Question

Another alternative to per capita____is a physical________to evaluate living standards. a GDP; Quality-of-life index b GDP;...

Another alternative to per capita____is a physical________to evaluate living standards.

a GDP; Quality-of-life index
b GDP; Employment-Opportunity index
c GNP; Quality-of-life index
d GNP; Employment-Opportunity index

The spread of ideas, information, images, and people

a Economic globalization
b Political globalization
c Enterprise globalization
d Social globalization

Arguments against globalization include:

a Free trade helps developing countries
b The connection between globalization and environmental harm is weak
c "Fair" Not "Free" Trade
d All of the above

Some studies have shown that globalization________economic growth without______income inequality within nations.

a increases; increasing
b decreases; decreasing
c decreases; increasing
d increases; decreasing

The most heavily traded category of goods traded in the world, in terms of value of exports.

a Fuels
b Electronics
c Vehicles
d Services

An advantage derived from one country having a lower absolute input cost of producing a particular good than another country.

a Comparative advantage
b Equilibrium advantage
c Absolute advantage
d None of the above

Industrial countries may have a___________ in products requiring a large amount of skilled labor. Developing countries may have a____________in products requiring a large amount of unskilled labor.

a comparative; comparative
b comparative; absolute
c absolute; comparative
d absolute; absolute
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Homework Answers

Answer #1

1) There are two measures to evaluate the quality of life or living standards, the real GDP per capita (less accurate) and physical quality of life index (More accurate). Option A

2) Option D because when there is a cultural give and take, there is a transfer of societal ideas and knowledge as well

3) Option C. This is because this argument is opposite to the case of free trade that calls for maximizing the overall welfare while fair trade argues for welfare gains for most of the groups in the society

4) Option A

5) Option A Fuels.

6) Option C. Absolute advantage

7) Option A. comparative; comparative

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