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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.
Which view claims that the phenomenon of globalization was initially driven by the desire of
Western economies to exploit their power through multinational enterprises?
Quiz_________________?
"Pendulum" view on globalization -
Answer✅
One that swings from one extreme to another from time to time.
1
, Most popular
Quiz_________________?
3 Different political views on FDI -
Answer✅
Radical - radical view is hostile to FDI
Free market - free market view calls for minimum or unrestricted government restriction in
FDI. Leads to a win-win situation for both home and host countries.
Pragmatic nationalism - most countries practice pragmatic nationalism, weighing the benefits
and costs of FDI and only using it when benefits outweigh the costs.
Quiz_________________?
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_________________?
3 views on globalization -
Answer✅
Globalization is when you do business internationally
New, Evolutionary, and Pendulum
2
, Quiz_________________?
A company is looking for a location with an abundance of ground-breaking individuals, firms,
and universities. Which type of strategic goal is this company demonstrating? -
Answer✅
Innovation-seeking
Quiz_________________?
A farmer sells wheat in a perfectly competitive market. Which action should the farmer take
to maximize profits? -
Answer✅
Produce the quantity where the price equals the farmer's marginal cost
Quiz_________________?
A painter spends $200 on paint. He then bills the homeowner $1,000 to cover his time and
his expenses. What is the amount of these transactions that is added to gross domestic
product (GDP)? -
Answer✅
$1,000.
GDP is final goods and services, paint was not final.
Quiz_________________?
A U.S. state purchases a fleet of new highway patrol vehicles manufactured in Japan. Which
two statements correctly describe how the components of U.S. gross domestic product
(GDP) are affected? -
3
, Answer✅
Net exports decrease
Government expenditures increase
Quiz_________________?
As price goes up what happens to interest rates? -
Answer✅
They go up.
Quiz_________________?
Average Fixed Cost (AFC) -
Answer✅
Total fixed costs/output quantity
Quiz_________________?
Average Variable Cost (AVC) -
Answer✅
Total variable costs/output quantity
Quiz_________________?
Base of they Pyramid -
Answer✅
The bottom of the economic pyramid.
4
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.
Which view claims that the phenomenon of globalization was initially driven by the desire of
Western economies to exploit their power through multinational enterprises?
Quiz_________________?
"Pendulum" view on globalization -
Answer✅
One that swings from one extreme to another from time to time.
1
, Most popular
Quiz_________________?
3 Different political views on FDI -
Answer✅
Radical - radical view is hostile to FDI
Free market - free market view calls for minimum or unrestricted government restriction in
FDI. Leads to a win-win situation for both home and host countries.
Pragmatic nationalism - most countries practice pragmatic nationalism, weighing the benefits
and costs of FDI and only using it when benefits outweigh the costs.
Quiz_________________?
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_________________?
3 views on globalization -
Answer✅
Globalization is when you do business internationally
New, Evolutionary, and Pendulum
2
, Quiz_________________?
A company is looking for a location with an abundance of ground-breaking individuals, firms,
and universities. Which type of strategic goal is this company demonstrating? -
Answer✅
Innovation-seeking
Quiz_________________?
A farmer sells wheat in a perfectly competitive market. Which action should the farmer take
to maximize profits? -
Answer✅
Produce the quantity where the price equals the farmer's marginal cost
Quiz_________________?
A painter spends $200 on paint. He then bills the homeowner $1,000 to cover his time and
his expenses. What is the amount of these transactions that is added to gross domestic
product (GDP)? -
Answer✅
$1,000.
GDP is final goods and services, paint was not final.
Quiz_________________?
A U.S. state purchases a fleet of new highway patrol vehicles manufactured in Japan. Which
two statements correctly describe how the components of U.S. gross domestic product
(GDP) are affected? -
3
, Answer✅
Net exports decrease
Government expenditures increase
Quiz_________________?
As price goes up what happens to interest rates? -
Answer✅
They go up.
Quiz_________________?
Average Fixed Cost (AFC) -
Answer✅
Total fixed costs/output quantity
Quiz_________________?
Average Variable Cost (AVC) -
Answer✅
Total variable costs/output quantity
Quiz_________________?
Base of they Pyramid -
Answer✅
The bottom of the economic pyramid.
4
