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World Economy.d

World Economy.d

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Вопросы и варианты

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Вопрос 1

A big multinational company announces that it will expand its investments in China by a factor ten in the coming five years. In a press release the company says: “China is the most dynamic market of the coming century. We want to acquire a substantial share in a market that will have a level of welfare comparable to the USA in less than fifty years.” Are the following comments correct?

  1. this argument is valid: China is on its way to overtake the USA GDP per capita in 2050
  2. the argument is grossly overstated. It is not realistic to predict that China will be able to continue to grow at the present growth rate
  3. the argument is correct, as the USA rate of growth will be lower than it was in the last decade (1990-2000)
  4. the argument is true
Вопрос 2

Assume a poor developing country has a relatively high population growth and has high barriers to trade and capital movements. The government wants to increase the level of welfare of the average citizen. Which of the following suggestions to the government are correct?

  1. import lots of capital goods while protecting domestic industries; this brings new technology into the country at a relatively low price and increases TFP
  2. open up the capital market to increase the level of funds for investment while maintaining the trade barriers that protect the domestic industries
  3. lower trade barriers in order to produce according to the comparative advantages of the country (efficiency gains) and open up the capital market while improving the supervision by the central bank
  4. another barrier to be incorporated
Вопрос 3

In the World Trade Organization, most countries of the world negotiate on trade liberalization. Economic theory predicts welfare gains for every country that participates in the process of trade liberalization. However, in practice, some developing countries – mainly in Sub Saharan Africa - did not gain very much from the past rounds of trade liberalization. Why?

  1. all poor countries specialized in the same products: clothing and commodities. Relative prices of these products fell resulting in falling terms of trade which has a negative effect on welfare
  2. Developing countries demand better access to the markets of industrialized countries while maintaining the freedom to have high trade barriers themselves. As a result, they do not liberalize themselves, thus limiting the benefits from trade liberalization
  3. developing countries do not benefit as the trading opportunities offered by trade liberalization are captured by multinational companies
  4. poor Nations to be financially supportedd and economically stabilised
Вопрос 4

The Physical Quality of Life Index (PQLI) combines three indicators. They are

  1. infant mortality, life expectancy and adult literacy rate
  2. crime rate, clean environment and quality of housing
  3. air pollution rate, water pollution rate and sanitation
  4. health, education and environment
Вопрос 5

Multinational companies that have their home market in a developing country have become common in recent years. It might be argued that the behaviour of these companies is determined by the same forces as explain the behaviour of industrialized countries’ multinationals. Thus, it is to be expected that an India-based multinational that enters the Austrian economy in a different way than a Danish multinational will. It is to be expected that the Indian company will Which of the four alternatives is the most likely?

  1. enter Austria using the franchising mode, while the Danish company will set up a joint venture with a local firm
  2. enter Austria by way of a greenfield investment, while the Danish company will use an acquisition
  3. use an alliance as entry mode, while the Danish company will apply the greenfield mode
  4. tie-up with Industries or institutions of financial stability and market interest with be advices
Вопрос 6

In the World Trade Organization, most countries of the world negotiate on trade liberalization. Economic theory predicts welfare gains for every country that participates in the process of trade liberalization. However, in practice, some developing countries – mainly in Sub Saharan Africa - did not gain very much from the past rounds of trade liberalization. Why?

  1. all poor countries specialized in the same products: clothing and commodities. Relative prices of these products fell resulting in falling terms of trade which has a negative effect on welfare
  2. developing countries demand better access to the markets of industrialized countries while maintaining the freedom to have high trade barriers themselves. As a result, they do not liberalize themselves, thus limiting the benefits from trade liberalization
  3. developing countries do not benefit as the trading opportunities offered by trade liberalization are captured by multinational companies
  4. WTO must address to the liberatliation in economy and financial structure of African nations
Вопрос 7

What is gross domestic product (GDP)?

  1. income earned through foreign exchange
  2. the number of dollars earned in industry
  3. income earned within a country’s boundaries
  4. goods received from the nation’s local residents
Вопрос 8

How do you explain that the US had a negative net lending position in 2002? The reason is that so many European and Asian companies set up affiliates in the US.

  1. the reason is that the US has a current account deficit of more than 4 per cent of GDP
  2. the reason is the relative high rate of interest in the US in 2002
  3. US were widely supporting localisation of jobs and relieving of expatriates
Вопрос 9

Why are the international flows of direct investments more stable over time than the flows of portfolio investments?

