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KSU ECON 1100 - Exam 4 ECON 1100

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ECON 1100 – Global Economics (Section 08) Exam #4 – Spring 2008 (Version A) Multiple Choice Questions (212 points each): 1. From the middle of 1921 through the middle of 1929, the U.S. economy was characterized by a. very low levels of unemployment, but historically high rates of inflation. b. very low inflation rates, but historically high levels of unemployment. c. multiple crashes of the New York Stock exchange, which left most people in the country bankrupt. d. tremendous increases in per capita GDP. 2. Under “command planning” in the Soviet Union a. it was more expensive to take a cab from the airport in Moscow to Red Square than it was to fly from Vladivostok to Moscow. b. the industrial sector was very efficient and could produce more output with fewer inputs than enterprises in similar sectors in other countries. c. a very large fraction of total resources were devoted to national defense. d. More than one of the above answers is correct. 3. The Balcerowicz Group a. supported gradual economic reform, not “Shock Therapy.” b. gained control of the Commanding Heights of the Russian Economy through “Voucher Privatization.” c. was led by Leszek Balcerowicz, who served as Finance Minister and Deputy Prime Minister in the new Solidarity government in Poland. d. More than one of the above answers is correct. 4. The “Household Responsibility System” a. was the central component of reform within State Owned Enterprises in China. b. allowed farmers to sell output above a quota level for a profit in the marketplace. c. reintroduced “economic incentives” into production within the agricultural sector in China. d. More than one of the above answers is correct. 5. Which of the following caused an “Oil Crisis” in the 1970’s? a. The Oil Embargo imposed by Arab members of OPEC during the Yom Kippur War. b. The election of Jimmy Carter in 1976, and the subsequent transfer of power from Ford to Carter. c. The breakup of John D. Rockefeller’s Standard Oil Trust Company. d. More than one of the above answers is correct.6. _______________ was the leader of China during the time when the country implemented a system of “Soviet style Command Planning.” a. Boris Yeltsin b. Deng Xiaoping c. Mao Zedong d. None of the above answers is correct. 7. “Black Thursday” refers to a. the U.S. stock market crash which occurred on Thursday, 10/24/1929, at the start of what would become the Great Depression. b. the semi-free elections in Poland on Thursday, 6/4/1989, during which the Solidarity Party came to power. c. Thursday, 11/9/1989, the day when the Berlin Wall was taken down, leading to the reunification of Germany. d. None of the above answers are correct. 8. Between 1978 and 1996, the Chinese economy experienced a. a movement toward a system of Soviet style Command Planning. b. negative GDP growth, leading to a decrease in living standards. c. a doubling of per capita income between 1978 and 1987, followed by another doubling of per capita income between 1987 and 1996. d. More than one of the above answers is correct. 9. The “National Recovery Administration” was a. declared Unconstitutional by the Supreme Court in 1935. b. Richard Nixon’s attempt at to completely eliminate intervention in the economy by the federal government. c. Franklin Roosevelt’s idea for a “partnership in planning between government and business.” d. More than one of the above answers is correct. 10. ____________ became known as “Europe’s New Tiger,” because of its strong economic performance starting in the mid 1990’s. a. Great Britain b. Russia c. The Slovak Republic d. Poland 11. In Las Vegas there are many fewer restrictions on individual behavior than in most other cities in the U.S. (e.g. – gambling is legal, consumption of alcohol in public is legal, etc.). A parallel could be drawn between “the ‘different rules’ that people face when in Las Vegas” and the a. Household Responsibility System first implemented in China in 1979. b. establishment of Special Economic Zones within China. c. creation of regulatory agencies in the U.S. as part of the New Deal. d. attempt at “Soviet style Command Planning” in China post WW-II.12. During the 1920’s many individual investors in the U.S. purchased stock “on margin,” meaning that they a. made purchases at prices well below the “true market value” of the stock. b. purchased stock in companies that they knew would likely go bankrupt within the next couple of years. c. borrowed money in order to purchase stock. d. None of the above answers are correct. 13. ____________ was the leader of the Soviet Union when the Solidarity Party gained political control of Poland during the semi-free elections of 1989. a. Mikhail Gorbachev b. Boris Yeltsin c. Dolph Lundgren d. Vladimir Vladimirovich Putin 14. ____________ was known as the “trust buster,” having launched anti-trust suits during his administration that led to the breakup of over 40 monopolies. a. Mao Zedong b. Franklin Roosevelt c. Theodore Roosevelt d. Richard Nixon 15. _______________ refers to the movement launched by Mao Zedong to rid China of “liberal bourgeoisie elements” and continue “revolutionary class struggle.” a. The Great Leap Forward b. The Household Responsibility System c. The Cultural Revolution d. Shock Therapy 16. Madagascar experienced a per capita GDP growth rate of roughly 5% in 2007. If they were to continue to experience this rate of per capita GDP growth, then by the “Rule of 70” their per capita GDP would double in roughly ______ years. a. 5 b. 14 c. 20 d. 70 17. The economic system which has emerged in China could be described as “Socialism with Chinese Characteristics.” This system a. relies entirely upon free markets to allocate all economic resources. b. is one in which the assets of much of the industrial sector are owned by the state, but in which the primary functions of economic coordination are performed by the market. c. is one in which most assets are privately owned, but all decisions regarding the use of resources are made by government bureaucrats. d. is the first instance of “Pure Communism” instituted in the real world.18. During much of the 1970’s the U.S. economy experienced a. high levels of inflation, but historically low levels of unemployment. b. high


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KSU ECON 1100 - Exam 4 ECON 1100

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