Quiz_________________?
"Evolutionary" view on globalization -
Answer✅
A long-run historical evolution since the dawn of human history
Quiz_________________?
"New" view on globalization -
Answer✅
A force sweeping through the world in recent times.
Quiz_________________?
"Pendulum" view on globalization -
Answer✅
One that swings from one extreme to another from time to time
Quiz_________________?
1
, 3 types of elasticity, their equations, purpose and outcomes -
Answer✅
(1) Price elasticity of demand - % chg in Q D / % chg in P
(2) Income elasticity - % chg in Q D / % chg in income
(3) Cross-price elasticity - % chg in Q D Good 1/% chg in Good #2 P
Quiz_________________?
Absolute advantage -
Answer✅
The economic advantage one nation enjoys that is superior to other nations
Quiz_________________?
Benefits to a country receiving FDI -
Answer✅
Capital Inflow, Technology Spillover, Advanced Management Know-How, Job creation
Quiz_________________?
Budget constraint -
Answer✅
The consumption bundles that the consumer can afford.
Quiz_________________?
Civil law -
Answer✅
2
, Law that uses comprehensive statutes and codes as a primary means to form legal
judgments.
Quiz_________________?
Classical theories of international trade -
Answer✅
Mercantilism, Absolute advantage, and Comparative advantage
Quiz_________________?
Classical theory view -
Answer✅
Static
Quiz_________________?
Cognitive pillar -
Answer✅
The internalized, taken-for-granted values and beliefs that guide behavior. (beliefs between
right/wrong)
Quiz_________________?
Command economy -
Answer✅
One that is defined by a government taking all factors of production to be government-
owned or state-owned, and all supply, demand, and pricing are planned by the government.
3
, Quiz_________________?
Common law -
Answer✅
Law shaped by precedents and traditions from previous judicial decisions.
Quiz_________________?
Comparative advantage -
Answer✅
The advantage one economic activity nation enjoys in comparison with other nations
(relative, not absolute)
Quiz_________________?
Consumer surplus -
Answer✅
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays
for it
Quiz_________________?
Costs to a country receiving FDI -
Answer✅
Loss of Sovereignty, Adverse effects on competition,
Capital outflow.
Quiz_________________?
4
"Evolutionary" view on globalization -
Answer✅
A long-run historical evolution since the dawn of human history
Quiz_________________?
"New" view on globalization -
Answer✅
A force sweeping through the world in recent times.
Quiz_________________?
"Pendulum" view on globalization -
Answer✅
One that swings from one extreme to another from time to time
Quiz_________________?
1
, 3 types of elasticity, their equations, purpose and outcomes -
Answer✅
(1) Price elasticity of demand - % chg in Q D / % chg in P
(2) Income elasticity - % chg in Q D / % chg in income
(3) Cross-price elasticity - % chg in Q D Good 1/% chg in Good #2 P
Quiz_________________?
Absolute advantage -
Answer✅
The economic advantage one nation enjoys that is superior to other nations
Quiz_________________?
Benefits to a country receiving FDI -
Answer✅
Capital Inflow, Technology Spillover, Advanced Management Know-How, Job creation
Quiz_________________?
Budget constraint -
Answer✅
The consumption bundles that the consumer can afford.
Quiz_________________?
Civil law -
Answer✅
2
, Law that uses comprehensive statutes and codes as a primary means to form legal
judgments.
Quiz_________________?
Classical theories of international trade -
Answer✅
Mercantilism, Absolute advantage, and Comparative advantage
Quiz_________________?
Classical theory view -
Answer✅
Static
Quiz_________________?
Cognitive pillar -
Answer✅
The internalized, taken-for-granted values and beliefs that guide behavior. (beliefs between
right/wrong)
Quiz_________________?
Command economy -
Answer✅
One that is defined by a government taking all factors of production to be government-
owned or state-owned, and all supply, demand, and pricing are planned by the government.
3
, Quiz_________________?
Common law -
Answer✅
Law shaped by precedents and traditions from previous judicial decisions.
Quiz_________________?
Comparative advantage -
Answer✅
The advantage one economic activity nation enjoys in comparison with other nations
(relative, not absolute)
Quiz_________________?
Consumer surplus -
Answer✅
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays
for it
Quiz_________________?
Costs to a country receiving FDI -
Answer✅
Loss of Sovereignty, Adverse effects on competition,
Capital outflow.
Quiz_________________?
4
