defined as

Globalization is the rapid increase in the flow of economic activity, technology, and communication around the globe.

How does the United States demonstrate the classic elements of an LME, and how does it differ from the LME model, and why?

The economic model of Germany is best defined as liberal market economy.

Compare and contrast Keynesianism and Neoliberalism.What are they key differences?

Britain's majoritarian democracy allows ruling parties to implement policies pretty much as they please, at least in the short run. Has this been beneficial or harmful to the country's economic well-being?

"Market failure" is best defined as

In response to globalization, LMEs tend to

A cost or benefit of the production process that is not fully included in the price of the final market transaction when the product is sold is known as

The United Kingdom leaving the European Union is known in common terms as "Brexit."

Which of the following is an example of an externality?

Which of the following countries pioneered the social market economy?

Name at least two essential economic roles of the state.

Introduction

The Modern State

States, Citizens, and Regimes

States and Identity

Governing Institutions in Democracies

Institutions of Participation and Representation in Democracies

Contentious Politics: Social Movements, Political Violence, and Revolution

Authoritarian Institutions

Regime Change

Political Economy of Development

Public Policies When Markets Fail: Welfare, Health, and the Environment

Filters