ins 3003: economics Exam
Questions and Answers 100%
PASS
globalization (according to howard wiarda) - CORRECT ANSWER-the increasing
scale, extent, variety, speed, and magnitude of international cross-border social,
economic, military, political, and cultural interrelations
thomas friedman's three stages of globalization (from "the world is flat") -
CORRECT ANSWER-1) globalization 1.0 - the age of exploration and
colonization
2) globalization 2.0 - pax britannica
3) globalization 3.0 - pax americana
globalization 1.0 (1492 - 1800) - CORRECT ANSWER-- the age of exploration
and colonization
- powers were setting out for wealth (= power)
- mercantilism + coercion/exploitation
- large to medium
,mercantilism - CORRECT ANSWER-- increase exports and limit imports to
increase wealth and power
- powers has access to the resources needed to amass wealth for cheap through the
colonies
globalization 2.0 (1800 - wwi) - CORRECT ANSWER-- pax britannica (british
economic hegemony due to colonies)
- establishment of truly global markets (multinational trading + the mnc) like the
beic
- medium to small
globalization 3.0 (wwii - now) - CORRECT ANSWER-- pax americana
(spearheaded by us)
- robustly connected the world economically: interconnectedness and a global
economy
- age of the internet connects us instantaneously and gives access to everything
- small to tiny
expansion of world economy - CORRECT ANSWER-- increase of world gdp and
merchandise trade
- the us gdp is almost 1/4 of the world's
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, - increasing gdp per capita (us = $78k, world = $14k)
global trade - CORRECT ANSWER-- increase in interconnectedness between us
that contributes to the global economy
- steady expansion of world trade
- dip in global trade due to covid-19, but we have mostly rebounded
comparative advantage - CORRECT ANSWER-- developed by david riccardo
- measures a country's ability toproduce goods at the lowest cost
- efficiency, specialization, and free trade
efficiency - CORRECT ANSWER-what we can produce based on the
recources/labor we have most efficiently at the cheapest price
specialization - CORRECT ANSWER-we identify what we can make more
cheaply and efficiently at home, and we focus on exporting those goods; if we can't
make it efficiently, we import
free trade - CORRECT ANSWER-important to comparative advantage, which
cannot work with barriers to the flow of goods
benefits to comparative advantage - CORRECT ANSWER-- increases global
output if countries participate
- goods available at the cheapest rates possible
- most efficient use of the world's resources
Questions and Answers 100%
PASS
globalization (according to howard wiarda) - CORRECT ANSWER-the increasing
scale, extent, variety, speed, and magnitude of international cross-border social,
economic, military, political, and cultural interrelations
thomas friedman's three stages of globalization (from "the world is flat") -
CORRECT ANSWER-1) globalization 1.0 - the age of exploration and
colonization
2) globalization 2.0 - pax britannica
3) globalization 3.0 - pax americana
globalization 1.0 (1492 - 1800) - CORRECT ANSWER-- the age of exploration
and colonization
- powers were setting out for wealth (= power)
- mercantilism + coercion/exploitation
- large to medium
,mercantilism - CORRECT ANSWER-- increase exports and limit imports to
increase wealth and power
- powers has access to the resources needed to amass wealth for cheap through the
colonies
globalization 2.0 (1800 - wwi) - CORRECT ANSWER-- pax britannica (british
economic hegemony due to colonies)
- establishment of truly global markets (multinational trading + the mnc) like the
beic
- medium to small
globalization 3.0 (wwii - now) - CORRECT ANSWER-- pax americana
(spearheaded by us)
- robustly connected the world economically: interconnectedness and a global
economy
- age of the internet connects us instantaneously and gives access to everything
- small to tiny
expansion of world economy - CORRECT ANSWER-- increase of world gdp and
merchandise trade
- the us gdp is almost 1/4 of the world's
COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED
, - increasing gdp per capita (us = $78k, world = $14k)
global trade - CORRECT ANSWER-- increase in interconnectedness between us
that contributes to the global economy
- steady expansion of world trade
- dip in global trade due to covid-19, but we have mostly rebounded
comparative advantage - CORRECT ANSWER-- developed by david riccardo
- measures a country's ability toproduce goods at the lowest cost
- efficiency, specialization, and free trade
efficiency - CORRECT ANSWER-what we can produce based on the
recources/labor we have most efficiently at the cheapest price
specialization - CORRECT ANSWER-we identify what we can make more
cheaply and efficiently at home, and we focus on exporting those goods; if we can't
make it efficiently, we import
free trade - CORRECT ANSWER-important to comparative advantage, which
cannot work with barriers to the flow of goods
benefits to comparative advantage - CORRECT ANSWER-- increases global
output if countries participate
- goods available at the cheapest rates possible
- most efficient use of the world's resources
