International Political Economy exam with correct ansswers 2024
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Course
International Political Economy
Institution
International Political Economy
IPE correct answers how government actions affect the state of the economy (also vice versa), processes that influence the choices that lead to government policies in social, economic, and political outcomes
scarcity correct answers assumption in IPE that resources are fixed
political survi...
IPE correct answers how government actions affect the state of the economy (also vice
versa), processes that influence the choices that lead to government policies in social,
economic, and political outcomes
scarcity correct answers assumption in IPE that resources are fixed
political survival correct answers assumption in IPE that those in power want to remain
in power so their primary goal is reelection
rationality correct answers assumption in IPE that individuals choose goods with a
greater benefit and less cost
interdependence of choices correct answers assumption in IPE that one country's
decisions may also affect what another country act upon
positive theory correct answers attempts to explain 'what is,' the facts based on
observation
normative theory correct answers attempts to explain 'what should be,' based on
opinion
zero-sum outcome correct answers situation where in order for one to gain, another
has to lose (like with fixed resources)
positive-sum outcome correct answers situation where no one has to lose, countries
can all benefit mutually
prospect theory correct answers fundamental fear of loss more than they want gains
property rights correct answers these affect everyone and determine the type of
economic policy that will come into play
externality correct answers side effect, wasn't intended with policy but an outcome that
happens that can end up being positive or negative (positive example: action-walk to
work, side effect-less impact on environment)
Mercantilism correct answers School of thought present from 16th to 19th centuries
where the state determines the economic state by which, they should encourage
exports, decrease imports and horde bullion. Coincides with the emergence of the state
system, and is "realist"
, Liberalism correct answers School of thought primary today since 19th century. The
basic ideas are: all citizens are equal and have basic rights, govt. authority is expressly
given by people, respect for property rights, free market economic system.
Roles of Government in Liberalism correct answers the market should direct the state;
so the roles of government are: protection from external threats, protection from internal
threats, provision of public goods
Principles of Liberalism correct answers People act based on cost/benefit analysis,
individuals should pursue their own interests, govt. intervention is artificial and
unsustainable, markets are self-correcting, free markets lead to economic growth
through efficiency.
price theory correct answers prices are determined by supply and demand
labor theory correct answers commodity prices reflect the cost of labor used to produce
them (how labor prices are determined values)
paradox of value correct answers the contradiction that essentials are cheap, and
nonessentials are expensive (diamond/water)
Keynesian Economics correct answers Reaction to the Great Depression that declared
that markets are not always self-correcting. Advocated for great government
intervention in some cases to counter cyclical unemployment; spending multipliers
(deficit spending, unemployment benefits), spending on public goods generates long
term economic growth. This became disfavor able in 1970s because of budget deficits
and stagflation.
Marxism correct answers School of thought that argues that economic production is the
primary force in society. Economic change, development drives social change and
changes history. Against capitalism because produces a concentration of capital in elite,
competition leads to falling returns in profit, and imbalance between ability to produce
goods and the ability to purchase them. Because of this, workers develop awareness of
inequality, exploitation and alienation.
World Systems Theory correct answers emphasizes that the global system (not
individual states) is what is the primary unit of social analysis. divides the world on the
basis of labor with core, semi-periphery, and periphery countries. core countries are
capital abundant and usually the most affluent.
Dependency Theory correct answers theory that resources flow from "periphery"
nations (usually poor) to the "core" nations (usually wealthy)
autarky correct answers the idea that a country should be self-sufficient, and not take
part in international trade, domestic production should replace imports
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