155 QUIZ ONE

classical liberalism assertion 2

A commercial society should produce rising standards of living

Which of the following U.S. policies before World War II could be considered mercantilist?

All of the above

Which of the following nations have at various times used strongly neomercantilist policies to achieve economic growth in the post-World War II era?

All of the above

Which of the following most closely resembles Marx's definition of class?

Class is determined by ownership of capital, which can be mixed with labor to forma commodity that is profitably sold.

Which of the following statements is true?

In 2014 approximately 15 percent of total U.S. post-tax income went to the top 1 percent of Americans.

Who is most closely associated with the concept of the levels of analysis?

Kenneth Waltz

Which is the best statement of the relationship between wealth and power according the mercantilist thought?

National wealth creates national power, and national power secures national wealth

Which of the following is mismatched when it comes to the levels of analysis?

President Trump's outlook on climate change: the state-society level

Which one of the following refers to the privately-owned assets used to produce the commodities in an economy?

Private property

How does neo-imperialism differ from classical imperialism?

States no longer need to occupy other countries in order to exploit them

Which of the following is not usually regarded as typical of a populist-authoritarian political leader?

Support for globalization

Which level of analysis would focus on the actions of different national legislatures when it comes to dealing with the global financial crisis?

The System/global level /"Third Image" (international)

A scholar is studying how climate change, free trade, and changes in technology constrain the choices of political elites is focusing on which level of analysis?

The System/global level/"ThirdImage"(international)

For which region of the world do agricultural exports constitute the largest share of its overall merchandise exports?

The United States

Which of the following is not a factor that would be considered at the state/societal level of analysis?

The worldview of Donald Trump

Which of the following is a multilateral trade deal being negotiated between the EU and the United States?

TiSA

Most members of the Arctic Council are eager to exploit oil and natural gas resources in the Arctic region as its ice cover disappears. Which of the following countries is NOT a member of the Arctic Council?

United Kingdom

The process by which inherently unstable opposing economic forces and counter forces lead to crisis, revolution ,and to the next stage of history is called

a dialectical process

Which of the following bodies is sanctioned to adjudicate trade disagreements between WTO members

dispute settlement board

Lenin believed that capitalism was able to postpone its crisis by

exploiting LDCs through imperialism

Which of the following is a basic principle of the GATT?

nondiscrimination

The two main components of nondiscrimination in the GATT agreement are

reciprocity and mutuality

Which period of history is often called the "mercantilist period"?

the period of nation-building in Europe—roughly 1600 to 1850

The basic idea behind structuralism is that....

the structure of the international political economy—namely capitalism—conditions its outcome.

Why do Balaam and Dillman think that the international order established after World War II is threatened? What trends do they point to suggesting that this order is weakening?

A gradual redistribution of wealth and power within the postwar order shifted the values and goals of different actors within it

The United States has a strategic stockpile of which resources?

All of the above

David Ricardo favored free international markets. Which of the following ideas about free, open markets is NOT associated with Ricardo?

Free trade is a zero-sum game- (positive sum*****)

Which political economist stated that "the power of producing is infinitely more important than wealth itself"?

Friedrich List

Alexander Hamilton and Friedrich List both wrote that a strong state is necessary if a nation intends to compete with the manufactured goods of the leading industrial power of its day. The dominant industrial power at the time they wrote was

Great Britain

Brief quotations from the writings of Alexander Hamilton and Friedrich List are given in this chapter. Based on these short bits of writing, compare the ideas of these two political economists with those of two contemporary political economists. What do they have in common that makes them all mercantilists? How do they differ in the policies that they suggest nations take?

I would compare Hamilton to Donald Trump and List to Barack Obama. Trump is like Hamilton in the sense that they have a opportunistic tendency that is appealing but may or may not be short term. Obama aligns more with list in the sense that investing in slow building commitments(iran nuclear deal) may be more suitable.

Embedded liberalism can be summed up in which of the following statements?

International markets should be subject to political regulations in order to protect domestic social interests.

A mercantilist would most likely agree with which of the following statements about trade?

None of the above

John Stuart Mill and John Maynard Keynes thought that government could and should play a positive role in correcting problems in the market. Discuss the specific types of "market failures" that Mill and Keynes perceived and the types of government actions they advocated. What kinds of policy recommendations do you think Mill and Keynes would favor today? Explain.

One "Market failure" was the lack of selective state action; assisting the poor and assisting with social welfare. ( lack of visible hand) Keynes argued that individuals would make "unwise" decisions in the context of the collective result (paradox of thrift)

Which country or region has the highest share of global merchandise exports?

The European Union

In the post-World War II era, what kinds of mercantilist policies has the United States adopted, and in pursuit of what goals?

The U.S provided collective goods to its allies in support of USA Cold War priorities. In the 1970s "neomercantilism" came to signify more subtle defensive economic policies that states used to safeguard their societies in an increasingly interdependent and competitive global political economy.

bloody hands and the invisible hand often worked in concert." What do they mean? What examples does the textbook provide to illustrate this point?

The outlook that it is natural for economies to have an inevitably gainable push parallels to the idea that extortion and slavery for resources is equally inevitable. Europes crusade for raw materials Slavery Genocide in the Congo

According to dependency theory, why do LDCs remain underdeveloped?

Their dependence on industrialized nations prevents them from acquiring capital and technology for their own developments.

Which of the following statements about the views of President Reagan and Prime Minister Thatcher is incorrect?

They both agreed that the United States should have an empire like Great Britain did in the nineteenth century.

In the liberal view today, a hegemon is

a rich and powerful state that supplies the international public goods necessary for a peaceful and prosperous global economy

Which of the following is NOT one of the main elements of capitalism listed by the authors?

democratic institutions

measure that restricts the quantity of an item that can be brought into a country is called

import quota

Explain the key assumptions and assertions of classical liberalism.

individual freedom in the market place leads to an efficient allocation of resources and avoids a potential abuse of state power.

AdamSmith favored"laissez-faire "policies, where individuals, guided by the "invisible-hand, "would produce social benefits. The invisible hand stands for

individual self-interests and choices

How do liberals such as David Ricardo view international trade? Why do they hold this opinion? Explain how the Corn Laws debate in nineteenth-century Britain illustrates the conflict between mercantilist and economic liberal views of international trade.

industry specialization combined with free international trade always produces a positive sum game and potentially prosperous for heated countries. The corn laws were in the economic interests of parliament and monopolistic trading corporations; aligning with the mercantilist view that international trade should be strictly regulated.

Negotiations in the Uruguay and Doha Rounds were each organized as a "single undertaking," meaning that

nothing was agreed until everything was agreed.

Technically, the United States has a comparative advantage over the European Union in the production of commercial aircraft if

production of airplanes int he U.S. requires less sacrifice of other goods than would similar airplane production in the EU.

U.S. president Donald Trump has promoted all of the following policies except

strengthening relations with traditional U.S. allies in Europe.

John Stuart Mill is most noted for changing liberalism to reflect

that SELECTIVE STATE ACTION is needed when individual initiatives inadequately promote social welfare

One important trend of recent years has been the growth of regional trade blocs. Which of the following is not are regional trade block?

the EU

Some experts believe that the conflict over rare earths betweenJapan and China in 2010 was really about control over resources in

the South China Seas

According to the theory of comparative advantage, mutually advantageous international trade is based on differences in

the relative cost of producing a good in different countries