A reform introduced under Deng:
a. the Shanghai experiment
b. the Great Leap
c. the Cultural Revolution
d. the Tang Reform
e. free trade zones
Gorbachev’s reforms were called
a. loans for shares
b. de-democratization
c. the Liberman reform
d. perestroika
e. none of the above
A “universal bank”
a. has branches in many countries.
b. the same as a U.S. commercial bank.
c. performs both traditional banking and merchant-banking functions.
d. none of the above.
e. all of the above
U.S. corporations are not motivated to protect the interests of small shareholders
a. True
b. False
Creative destruction is the idea of:
a. Schumpeter
b. Hayek
c. Marx
d. Samuelson
e. None of the above
The decision that the European Union should have a common currency was made at:
a. Maastricht
b. Rome
c. Vienna
d. London
The natural right to life, liberty and pursuit of happiness is an idea of:
a. Hayek
b. Schumpeter
c. Marx
d. Lange
e. Locke
European corporations have been described with the term:
a. laissez faire
b. indirect capitalism
c. shareholder capitalism
d. managerial capitalism
e. all of the above
The country that shows the limits of providing income security
a. France
b. Sweden
c. Germany
d. Italy
e. Holland
A common feature(s) of the early years of transition
a. Recession
b. Hyperinflation
c. Creation of democracy
d. Macroeconomic stability
e. A and b
Market economies are more decentralized than planned economies
a. True
b. False
Deregulation
a. Began in Europe in the 1960s
b. Began in the United States in the late 1970s and early 1980s
c. Did not spread to Europe
d. Has been a failure
e. Both b and c are correct
Which of the following countries has had the more successful transition?
a. Poland
b. Russia
c. Kazakstan
d. Georgia
e. Kyrgystan
The Japanese economy began its development after the:
a. establishment of a monarchy
b. the Tokogawa Dynasty
c. The Second World War
d. The Tan dynasty
e. the Meiji Restoration
The Islamic country that is attracting attention because of its rapid growth:
a. Egypt
b. Iran
c. Pakistan
d. Turkey
e.None of the above
The European Union crisis was caused by:
a. Too little state spending
b. The fact that all EU members are on the euro
c. industrial planning
d. excessive government spending by weak economies
e. all of the above
The Washington Consensus argued that transition should begin with
a. The creation of macroeconomic stability
b. A free floating exchange rate
c. De-privatization
d. All of the above
e. None of the above
The form of contracting used throughout much of Asia:
a. relational contracting
b. civil law
c. criminalizing civil offenses
d. common law
e. all of the above
The message that market economies efficiently generate information through markets is
associated with:
a. Mises and Hayek
b. Samuelson
c. Kornai
d. Olson
e. Keynes
A common measure of income distribution is the:
a. Bergson curve
b. Kornai Curve
c. Feldstein curve
d. The Hayek Curve
e. the Gini coefficient
The universal bank is characteristic of:
a. Germany
b. early American capitalism
c. Japan
d. the Four Tigers
e. none of the above
According to the Gerschenkron model, the impulse to overcome relative backwardness
came from:
a. Emperor Hirohito
b. The Tokugawa warriors
c. The Emperor code
d. Confucius
e. The realization of relative backwardness
Which of the following argued against the Washington Consensus?
a. Dabrowski
b. Kuznets
c. Gerschenkron
d. Stiglitz
e. All of the above
In the socialist controversy
a. Marx demonstrated the superiority of capitalism
b. Marx demonstrated the superiority of socialism
c. Keynes showed that capitalism was unstable
d. Hayek and Mises argued that socialism would be inefficient
e. Kornai talked about soft budgets
Planning from the achieved level refers to:
a. Planning in Japan
b. Indicative planning in France
c. Soviet planning practice
d. All of the above
e. None of the above
The agency most responsible for Japan’s industrial policy:
a. MITI
b. The central bank
c. The finance ministry
d. The prime minister
e. The emperor
A foundation of planned socialism is:
a. the rule of law
b. the median voter rule
c. the primacy of horizontal transactions
d. free pricing
e. material balances
“No person can be deprived of life, liberty or property without due process of law, nor
shall private property be taken for public use without just compensation.”
a. Article 1 of the Declaration of Independence
b. The first amendment
c. The Eleventh Amendment
d. The Fifth Amendment
e. None of the above
The major source of surplus value is:
a. Capitalist philanthropy
b. Labor
c. Spontaneous order
d. Monopoly
e. Above Subsistence wages
Pillar(s) of the planned socialist economy:
a. State ownership
b. Planned resource allocation
c. Leading role of the party
d. All of the above
e. None of the above
The most populous country of the globe is:
a. India
b. China
c. Pakistan
d. The EU
e. United States
Marx’s point that under capitalism workers are divorced from capital is:
a. How socialism extracts surplus value
b. Dialectical materialism
c. Imperialism
d. Primitive capitalist accumulation
e. All of the above
The M form organization says China’s success is due to:
a. central planning
b. state capitalism
c. regional competition
d. the Hukuo system
e. none of the above
NASDAQ
a. operates under a private rule
b. is run and managed by the SEC
c. is an example of a public ordering
d. is an example of a public good
e. none of the above
In a planned socialist economy, the dictator should dislike:
a. Horizontal transactions
b. Monetary policy
c. Ruble control
d. Fiscal policy
e. All of the above