  1. direct investment are motivated by long term control of productive capacity while portfolio investments are looking for short term returns
  2. portfolio investments can be sold at a short notice in local capital markets at a relatively low cost, while direct investments can be quickly sold only at a high cost
  3. portfolio investors are much more led by a herd instinct than direct investors
  4. portfolio investors have their own specifications to address
Вопрос 10

Assume that a small economy has a domestic interest rate of 5 per cent. The foreign rate of interest is 3 per cent. The small country has no restrictions on capital mobility. What is the explanation of the interest rate differential?

  1. investors expect a depreciation of the currency of the small country
  2. The Central Bank of the small country has increased the domestic rate of interest in order to slow down the growth of the economy in order to prevent overheating of the economy
  3. the small country has a large share of the population in the pension age, and no pension funds have been accumulated in the past
  4. common rate of interest will be defiend and adjusted based on the money market returns
Вопрос 11

Democracy is a system of government in which the final power rests with...

  1. the Politicians
  2. the people
  3. the civil servants
  4. the President
Вопрос 12

“Communist Manifesto” was written by ...

  1. Marx and Engels
  2. Adam Smith
  3. Fanon
  4. J.S. Mill
Вопрос 13

The basis of Neo-Marxism was…

  1. public opinion
  2. rationalism
  3. liberty
  4. capital
Вопрос 14

The “morning star of Industrial Revolution”

  1. Thomas Newman
  2. John James
  3. Francis Bacon
  4. James Watt
Вопрос 15

What was the basis of capitalism?

  1. capital
  2. labour
  3. profit
  4. people
Вопрос 16

Dependency theory was introduced by ....

  1. Andre Gunder Frank
  2. Fanon
  3. Samir Amin
  4. Edward Said
Вопрос 17

What was the theory of Immanual Wallerstein?

  1. capitalist theory
  2. world system theory
  3. dependency theory
  4. devil theory
Вопрос 18

Colonialism is derived from the … term ‘Colonus’.

  1. greek
  2. chinese
  3. french
  4. latin
Вопрос 19

The work Transition from Feudalism to Capitalism was written by...

  1. Karl Marx
  2. Rodney Hilton
  3. Christopher Hill
  4. R H Tawaney
Вопрос 20

... is a term which denotes a mode of production in which capitalism in its various forms is the principal means of production.

  1. colonialism
  2. capitalism
  3. feudalism
  4. liberalism
Вопрос 21

According to Marx…determine the character of distinct types of society

  1. mode of production
  2. wealth
  3. developments
  4. Mode of Transportation
Вопрос 22

Countries trade with each other because they are … and because of …

  1. different, costs
  2. similar, scale economies
  3. different, scale economies
  4. similar, costs
Вопрос 23

Trade between two countries can benefit both countries if

  1. each country exports that good in which it has a comparative advantage
  2. each country enjoys superior terms of trade
  3. each country has a more elastic demand for the imported goods
  4. each country has a more elastic supply for the supplied goods
Вопрос 24

The Ricardian theory of comparative advantage states that a country has a comparative advantage in widgets if

  1. output per worker of widgets is higher in that country
  2. that country's exchange rate is low
  3. wage rates in that country are high
  4. the output per worker of widgets as compared to the output of some other product is higher in that country
Вопрос 25

In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least … unit labor requirements

  1. one
  2. two
  3. three
  4. four
Вопрос 26

A country engaging in trade according to the principles of comparative advantage gains from trade because it

  1. is producing exports indirectly more efficiently than it could alternatively
  2. is producing imports indirectly more efficiently than it could domestically
  3. is producing exports using fewer labor units
  4. is producing imports indirectly using fewer labor units
Вопрос 27

Given the following information: Unit Labor Requirements Cloth Widgets Home 10 20 Foreign 60 30

  1. neither country has a comparative advantage
  2. home has a comparative advantage in cloth
  3. foreign has a comparative advantage in cloth
  4. home has a comparative advantage in widgets
Вопрос 28

If it is ascertained that Foreign uses prison-slave labor to produce its exports, then home should

  1. export cloth
  2. export widgets
  3. export both and import nothing
  4. export and import nothing
Вопрос 29

If the Home economy suffered a meltdown, and the Unit Labor Requirements in each of the products quadrupled (that is, doubled to 30 for cloth and 60 for widgets) then home should

  1. export cloth
  2. export widgets
  3. export both and import nothing
  4. export and import nothing
Вопрос 30

If wages were to double in Home, then Home should:

  1. export cloth
  2. export widgets
  3. export both and import nothing
  4. export and import nothing
Вопрос 31

If the world equilibrium price of widgets were 4 Cloths, then

  1. both countries could benefit from trade with each other
  2. neither country could benefit from trade with each other
  3. each country will want to export the good in which it enjoys comparative advantage
  4. neither country will want to export the good in which it enjoys comparative advantage
Вопрос 32

Which one of the following is not a cause of economic growth?

