ISS315 spring 2012
ISS 315
GLOBAL DIVERSITY AND INTERDEPENDENCE
Spring, 2012: 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 statements is true about classic mercantilism?
A. Economy should serve the political state by maximizing its wealth and power
B. Economy should serve the individuals by maximizing its wealth and power
C. economy should serve the Rich by maximizing its wealth and power
D. None of the above
3. Which one of the following was promoted under mercantilism?
A. A nation should build strong army and conquer other nations.
B. Grant legal monopolies to businesses that produce goods for export
C. Establish colonies for raw materials
D. All of the above
4. Which school of thought promoted freedom of press, rule of law, and a free market?
A. Marxism
B. Classical Mercantilism
C. Classical Liberalism
D. None of the above
5. Which one of the following theorists was against any protections for landlords and said, “Landlords gain is industrialist’s loss”?
A. Adam Smith
B. David Ricardo
C. Karl Marx
D. Herbert Spencer
6. Which system tends to believe in trickle down economy?
A. Socialism
B. Communism
C. Capitalism
D. None 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 is not good for economy, therefore government should ban it
C. Foreign trade is good for economy because it lowers the wages of local labor leading to more profit for the
GLOBAL DIVERSITY AND INTERDEPENDENCE
Spring, 2012: 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 statements is true about classic mercantilism?
A. Economy should serve the political state by maximizing its wealth and power
B. Economy should serve the individuals by maximizing its wealth and power
C. economy should serve the Rich by maximizing its wealth and power
D. None of the above
3. Which one of the following was promoted under mercantilism?
A. A nation should build strong army and conquer other nations.
B. Grant legal monopolies to businesses that produce goods for export
C. Establish colonies for raw materials
D. All of the above
4. Which school of thought promoted freedom of press, rule of law, and a free market?
A. Marxism
B. Classical Mercantilism
C. Classical Liberalism
D. None of the above
5. Which one of the following theorists was against any protections for landlords and said, “Landlords gain is industrialist’s loss”?
A. Adam Smith
B. David Ricardo
C. Karl Marx
D. Herbert Spencer
6. Which system tends to believe in trickle down economy?
A. Socialism
B. Communism
C. Capitalism
D. None 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 is not good for economy, therefore government should ban it
C. Foreign trade is good for economy because it lowers the wages of local labor leading to more profit for the