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Political Economy 322 Exam Monday Oct 2nd 2024 With Complete Solutions Latest Update
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Political Economy 322 Exam Monday Oct 2nd 2024 With Complete Solutions Latest Update
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Political Economy 322 Exam Monday Oct 2nd 2024 With CompleteSolutions Latest Update
International Political Economy - correct answers The study of the politics of trade, monetary, and other economic relations
among nations, and their connection to other transnational forces.
Economics - correct answers The study of how people seek to satisfy their needs and wants by making choices
Free Market Assumptions - correct answers - prices reflect the REAL value of goods, as determined by supply and demand
- consumers have perfect knowledge of the market
- individual consumers drive the market
- we "vote with our dollars"
Free Market Requirements - correct answers 1. private property
2. freedom of choice
3. fair competition
4. right to keep profits
, rent seeking - correct answers activities undertaken by individuals or firms to influence public policy in a way that will increase
their incomes
Factor Endowments - correct answers The extent to which a country is endowed with such resources as land, labor, and
capital.
factor intensity - correct answers a measure of which factor is used in relatively greater quantities than other factors in
production
Heckscher-Ohlin Theory - correct answers The theory that a country will export goods that make intensive use of the factors of
production in which it is well endowed. Thus, a labor-rich country will export goods that make intensive use of labor.
Heckscher-Ohlin model - correct answers a country has a comparative advantage in a good whose production is intensive in
the factors that are abundantly available in that country
Stopler-Samuelson - correct answers The theory that protection benefites the scarce factor of production. The view flows
from the Heckdcher-Ohlin approach: if a country imports goods thwat make intensive use of of its scarce factor, then limiting
imports will help that factor.
monetary policy - correct answers Government policy that attempts to manage the economy by controlling the money supply
and thus interest rates.
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