Global Economics and World Politics Exam 1 with correct answers 2024
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Global Economics and World Politics Exa
Institution
Global Economics And World Politics Exa
What is an "extractive" government look like correct answers highly centralized, run by elites. Examples include Soviet Union, maya
inclusive governnment correct answers Democratic, encourage economic growth and development. Ex: United States
What is GDP? correct answers the final output o...
What is an "extractive" government look like correct answers highly centralized, run by
elites. Examples include Soviet Union, maya
inclusive governnment correct answers Democratic, encourage economic growth and
development. Ex: United States
What is GDP? correct answers the final output of goods and services produced by an
economy. Often expressed in "per capita" terms
Why do nations trade? correct answers the basis for trade arises because of national
differences i the relative supply of factor endowments and the domestic price ratios that
result from efficiencies in production
why does world trade among countries hasten economic development within them?
correct answers
Why has finance become such a powerful force of late in globalization? correct
answers
Factor Endowments correct answers the amount of land, labor, capital, and
entrepreneurship that a country possesses and can exploit for manufacturing.
Comparative Advantage correct answers A country has a comparative advantage in
producing a commodity if it can do so at a relatively lower opportunity cost in terms of
the foregone alternative commodities that country would otherwise be produced.
Efficiency correct answers the ratio of the useful work performed by a machine or in a
process to the total energy expended or heat taken in.
Specialization correct answers A specific area of expertise that a country may choose
to expend their energy in one particular area.
Division of Labor correct answers the assignment of different parts of a manufacturing
process or task to different people in order to improve efficiency.
Opportunity Cost correct answers The cost of what you give up in order to get
something else
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