Quiz 1 - Matching #1 Adam Smith David Ricardo Henry Martyn...

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Unformatted text preview: Matching #1 Adam Smith David Ricardo Henry Martyn John Maynard Keynes William Jennings Bryan -Wealth of Nations -Theory of Comparative Advantage -Considerations Upon the East India Trade -General Theory of Employment, Interest, and Money -Cross of Gold Speech Matching #2 Repeal of the Corn Laws Congress of Vienna Battle of Plassey McKinley Tariff Cobden Chevalier Treaty – 1846 – 1815 – 1757 – 1890 – 1860. Matching #3 Price convergence Limited Liability Triangular Trade Chinese Exclusion Act Corvee Labor -Global market integration -Shifting risk from shareholders to creditors -Atlantic colonial trade -Restriction on immigration -Used in constructing the Suez Canal Multiple Choice 1 The innovations in 19th oceanic transportation and communication (steamship technologies, submarine telegraph, Suez Canal) led to -Mass trade in basic commodities. Multiple Choice 2 Rodrik seeks to provide an “alternative narrative” for globalization. Which of the following best describes a key element of his alternative narrative? -Markets and governments are complements, not substitutes. Multiple Choice #3 According to Rodrik, which assertions made by the old narrative were NOT always correct? (1. Markets are efficient. 2. Self-regulation works best. 3. Financial innovation transfers risk to those best able to bear it. 4. Government intervention is ineffective and harmful.) -All of the above Multiple Choice 4 Under mercantilism, -Nations strove to run a positive trade balance and accumulate gold and silver. Multiple Choice 5 Under the Most Favored Nation (MFN) principle, if Nation A agrees to lower tariffs on certain goods imported from Nation B, -That reduction applies equally to the same goods imported from all other trading partners of Nation A. Multiple Choice 6 Under the Gold Standard System, -Nations fixed the value of their currencies in terms of gold. Multiple Choice #7 Which of the following was a solution proposed by John Maynard Keynes to address the global economic collapse of the 1930s? -Government spending to maintain full employment and stimulate economic growth. Multiple Choice 8 How did globalization contribute to the “great divergence” in the 19th century? -By deepening the international division of labor between industrial and commodity exporting countries. Multiple Choice # 9 - According to Rodrik, what were the “deep roots” of protectionism in the interwar period? -A politically empowered and active society demanding greater economic protection from government in the face of extreme adversity. Multiple Choice 10 The BEGINNING of the industrial revolution can be traced to which industry? -Cotton textiles. Multiple Choice 11 Portfolio foreign investment describes - The ownership of securities such as stocks and bonds without management control. Multiple Choice 12 Which family emerged as the largest bankers in the world by the early 1800s? -The Rothschilds Multiple Choice 13 Where and when did the system of modern credit originate? -The Italian city-states during the 14th and 15th centuries. Multiple Choice 14 According to the theory of comparative advantage, -All nations potentially benefit from the trade. Multiple Choice 15 The Suez Canal, completed in 1869, was excavated in which nation? -Egypt. Multiple Choice 16 Global trading companies (i.e. English East India Company; Dutch East India Company) during the 1600-1800 period owed their overseas success largely to - Government chartered monopoly trading rights. Multiple Choice #17 Which aspect of American law granted corporations status as a “legal person”? -The Fourteenth Amendment to the Constitution. Multiple Choice 18 Which of the following was NOT a key factor in the shift from mercantilism to free trade? 1.Petroleum-fueled industry. 2.Steamship, railroad, and telegraph technologies. 3.The repeal of the Corn Laws. 4.The 1860 Cobden-Chevalier treaty between Britain and France with MFN provisions. Multiple Choice 19 An “externality” is -A cost or benefit from a business transaction to a third party. Multiple Choice 20 Early industrial development in England was driven by - Domestic market transformations and protection from foreign competition. Multiple Choice 21 The importance of "general incorporation" in England and the United States during the 19th century was that -It allowed for the formation of corporate firms without a special act of parliament or state legislature. Multiple Choice 22 American author Mark Twain referred to the late 19th century as -The Gilded Age. Multiple Choice 23 Which pair were the rival economists whose battle of ideas -- prices vs. state planning in modern economic management shaped the twentieth century world. -John Maynard Keynes and Friedrich von Hayek. Multiple Choice 24 Another name for the "imperialism of free trade" is -Informal empire Multiple Choice 25 According to Dani Rodrik, in The Globalization Pardadox, what are the requirements for a "deserving" argument AGAINST free trade? -If free trade involves a high redistribution-to-efficiency gains ratio or violates widely shared norms if carried out at home. Multiple Choice 26 The first stock market crash in history, engineered by John Law during 1718-1720, resulted in a speculative bubble in the shares of -The Mississippi Company. Multiple Choice # 27 Where and when did the first joint stock companies and stock market trading first develop? -The Netherlands (Holland) in the early 1600s Multiple Choice 28 Which was the central aspect of U.S. president Woodrow Wilson's vision for "internationalism"? - The League of Nations. Multiple Choice 29 Pre-19th Century international trade mainly involved -High value-to-volume goods. Multiple Choice # 30 Which of the following was a problem associated with industrial expansion (the “Second Industrial Revolution”) in the late 19th century? -Overproduction. ...
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