Spring-2011-Exam1-FormA

Spring-2011-Exam1-FormA - ISS 315 GLOBAL DIVERSITY AND...

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ISS 315 GLOBAL DIVERSITY AND INTERDEPENDENCE Spring, 2011: Exam 1 (Form A) IMPORTANT: This exam is the property of Center for Integrative Studies at Michigan State University. Reproduction and sale of this exam in any form is prohibited. Name: ____________________________________________ Student Number: __________________________________ Lectures Political economy and classical theories 1. Influence of politics on economics and vice versa is a definition of: A. Economics B. Politics C. Political economy D. None of the above 2. Which one of the following schools of thought believed that maximizing the total wealth of the state was good for economy? A. Cla ssical Mercantilism B. Cla ssical Liberalism C. Ma rxism D. No ne of the above 3. During mercantilism, which one of the following strategies was used by European nations to strengthen their economy? A. Colonialism B. Urbanization C. Materialism D. Spiritualism 4. Classical theorists were the strong proponents of which economic A. Socialism B. Capitalism 1
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B. Socialism C. Imperialism 5. Adam Smith believed that capitalism can thrive only in a free market. Which one of the following was one of his ideas for a free market? A. Free exports and restricted imports B. No taxes C. Freedom to own property, compete, and freedom from government interference D. All of the above 6. Which system tends to believe in trickle down econom y? A. Socialism B. Communism C. Capitalism D. All of the above 7. What was David Ricardo’s point of view on foreign trade? A. Foreign trade is not good for economy B. Foreign trade lowers the wages of local labor leading to more profit for the industrialists which is good for economy C. Exports bring in foreign exchange to a country. Governments should encourage exports and discourage imports. D. None of the above Marxism and political economy 8. In our lecture on Karl Marx, we presented a number of evolutionary stages of society. In which one of the following stages, there was lot more equality? A. Hunting and gathering societies B. Agrarian societies C. Ancient societies D. Feudal societies 9. Theoretically speaking, in which economic system state not individuals own property? A. Capitalism B. Socialism C. Welfarism D. All of the above 10. Prior to the arrival of European immigrants, farmland in the USA was owned by the Native Indian Tribes not individuals. What type of capitalism was that? A. Cooperative capitalism 2
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B. Manufacturing capitalism C. Modern capitalism D. None of the above 11. Given below is a list of forces of production. Generally speaking, which one of these is in abundance in rich nations such as Germany? A.
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This note was uploaded on 11/14/2011 for the course ISS 315 taught by Professor Hussain during the Spring '08 term at Michigan State University.

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Spring-2011-Exam1-FormA - ISS 315 GLOBAL DIVERSITY AND...

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