  1. a reduction in the retirement age
  2. advances in technology
  3. improvements in education and training
  4. the discovery of a new natural fuel
Вопрос 33

A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing?

  1. cyclical
  2. frictional
  3. seasonal
  4. structural
Вопрос 34

Doza has a job which pays him £32 000 a year. He owns a car worth £25 000 and has £8000 savings in his bank account. His bank account pays interest at a rate of 1% per year. Doza’s annual income is

  1. £32 000
  2. £32 080
  3. £33 000
  4. £33 080
Вопрос 35

Last year Marco spent an average of £320 on his monthly shop. What will be the effect on the cost of Marco’s average monthly shop this year if the rate of inflation was 3% last year?

  1. the cost will fall to £310.40
  2. the cost will fall to £319.20
  3. the cost will increase to £320.80
  4. the cost will increase to £329.60
Вопрос 36

Which one of the following is an example of a direct tax?

  1. Council tax
  2. Income tax
  3. Tax on petrol
  4. VAT
Вопрос 37

UK interest rates are set by:

  1. British consumers
  2. The Bank of England
  3. The EU
  4. The UK government
Вопрос 38

Which one of the following is a supply side policy which the government could use to help meet its economic objectives?

  1. an improved apprenticeship programme
  2. an increase in the rate of corporation tax
  3. higher unemployment benefits
  4. quantitative easing
Вопрос 39

Which one of the following is an example of a positive externality?

  1. a government budget surplus
  2. a motorway improvement scheme
  3. more exports than imports
  4. noise pollution
Вопрос 40

Britons holidaying in the USA would be shown in the current account as

  1. a deficit
  2. a surplus
  3. an export
  4. an import
Вопрос 41

Which one of the following is a benefit of globalisation to a producer?

  1. currency conversion will not be required
  2. higher taxes
  3. increased competition
  4. larger market size
Вопрос 42

Which one of the following is a factor of production?

  1. elasticity
  2. enterprise
  3. environmental sustainability
  4. equilibrium
Вопрос 43

Opportunity cost is

  1. a financial expense
  2. measured in terms of what has been foregone
  3. the best way to allocate resources
  4. zero when a market is in equilibrium
Вопрос 44

A business which operates in the tertiary sector

  1. assembles components
  2. extracts raw materials
  3. makes finished goods
  4. produces services
Вопрос 45

Which one of the following would cause an inward shift of the demand curve for hats?

  1. a National increase in wage rates
  2. bad weather
  3. more hats are made
  4. wearing a hat becomes less fashionable
Вопрос 46

This supply curve shows that

  1. a rise in price will cause an increase in quantity supplied
  2. consumers prefer low prices
  3. demand for this product is price inelastic
  4. increasing the quantity supplied will cause prices to rise
Вопрос 47

The table below provides information about the market for Ditsies. What is the equilibrium price for a kilogram of Ditsies?

  1. £5
  2. £10
  3. £30
  4. £35
Вопрос 48

A market with a single producer is

  1. always in equilibrium
  2. called an oligopoly
  3. difficult for new firms to enter
  4. highly competitive
Вопрос 49

An increase in productivity is most likely to lead to

  1. fewer economies of scale
  2. higher average costs
  3. increased supply
  4. lower profits
Вопрос 50

National insurance is charged at a rate of 12% of gross pay. Petra’s gross monthly pay is £1500. How much is Petra’s monthly national insurance contribution?

  1. £180
  2. £1320
  3. £1680
  4. £12 500
Вопрос 51

Which one of the following businesses operates in the financial sector?

  1. a jewellery manufacturer
  2. a travel agent
  3. an auction house
  4. an insurance company
Вопрос 52

Which of the following is a non-renewable energy resource?

