Chapter 07 Quiz

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

$12 billion.

$2 billion.

$63 million.

$129 billion.

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

1950s.

1980s.

1910s.

1940s.

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

$3 trillion.

$345 billion.

$19 trillion.

$970 billion.

. QuestionText Historically, a stateâ€™s financial resources consisted of

Printed money.

Diamonds.

Gold reserves.

Agricultural land.

. QuestionText National currencies can be converted into other currencies at the

Exchange rate.

Flexible rate.

Convertible rate.

Flat rate.

. QuestionText John Maynard Keynes is the father of

Microeconomics.

Macroeconomics.

Fair trade.

The trade deficit.

. QuestionText 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.

. QuestionText Who was an early proponent of economic liberalism?

Adam Smith.

Arthur Schopenhauer.

Joseph Schumpeter.

Milton Friedman.

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

Reagan.

Clinton.

Obama.

Eisenhower.

. QuestionText The World Bank and International Monetary Fund were created in

1944.

1991.

1918.

1980.

. QuestionText GATT stands for

Global Association for Temporary Tariffs.

General Agreement on Tariffs and Trade.

Global Accord on Tangible Trade.

General Agreement on Transport Tariffs.

. QuestionText The 1947 GATT was the immediate precursor to which organization?

International Trade Exchange.

World Trade Organization.

World Trade Association.

Global Trade Agreement.

. QuestionText 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.

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

Iran.

Albania.

Cuba.

Zimbabwe.

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

1990 . . . 2001.

2001 . . .2006.

2004 . . .2010.

2008 . . .2013.

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

100 million.

250 million.

700 million.

2.4 billion.

. QuestionText Which country had the worldâ€™s second-largest economy in 2010?

Japan.

Great Britain.

China.

United States.