The drafters of the US Constitution, such as Madison, were particularly worried about:
a. the possibility of truly democratic elections
b. violations of the Bill of Rights
c. the Fifth Amendment
d. not enough people voting
e. protecting the interests of a minority from the majority
By the 18th century, the bulk of world output was produced in:
a. Asia
b. Africa
c. Europe
d. The Asian offshoots
e. none of the above
By far the largest EU exporter and importer is
a. France
b. The Netherlands
c. Germany
d. The United Kingdom
Which country has stricter insider trading laws?
a. Germany
b. Japan
c. France
d. United States
e. Indonesia
Which country has the highest unemployment rate?
a. Spain
b. Germany
c. Sweden
d. France
Acceptance of the euro by the member state implies:
a. Common monetary policy
b. Common fiscal policy
c. Common foreign policy
d. Common labor policy
The fiduciary responsibility of board members means that they
a. protect the interests of all shareholders.
b. resolve principal-agent problems.
c. make sure the interests of large shareholders are protected first.
d. reject the notion of maximizing shareholder value.
e. none of the above.
Urban work units in China receive
a. job security
b. low priced food
c. free health care
d. subsidized housing
e. all of the above
The constitution of the European Union was approved in 2008.
a. True
b. False
In the twelfth century, the bulk of world population lived in:
a. Asia
b. Africa
c. Europe
d. The European offshoots
e.none of the above
Chinese private companies get their capital largely from:
a. The Whenzou market
b. Private banks
c. IPOs
d. State banks
e. Government grants
The European model punishes insider trading less severely than the American model.
a. True
b. False
Postwar globalization is not our first experience with worldwide globalization.
a. True
b. False
Which country has the highest unemployment rate?
a. Spain
b. Ireland
c. Sweden
d. France
e. All have low unemployment
The theory of relative backwardness
a. formulated by Rostow
b. called for substitutions for missing preconditions
c. explained the industrial revolution
d. was an idea of Gerschenkron
e. both b and d are correct
A rapid demographic transition should raise the saving rate
a. True
b. False
The Chinese famine occurred as a result of:
a. Deng’s reforms
b. Zhou’s reforms
c. The Cultural revolution
d. The Great Leap forward
e. The 1949 land reform
Which of the following has had the most rapid growth over the last two decades?
a. Germany
b. France
c. Pakistan
d. Bangladesh
e. India
The most successful region of transition
a. Central Europe
b. Russia
c. Central Asia
d. Belarus
e. Afghanistan
China’s capital market is:
a. efficient because it lends to large companies
b. is comprised of private lenders who are willing to led for long maturities
c. noted for lending based on political considerations
d. does not discriminate between public and private borrowers
e. none of the above
China’s one child policy
a. Caused the share of young people to rise
b. Prematurely aged the Chinese labor force
c. Lowered the saving rate
d. all of the above
e. none of the above
Countries that use the Anglo Saxon model tend to use civil law.
a. True
b. False
In the postwar period, the share of GDP of which of the following has increased the
most?
a. State companies
b. Agriculture
c. Industry
d. State regulated utilities
e. Government spending
Enterprises obey horizontal orders if the reward from the vertical transaction exceeds
the reward from the horizontal transaction.
a. True
b. False
Ruble control refers to the monitoring of the financial plan by observing fulfillment of
the physical plan.
a. True
b. False
Adam Smith’s notion of the invisible hand served as the foundation of
a. mercantilist thought.
b. the philosophy of protectionism.
c. the liberal economic thought of the nineteenth century
d. the neo-Marxian tradition.
e. none of the above.
Islamic economics promotes the organization of production through large partnerships.
a. True
b. False
The Asian Crisis:
a. dates to the summer of 1987
b. was characterized by devaluations of local currencies
c. was triggered by high debt
d. a, b, and c are correct
e. none of the above
The Industrial Revolution began in Germany and spread to Europe and North America.
a. True
b. False
In an administrative command economy, a price below equilibrium
a. means we can buy cheap goods freely
b. creates opportunities for corruption
c. does not matter at all
d. both a and b are correct
e.none of the above
SOEs refer to China’s rapidly growing service sector
a. True
b. False