Comparative Econ Midterm Exam
Graded A+
3 core components of a nation - ANSWER-1. economic systems
2. forms of governance
3. economic ideologies
3 sub-components of a nation - ANSWER-1. natural resources
2. location
3. relations with neighbors
3 ways nations respond to crises - ANSWER-1. prevention/mitigation
2. endurance
3. recovery
3 ways to shape the market - ANSWER-1. deconstruction: eliminate players (e.g.
distributors)
2. construction: create new players (e.g. new intermediaries such as platforms)
3. functional modification: alter the roles of actors (e.g. self-service)
4 sector categories - ANSWER-1. primary sector (extraction and production of raw
materials industries)
2. secondary sector (manufacturing and construction industries)
3. tertiary sector (provisions of services instead of end products)
4. quaternary sector (activity in intellectual or knowledge-based economies)
5 industry categories - ANSWER-1. manufacturing
2. extractive
3. construction
4. service
5. genetic
aftermath of war - ANSWER-public policies can help reduce vulnerable households and
firms to keep poverty and closures at bay
altruistic action vs. altruistic feelings - ANSWER-one does not need to believe in
altruistic emotions in order to believe in - or value - this sort of altruistic action.
policymakers don't care about why you follow the rules, just that you do.
Ambiguity of Morality - ANSWER-subjectively defined, heavily dependent on context
and localized norms
anarchism - ANSWER-A political theory favoring the abolition of governments
, Anarcho-primitivism - ANSWER-- an anarchist critique of the origins and progress of
civilization. Primitivists argue that the shift from hunter-gatherer to agricultural
subsistence gave rise to social stratification, coercion, and alienation. They advocate a
return to non-"civilized" ways of life through deindustrialisation, abolition of division of
labour or specialization, and abandonment of technology.
anti-capitalism - ANSWER-A broad term that is given to any challenge to capitalism.
Aristocracy - ANSWER-A government in which power is in the hands of a hereditary
ruling class or nobility
asylum seeker - ANSWER-Someone who has migrated to another country in the hope
of being recognized as a refugee
causes of market failures - ANSWER-1. productive and allocative inefficiency
2. abuses of monopoly power
3. missing markets
4. incomplete markets
5. negative externalities
circular economy - ANSWER-An economy model in which resources remain in use for
as long as possible, from which maximum value is extracted while in use, and the
products and materials are recovered and regenerated at the end of the product life
cycle.
colonialism - ANSWER-Attempt by one country to establish settlements and to impose
its political, economic, and cultural principles in another territory.
committee of the regions - ANSWER-This advisory body was established in 1994, and
its members represent Europe's authorities at the regional and local level. This body
must be consulted by various European Union bodies before decisions are made on
matters that have local and regional impact.
communism - ANSWER-A theory or system of social organization based on the holding
of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
constructivist or discursive institutionalism - ANSWER-analyses institutions as behavior
shapers through frames of meaning; this means narratives and ideas that are used to
explain and legitimize political action
council of ministers - ANSWER-A generic term used to describe the cabinet in many
countries.
counterfactual - ANSWER-attempt estimating the industry outcomes that would have
arisen if something was different
Graded A+
3 core components of a nation - ANSWER-1. economic systems
2. forms of governance
3. economic ideologies
3 sub-components of a nation - ANSWER-1. natural resources
2. location
3. relations with neighbors
3 ways nations respond to crises - ANSWER-1. prevention/mitigation
2. endurance
3. recovery
3 ways to shape the market - ANSWER-1. deconstruction: eliminate players (e.g.
distributors)
2. construction: create new players (e.g. new intermediaries such as platforms)
3. functional modification: alter the roles of actors (e.g. self-service)
4 sector categories - ANSWER-1. primary sector (extraction and production of raw
materials industries)
2. secondary sector (manufacturing and construction industries)
3. tertiary sector (provisions of services instead of end products)
4. quaternary sector (activity in intellectual or knowledge-based economies)
5 industry categories - ANSWER-1. manufacturing
2. extractive
3. construction
4. service
5. genetic
aftermath of war - ANSWER-public policies can help reduce vulnerable households and
firms to keep poverty and closures at bay
altruistic action vs. altruistic feelings - ANSWER-one does not need to believe in
altruistic emotions in order to believe in - or value - this sort of altruistic action.
policymakers don't care about why you follow the rules, just that you do.
Ambiguity of Morality - ANSWER-subjectively defined, heavily dependent on context
and localized norms
anarchism - ANSWER-A political theory favoring the abolition of governments
, Anarcho-primitivism - ANSWER-- an anarchist critique of the origins and progress of
civilization. Primitivists argue that the shift from hunter-gatherer to agricultural
subsistence gave rise to social stratification, coercion, and alienation. They advocate a
return to non-"civilized" ways of life through deindustrialisation, abolition of division of
labour or specialization, and abandonment of technology.
anti-capitalism - ANSWER-A broad term that is given to any challenge to capitalism.
Aristocracy - ANSWER-A government in which power is in the hands of a hereditary
ruling class or nobility
asylum seeker - ANSWER-Someone who has migrated to another country in the hope
of being recognized as a refugee
causes of market failures - ANSWER-1. productive and allocative inefficiency
2. abuses of monopoly power
3. missing markets
4. incomplete markets
5. negative externalities
circular economy - ANSWER-An economy model in which resources remain in use for
as long as possible, from which maximum value is extracted while in use, and the
products and materials are recovered and regenerated at the end of the product life
cycle.
colonialism - ANSWER-Attempt by one country to establish settlements and to impose
its political, economic, and cultural principles in another territory.
committee of the regions - ANSWER-This advisory body was established in 1994, and
its members represent Europe's authorities at the regional and local level. This body
must be consulted by various European Union bodies before decisions are made on
matters that have local and regional impact.
communism - ANSWER-A theory or system of social organization based on the holding
of all property in common, actual ownership being ascribed to the community as a
whole or to the state.
constructivist or discursive institutionalism - ANSWER-analyses institutions as behavior
shapers through frames of meaning; this means narratives and ideas that are used to
explain and legitimize political action
council of ministers - ANSWER-A generic term used to describe the cabinet in many
countries.
counterfactual - ANSWER-attempt estimating the industry outcomes that would have
arisen if something was different
