Question 1 (2 points)
What regional economic bloc removes trade restrictions between member countries and establishes a common trade policy towards non-member countries? Restrictions remain on movement of factors of production.
Question 1 options:
- Free Trade Area such as NAFTA
Custom union such as MERCOSUR
Economic Union such as the European Union
These type of trade agreements do not exist
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Question 2 (2 points)
- Identify the term that describes a country whose national government exerts control over the national economy by controlling national banks and providing extensive welfare services. An example of this type of state would be Germany.
Question 2 options:
Neoliberal states
Welfare states
Authoritarian states
Developmental states
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Question 3 (2 points)
Identify the term that supports the view point that the state’s role in the economy should be limited to enforcing property rights and supporting free markets and free trade.
Question 3 options:
Keynesian economics
Neoliberalism
Hyperglobalism
Downscaling
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Question 4 (2 points)
Several countries in recent years have implemented policies that make labor markets more flexible. Identify the country that is a model for those that support the flexibilization of labor markets through deregulation.
Question 4 options:
Japan
Germany
United States
France
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Question 5 (2 points)
Select the statement that is an example of how the state serves as the ultimate protector of the national economy according to Neil Coe, Philip Kelly and Henry Yeung.
Question 5 options:
The state protects property rights and rule of law.
The state works to attract foreign direct investment
The state is involved in the maintenance of transportation infrastructure
State-owned enterprises
