Answer+Key+to+Practice+Quiz+2 - Answer Key to Practice Quiz...

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Answer Key to Practice Quiz 2 Quiz 2 will be based on the following topics: Globalization, Immigration, Long-Run Growth, Emerging Markets, Externalities 1) According to the article “The Three Tensions of Globalization”, what are the three tensions of globalization? Please explain briefly. ANS: The first tension is between individual choice and societal choice. A conflict occurs when a person, exercising her right to choose a particular lifestyle, to buy a particular product, or to think a particular thought, is at odds with what society at a whole views is most preferable for all citizens at large. A second tension is between free market and government intervention. This tension is something of an aggregate of the first, because the free market is the aggregation of lots of individual choices—Adam Smith’s famous "invisible hand"—while government intervention is the practical way that societies decide on and implement the choices they make about their values. Finally, the third tension of globalization is that between local authority and extra- or supra-local authority, that is the tension between decisions made at the level most close to individual citizens and decisions made at higher levels of authority distant from the people they may affect. 2)
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This note was uploaded on 11/23/2010 for the course ECONOMICS Econ 13 taught by Professor Georgesarraf during the Spring '10 term at UC Irvine.

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Answer+Key+to+Practice+Quiz+2 - Answer Key to Practice Quiz...

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