  1. solar
  2. methane
  3. hydroelectric
  4. coal
Вопрос 53

The amount of oil that may become available for use is called oil …

  1. reserves
  2. reservoirs
  3. resources
  4. traps
Вопрос 54

A coal deposit that is not economical to mine today would be considered part of ours …

  1. coal reserves
  2. coal resources
  3. coal reservoirs
  4. none of these
Вопрос 55

What is the leading source of energy used in the United States today?

  1. coal
  2. oil resources
  3. natural gas
  4. nuclear power
Вопрос 56

Which of the following products are produced from oil?

  1. gasoline
  2. plastics
  3. medicines
  4. pesticides
Вопрос 57

Which of the following environmental problems are related to the combustion of fossil fuels?

  1. smog
  2. acid rain
  3. nuclear radiation
  4. the greenhouse effect
Вопрос 58

It is important that scientists develop new energy resources.

  1. all energy resources are running out
  2. all energy resources are used to generate electricity
  3. most energy resources have negative environmental consequences
  4. not important
Вопрос 59

Productivity can be analysed through:

  1. input / output
  2. output / input
  3. output – input
  4. input – output
Вопрос 60

The resources utilized for production are

  1. materials, machines, manpower
  2. materials, methods, machines
  3. machines, manpower, methods
  4. methods, machine, manpower
Вопрос 61

Productivity is the … of production system.

  1. measurement
  2. efficiency
  3. value
  4. amount
Вопрос 62

Productivity =

  1. 1+ (Profit/Cost)
  2. 1+ (Cost /Profit)
  3. 1- (Profit/Cost)
  4. 1- (Cost /Profit)
Вопрос 63

Productivity can be measured in which of the following input resource(s)

  1. material input
  2. labour input
  3. capital and land input
  4. material input, labour input & capital and land input
Вопрос 64

Raw material productivity can be increased by

  1. proper choice of design
  2. reuse of material
  3. scrap control
  4. proper choice of design; reuse of material; scrap control
Вопрос 65

Preventive maintenance improves

  1. material productivity
  2. labour productivity
  3. machine productivity
  4. capital productivity
Вопрос 66

Productivity can be increased by

  1. by increasing the output from the same input
  2. by reducing the input for the same output
  3. by increasing the output from the same input & by reducing the input for the same output
  4. by increasing the amount from the decrease in input
Вопрос 67

The time for which the worker or machine or both remain idle due to the shortcomings of the management or workers is known as

  1. excess time
  2. idle time
  3. ineffective time
  4. work content
Вопрос 68

The elimination of which of the following will improve industrial productivity

  1. excess time
  2. ineffective time
  3. excess time & ineffective time
  4. effective time
Вопрос 69

Which of the following adds idle time due to short runs?

  1. excessive product variety
  2. lack of standardization
  3. excessive product variety & lack of standardization
  4. design changes
Вопрос 70

Total work content =

  1. basic work content + excess time
  2. basic work content – excess time
  3. basic work content + ineffective time
  4. basic work content – ineffective time
Вопрос 71

Which of these factors would shift the labor demand curve out (increase labor demand)?

  1. decrease in immigration into the United States
  2. increase in immigration into the United States
  3. price of output good increases (labor is used to make this output)
  4. price of output good decreases (labor is used to make this output)
Вопрос 72

If the marginal revenue product of labor is greater than the wage rate (MRPh > w), what should a profit maximizing firm in a competitive labor market do?

  1. nothing. This is the profit maximizing point
  2. hire less labor
  3. hire more labor
  4. increase the wage rate
Вопрос 73

If the elasticity of labor demand with respect to wages is -3 ( = −3), what is the effect on labor demand of a 10 percent increase in the equilibrium wage rate.

  1. no effect on labor demand
  2. labor demand increases by 10 percent
  3. labor demand decreases by 10 percent
  4. labor demand decreases by more than 10 percent
Вопрос 74

Which of the following characteristics are most likely found in developing countries?

  1. high population growth rates
  2. large number of people living in poverty
  3. Modern methods of agricultural production
  4. high population growth rates & large number of people living in poverty
Вопрос 75

… is considered the most densely populated country

  1. China
  2. Mexico
  3. Bangladesh
  4. Greenland
Вопрос 76

Countries with stable governments tend to have a high population density like …

  1. Afghanistan
  2. Egypt
  3. Singapore
  4. Greenland
Вопрос 77

Imports are defined as the goods and services that we

  1. buy from other countries
  2. produce and consume in the United States
  3. sell to other countries
  4. buy from local markets
Вопрос 78

If you take a vacation in Europe, then your expenditures on lodging in France are counted as a

  1. French import of a good
  2. French export of a good
  3. U.S. import of a service
  4. U.S. export of a service.
Вопрос 79

With which of the following nations does the United States do the largest amount of trade?

