Political Economy 322 Exam with correct answers 2024
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Course
Political Economy 322 E
Institution
Political Economy 322 E
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 choice...
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.
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