Politics of the Global Economy exam with correct answers 2024
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Politics of the Global Economy
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Politics Of The Global Economy
International Political Economy correct answers - Studies how political shapes global economy and how global economy shapes politics.
- focuses on the political battle between winners and losers of the global economic exchange.
explanatory studies correct answers explaining economic policy ch...
International Political Economy correct answers - Studies how political shapes global
economy and how global economy shapes politics.
- focuses on the political battle between winners and losers of the global economic
exchange.
explanatory studies correct answers explaining economic policy choices. asks
question: how does politics shape decisions on how to allocate resources?
how does politics shape decisions on how to allocate resources? correct answers
Foreign economic policies are 1) a product of politics and 2) affect how resources are
used.
evaluative studies correct answers assessing policy outcomes. asks question: what are
the consequences of choices that societies make about resource allocation?
welfare consequences correct answers overall societal well-being. Maximizing this will
mean that society as a whole will be as well off as possible given existing resources.
description of lumber tariff battle correct answers In april 2017, the trump adminstration
raised tariffs on softwood lumber imported from Canada. The tariff made Canadian
lumber slightly more expensive than American lumber. This benefitted American lumber
mills, workers, and owners, but hurt American homebuilders, buyers, construction
workers, and Canadians. The tariff happened because of lobbying by the Lumber
industry to Sen Wyden and The Trump Admin. Counter lobbying by American
homebuilders also occurred. The Canadian government responded by putting tariff on
American gypsum.
distributional consequences correct answers gains and losses between groups (how
income is distributed) within 1. countries and 2. nations.
What are the three schools of political economy? correct answers Mercantilism,
Liberalism, & Marxism
Mercantalism correct answers 1) Economic wealth is a critical component of national
power
2) Trade can contribute to economic wealth. Exports increase wealth & imports
decrease wealth.
3) Some forms of economic activity are more important than others (manufacturing >
agriculture)
, Is Trump a mercantilist? correct answers - Negative view of imports (U.S. trade deficit
with China).
- Economic interventionism: tariffs.
Liberalism correct answers 1) separation between politics and economics (aim of
economic activity is to enrich individuals, not state power)
2) Countries gain from trade regardless of positive or negative trade balance.
3) Countries become richer by producing goods they can produce at a relatively low
cost, and buying goods they could produce at a relatively high cost.
market failures correct answers Instances in which voluntary market-based
transactions between individuals fail to allocate resources to socially desirable activities.
- Gov'ts should protect ownership of property (contracts) and intervene only in the case
of market failures.
Marxism correct answers - Value of manufactures goods = amount of labor used to
produce them.
- But capitalists pay labor only subsistence wage and keep the rest as profit.
- Natural tendency to capitalism to further reduce wage and increase inequality.
- Result: revolution
- Large corporations determine use of resources and exploit developing world. State
acts as an agent of capitalist class.
interests correct answers the goals or policy objectives that the central actors in the
political system and the economy - individuals, firms, labor unions, other interests
groups, governments,- want to use foreign policy to achieve.
what are the two types of social interests? correct answers material interests and ideas
material interests & ideas correct answers material interests: one's position in the
global economy American lumber workers vs. home buyers
ideas: economic theories ex: comparative advantage
Comparative Political economy correct answers - Relations between politics and
economics & states and markets.
Why has int'l trade increased since WW2 correct answers the go'v't has created
political infrastructure and rules for trade.
- GATT: General Agreement on Tariffs and Trade
- WTO: World Trade organization.
WTO correct answers in geneva
164 countries
staff of 640
200 million budget
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