  1. Canada
  2. Japan
  3. France
  4. Saudi Arabia
Вопрос 80

In the United States since 1960, what has happened to the percentage of the total production of goods and services that is exported and to the percentage of the total purchases of goods and services that is imported?

  1. they have remained roughly constant
  2. the percentages are now about half as much as they were in 1960
  3. the percentages are about twice as much as they were in 1960
  4. the percentages are about thrice as much as they were in 1960
Вопрос 81

A country has a balance of trade deficit if the value of its exports are … the value of its imports.

  1. less than
  2. equal to
  3. greater than
  4. equal to because a balance of trade deficit has nothing to do with the value of exports or the value of imports
Вопрос 82

If a nation imports a good that can be domestically produced, the market price of the good

  1. remains constant
  2. decreases
  3. increases
  4. double
Вопрос 83

The United States can use all its resources to produce 50 videos or 250 shoes. The opportunity cost of producing a video is

  1. 20 cents
  2. $5
  3. 5 shoes
  4. 1/5 of a shoe. 2
Вопрос 84

The United States can use all its resources to produce 50 videos or 400 shoes. China can use all of its resources to produce 25 videos or 300 shoes. In this example,

  1. China has a comparative advantage in shoes
  2. China has a comparative advantage in videos
  3. China has an absolute advantage in the production of both goods
  4. China has a comparative advantage in neither good
Вопрос 85

With international trade, a country

  1. cannot consume at a point on its PPF
  2. can consume at a point outside its PPF
  3. cannot consume at a point outside of its PPF
  4. cannot consume more than its capacity
Вопрос 86

Dynamic comparative advantage results from

  1. acquisition of new resource supplies
  2. workers learning-by-doing
  3. changing world demand for different products
  4. changing technology
Вопрос 87

What is meant by derived demand?

  1. the demand is derived in beginning economics classes
  2. the demand is derived from income, tastes, etc. of sellers
  3. the demand is derived from the price elasticity of demand
  4. the demand for a resource is derived from the demand for what it can produce
Вопрос 88

The value of marginal product is calculated by multiplying the … by the ...

  1. marginal product; price of the product
  2. quantity of labour; wage rate
  3. wage; price of the product
  4. total product; wage rate
Вопрос 89

To decide the quantity of a factor of production to hire, a firm compares the … to the ...

  1. factor's price; average factor price
  2. factor's price; value of marginal product
  3. factor's output; average factor output
  4. factor's output; value of marginal product
Вопрос 90

A profit-maximizing firm hires labour up to the point where

  1. the wage times the quantity of labour equals the marginal product
  2. price equals the wage
  3. price equals the quantity of labour
  4. the wage equals value of marginal product
Вопрос 91

A company finds that the value of marginal product for the current level of employment is $53 and the wage rate is $45. Which of the following is correct?

  1. too much labour is currently employed and the firm will lay off some workers
  2. the firm should shut down and produce nothing
  3. the firm is employing the profit-maximizing quantity of labour
  4. too few workers are currently employed and the firm will hire more workers
Вопрос 92

A firm's demand for labour curve is also

  1. its value of marginal product curve
  2. the supply of labour curve
  3. the demand curve for the good it produces
  4. its marginal cost curve
Вопрос 93

For a firm selling its product in a competitive market, what causes the demand curve for any factor of production to be downward sloping?

  1. diminishing marginal product as more of the factor is used
  2. more demand for greater quantities
  3. falling product price necessary to sell a larger output
  4. Increasing Marginal Product
Вопрос 94

If the price of a firm's product falls, the firm's demand for labour curve

  1. shifts leftward
  2. does not shift and there is no movement along it
  3. does not shift but there is a movement along it
  4. shifts rightward
Вопрос 95

If the wage rate increases, a firm's demand for labour curve

  1. shifts leftward
  2. does not shift and there is no movement along it
  3. shifts rightward
  4. does not shift but there is a movement along it
Вопрос 96

An increase in the price of the firm's output leads to a

  1. movement upward along the demand for labour curve
  2. rightward shift of the demand for labour curve
  3. movement downward along the demand for labour curve
  4. leftward shift of the demand for labour curve