Chapter 07 Check My Learning Quiz

The United States spent about _______ in aid for the Marshall Plan.

$12 billion.

$2 billion.

$63 million.

$129 billion.

The United States assumed a the major global financial role in the _____.

1950s.

1980s.

1910s.

1940s.

What is the size of the GDP of the United States in U.S. dollars?

$3 trillion.

$345 billion.

$19 trillion.

$970 billion.

Historically, a state's financial resources consisted of

Printed money.

Diamonds.

Gold reserves.

Agricultural land.

National currencies can be converted into other currencies at the

Exchange rate.

Flexible rate.

Convertible rate.

Flat rate.

John Maynard Keynes is the father of

Microeconomics.

Macroeconomics.

Fair trade.

The trade deficit.

Economic liberalism first became prominent in the

First half of the eighteenth century.

Second half of the eighteenth century.

Second half of the nineteenth century.

Second half of the twentieth century.

Who was an early proponent of economic liberalism?

Adam Smith.

Arthur Schopenhauer.

Joseph Schumpeter.

Milton Friedman.

Along with Margaret Thatcher, President _________ is closely associated with promoting liberal economic principles.

Reagan.

Clinton.

Obama.

Eisenhower.

The World Bank and International Monetary Fund were created in

1944.

1991.

1918.

1980.

GATT stands for

Global Association for Temporary Tariffs.

General Agreement on Tariffs and Trade.

Global Accord on Tangible Trade.

General Agreement on Transport Tariffs.

The 1947 GATT was the immediate precursor to which organization?

International Trade Exchange.

World Trade Organization.

World Trade Association.

Global Trade Agreement.

How many members does the WTO have?

The same number as UN member states.

About two dozen.

Approximately 160.

A bit less than 100, with the number declining over time.

Which state was first subsidized by the Soviet Union and then Venezuela?

Iran.

Albania.

Cuba.

Zimbabwe.

The most recent major recession began in ____ and ended in ____.

1990 . . . 2001.

2001 . . .2006.

2004 . . .2010.

2008 . . .2013.

How many people in the world live on less than $1.90 per day?

100 million.

250 million.

700 million.

2.4 billion.

Which country had the world's second-largest economy in 2010?

Japan.

Great Britain.

China.

United States.

International political economy (IPE) can be defined as

The study of how politics and economics interact in an international context.

The creation of the net GDP per person on a global scale.

The growing independence of states in a globalized world.

The examination of how individual companies make production decisions.

What is the difference between the value of exports and imports?

The tariff potential.

The gross profit margin.

The balance of trade.

The net national product.

Which of the following is NOT a mercantilist principle?

States should ensure that most products and services are produced domestically.

Imports of foreign goods should be limited.

It is necessary to support domestic manufacturers and merchants.

States should trade only if both benefit to an equal amount.

Mercantilism is MOST often associated with

Liberalism.

Conflict theories.

Realism.

Feminism.

Protectionism is

The strategy of encouraging neighboring countries to provide a defensive alliance at low cost.

The belief that as long as military spending is kept high, a country is safe from foreign threats.

The policy of restricting or discouraging imports and encouraging domestic production.

The method of ensuring that major leaders are safe from assassination threats.

Which of the following is NOT a protectionist measure?

Economic sanctions.

Duty-free imports.

Tariffs.

Import quotas.

Which approach to IPE sees the MOST positive role for free trade?

Mercantilism.

Liberalism.

Constructivism.

Conflict theory.

_____ believe that the Marshall Plan promoted beliefs in free markets in Europe.

Constructivists.

Realists.

Dependency theorists.

Environmentalists.

Which approach to IPE focuses on the role of social identities and norms?

Mercantilism.

Liberalism.

Constructivism.

Conflict theory.

Places perceived as _____, as a rule, ____ international investors.

Unstable . . . bring.

Favorable . . . attract.

Precarious . . . maintain.

Volatile . . . lure.

Which approach to IPE is MOST concerned with the role and impact of economic inequality?

Mercantilism.

Liberalism.

Constructivism.

Conflict theory.

__________ is strongly associated with promoting free trade, whereas ____________ looks at how free trade can lead to economic inequality.

Constructivism; conflict theory.

Conflict theory; mercantilism.

Mercantilism; liberalism.

Liberalism; conflict theory.

Which of the following countries exemplified the failure of Marxist economic policies?

Great Britain.

Cuba.

South Korea.

Argentina.

After 2006, the Iranian president, Mahmoud Ahmadinejad, openly pushed the development of

Iran's nuclear program.

Iran's oil independency.

Iran's Middle East alliance.

Iran's green revolution.

After the terrorist attacks of September 11, 2001,

War broke out in several states in the Middle East.

The United States quickly retaliated against Iraq.

The world's stock markets fell drastically.

The United States vowed to be more responsive to the Global South.

In _____ a mortgage crisis began in ___________.

2001 . . .Japan.

2008 . . .United States.

2012 . . .European Union.

2014 . . .Japan.

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