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A) Please read the following expressions and statements and decide whether they belong to the vocabulary of an economist or a political economist.

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  1. A. Look more closely through the first part and decide which of the following statements renders the main idea of the given part.
  2. A. Miscellaneous vocabulary
  3. Active vocabulary
  4. Active Vocabulary
  5. Active Vocabulary
  6. Amp; VOCABULARY

 

Q1: The market is composed of impersonal forces. (p. 38) ECONOMICS

Q2: The market is a socio-political system populated by powerful actors. (p. 38) POLITICAL ECONOMY

 

Q3: The market is composed of such powerful entities as giant corporations and labour unions. (p. 38) POLITICAL ECONOMY

Q4: Individual actors such as consumers, producers and even states have only limited or no control at all over the market. (p. 38) ECONOMICS

Q5: Powerful market actors can influence significantly the policies of the state. (p. 38) POLITICAL ECONOMY

Q6: The market is a self-regulating and self-contained system. (p. 38) ECONOMICS

Q7: Economic actors are price-takers. (p. 38) ECONOMICS

Q8: Institutions can have a significant influence in determining economic behaviour and outcomes. (p. 39) BOTH

B) Which of the following statements are true?

 

Q1: According to the neoinstitutionalists, institutions are created in order to solve economic problems. True

Q2: According to the neoinstitutionalists, institutions are not able to increase the efficiency of resource allocation in a market economy. False

Q3: According to the neoinstitutionalists, by creating corporations, transaction costs can be reduced. True

Q4:According to the neoinstitutionalists, institutions are created by mere chance and random choices. False

Q5: According to the public choice school, institutions are created by atomised individuals. False

Q6: According to the public choice school, institutions are created in order to promote the self-interest of powerful lobbies, politicians, etc. True

Q7: According to the public choice school, institutions are rational inventions. True

 

 

C) Which of the following statements are correct?

 

Q1: According to political economists, institutions are created for various reasons, motivated by rational, irrational or even capricious actions. True

Q2: According to political economists, institutions are always the result of a historical accident. False

Q3: According to political economists, it is relatively unproblematic to replace an inefficient institution with another one. False

Q4: According to political economists, we are living in a world where inefficient institutions do exist. True

 

D) Please read the following statements and decide whether they belong to the vocabulary of an economist or a political economist.

 

Q1: International economy emerges spontaneously without creating losers. (p. 42) ECONOMICS

Q2: The creation of an open international economy has advantages – but it is also associated with costs. (p. 42) POLITICAL ECONOMY

Q3: A clear commitment to free trade. (p. 45) BOTH

Q4: The commitment to free trade should not be based on a concept of national interest. (p. 45) ECONOMICS

Q5: The creation of an open world economy requires the existence of a powerful “hegemon”. (p. 43) POLITICAL ECONOMY

Q6: Without strong and dominant leaders in the world economy, there would be no real chance for cooperation among egocentric, selfish states. (p. 44) POLITICAL ECONOMY

Q7: After World War II, such a dominant power was the USA, which launched a concerted effort to create an open international economy. (p. 43) POLITICAL ECONOMY

Q8: Politics and therefore politicians do not have a say in formulating international economy. (p. 44) ECONOMICS

 

 


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Читайте в этой же книге: Эриксоновский гипноз | Exercise 2 | Exercise 3 | Exercises 1 | Exercises 3 | Exercises 4 | Exercises 1 | Numerical example | Exercises 4 | Exercises 1 |
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