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Global Political Economy exam with correct answers 2024 $15.99
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Global Political Economy exam with correct answers 2024
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  • Course
  • Global Political Economy
  • Institution
  • Global Political Economy

tariff correct answers indirect limit on imports imposes a TAX on imports quota correct answers direct limit on imports regulate NUMBER of imports purpose of tariffs and quotas correct answers encourages consumers to switch to cheaper domestic goods Value added tax correct answers Pr...

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  • September 8, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Global Political Economy
  • Global Political Economy

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Global Political Economy

tariff correct answers indirect limit on imports
imposes a TAX on imports

quota correct answers direct limit on imports
regulate NUMBER of imports

purpose of tariffs and quotas correct answers encourages consumers to switch to
cheaper domestic goods

Value added tax correct answers Price of a good minus the cost of intermediate goods
(labor, capital, etc.) used to produce it

what is the value added tax when importing $100 worth of wood and parts used to make
a table, then selling the table for $500? correct answers $400 value added tax

consumer surplus correct answers value of a good or service that is in excess of what a
consumer has to pay

economy wide effects of tariffs correct answers deadweight loss: difference in
production and consumption
allocative efficiency: production is aligned with consumer preferences

tariffs higher for developing countries and lower for industrialized economies correct
answers

why do most economists discourage the use of tariffs correct answers tariffs result in
an inefficient allocation of economic resources

Rare earth minerals export quota in China correct answers export quotas limit global
supply, drive up demand, and increase global prices

Current account correct answers tracks flow of goods and services between country
and world
credit and debit

Financial account correct answers record of financial transactions between a country
and the rest of the world
assets: bank accounts, stocks, bonds, capital, FDI
financial derivatives: complex financial contracts, derived from interest rates

, Capital account correct answers records transfer of specialized capital such as debt
forgiveness and transfer of real estate such as military bases or embassies

Capital account for U.S. in 2020-2022 correct answers

greatest loss of jobs correct answers automation

3 components of current account correct answers 1. trade balance: records of exports
and imports of goods and services
2. primary income: income received from abroad minus income paid abroad
3. secondary income: transfers made abroad minus transfers received from abroad

trade deficit correct answers negative trade balance
goods

trade surplus correct answers positive trade balance
services

largest component of US current account correct answers trading of goods

volatility correct answers how easy or hard it is for flow to reverse-- FDI is least volatile

reserve assets correct answers monetary gold and foreign currency that can be used to
settle international payments

current, capital, and financial accounts are... correct answers interdependent

how are current account deficits harmful? correct answers if a sudden stop in foreign
financing occurs, forces large cuts in spending and consumption
could undermine confidence in the country and its currency

how are current account deficits beneficial? correct answers indicated economic
strength if caused by large inflows of foreign capital and a rise in imports

Sudden Stops correct answers sudden stoppage of financial inflow
destabilizing of outflow of financial capital
involved in most financial crises

fixed currency correct answers

flexible currency correct answers

pegged exchange rate correct answers one currency is anchored to another currency
instead of to gold

free floating exchange rate correct answers

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