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QUESTION 1 What impact does high inequality have on economic growth? It promotes growth by rewarding...

QUESTION 1

What impact does high inequality have on economic growth?


It promotes growth by rewarding those at the top of the income hierarchy


It leads to damaging recessions


It has no impact on growth


It adversely affects the sustainability of growth

QUESTION 2

Top-income data best reflects:


The power of people with the largest incomes


The biggest benefit of democracy


An ethical distribution of wealth


The same information as the GINI index

QUESTION 3

Which of the following is true about the current account:


If it is positive, a country exports more than it imports


If it is negative, a country exports more than it imports


If it is positive, a country is necessarily better off


If it is negative, a country has a large trade surplus

QUESTION 4

High youth unemployment can lead to:


Inactivity of extremist groups


Lower levels of students attending universities


Political unrest


Greater income equality

QUESTION 5

Countries interested in joining the EU must demonstrate all but which of the following economic criteria?


Sustainable public finances.


Price stability.


Exchange rate stability.


Predictable short-term interest rates.

QUESTION 6

The term Keiretsu refers to:


A business model organized in Germany after the way


The three centres of power in Japan – bureaucracy, politicians and big business


A period of stagnation in the Japanese economy


Cross-shareholdings and informal networks of suppliers and customers

QUESTION 7

Transition economies typically seek all but which of the following to grow?


Foreign investors willing to develop new start-up enterprises


Foreign investors willing to purchase state enterprises transitioning to private companies


Foreign and local investment for infrastructure.


Foreign government loans

QUESTION 8

Which of the following was not used to help Sweden emerge from the 1991 financial crisis?


Privatization of healthcare


Increase in taxes


Privatization of education


Reduced welfare spending

QUESTION 9

A current account surplus indicates which of the following?


The country exports more than it imports


The country imports more than it exports


The country’s exports are too expensive


The country’s imports are too expensive

QUESTION 10

Assessing income inequality is most accurately accomplished by?


Examining in detail top-income data for longevity factors.


Identifying sources of poverty.


Assessing export growth over time.


Exploring trend lines in per capita GNI and GDP.

Homework Answers

Answer #1

1. Option D

Economies with pronounced economic inequality suffer from lower long-term GDP growth rates, higher crime rates, poorer public health, increased political inequality, and lower average education levels

2. Option A

Top income data reflects those who are best. It reflects powerful people earning highest income.

3.Option A

Surpluses tend to be reported as “good” or “healthy”, while deficits are often regarded as “bad”. When a country has a current account surplus, it is exporting capital to the rest of the world. Consequently, it is a net lender.

4.Option C

Areas of high unemployment especially youth unemployment tend to have more crime and vandalism. It can lead to alienation and difficulties in integrating young unemployed people into society.All this can result in political unrest.

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