QUESTION 1 How does nationalization affect economic development? a. Nationalizat

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QUESTION 1 How does nationalization affect economic development? a. Nationalization is a proven way to promote growth and development by freeing a country from its imperialist past b. Nationalization does sometimes affect growth and development, but it can go either way and needs to be evaluated on a case by case basis c. Nationalization is extreme, but usually necessary to kick-start growth and development d. Nationalization poses an extreme threat to property rights and has usually been disastrous for growth and development e. Nationalization rarely affect growth and development, but it does increase tax revenues 2 points Save Answer QUESTION 2 To promote growth and development, what should a country do about creative destruction and churn? a. Try to eradicate both b. Promote creative destruction, but prevent churn c. Refrain from preventing either d. Encourage churn, but make creative destruction illegal e. Regulate both and try to minimize each 2 points Save Answer QUESTION 3 What is the primary difference between a developing economy and an underdeveloped economy? a. nothing; the two terms are synonymous b. developing economies have a low level of development, but are on the development road; underdeveloped economies have low levels of development and are not on the development road c. underdeveloped economies have a low level of development, but are on the development road; developing economies have low levels of development and are not on the development road d. developing economies all have real GDP growth rates that are higher than their nominal GDP growth rates; underdeveloped economies do not e. underdeveloped economies all have real GDP growth rates that are higher than their nominal GDP growth rates; developing economies do not 2 points Save Answer QUESTION 4 What is the chief characteristic of Stage 4 in the demographic transition? a. Low death rates and high birth rates b. Low birth rates and high death rates c. Low birth rates and low death rates d. High death rates and high birth rates e. Low death rates and high - but declining - birth rates 2 points Save Answer QUESTION 5 What was James Duke’s most important contribution to the cigarette industry? a. Duke was the inventor and the innovator of a cigarette-making machine b. Duke was the inventor of a cigarette-making machine c. Duke figured out how to market cigarettes in volume so that sales could keep up with the volume of output from the Bonsack cigarette-making machines d. Duke developed a treatment for lung cancer which keep cigarette smokers alive longer e. Duke figured out how to boost the nicotine content of cigarettes to make them more addictive f. Duke figured out how to get basketball players to smoke 2 points Save Answer QUESTION 6 What was Elisha Otis’s most important contribution to the elevator industry? a. Otis invented the elevator b. Otis made the first elevator that move fast enough to make it worthwhile taking the elevator c. Otis recognized that the demand for elevators was being held back by safety fears and he invented and innovated an automatic elevator brake d. Otis took the elevator industry to new heights by installing elevator music that kept elevator passengers from getting scared or bored 2 points Save Answer QUESTION 7 What was James Bonsack’s most important contribution to the cigarette industry? a. Bonsack was the inventor and the innovator of a cigarette-making machine b. Bonsack was the inventor of a cigarette-making machine c. Bonsack the innovator of a cigarette-making machine d. Bonsack developed a treatment for lung cancer which keep cigarette smokers alive longer e. Bonsack figured out how to boost the nicotine content of cigarettes to make them more addictive 2 points Save Answer QUESTION 8 According to Smith, the ability of firms to embrace and adopt specialization and the division of labor was primarily limited by a. A lack of managerial training b. The extent or size of the market c. The number of pins that could be packed in a one-pound box d. The Labor Department e. The ability of people to see and understand the significance of specialization and the division of labor 2 points Save Answer QUESTION 9 In a Production Possibilities Curve depicting the trade-off between with capital goods vs. consumer goods, an economy choosing more capital goods and less consumption goods will, ceteris paribus a. Be inefficient b. Grow slower c. Grow faster d. Not have any opportunity costs in choosing more capital goods over consumer goods e. Have a better balance of supply with demand 2 points Save Answer QUESTION 10 The creators of the modern-day European Union (EU) were motivated by Adam Smith’s argument to create a large unified market that would allow European firms to a. Have a market that was as big as the American market and thereby able to better utilize specialization and the division of labor b. Monopolize world markets c. Eliminate churn entirely d. Retaliate against unfair American trade policies

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3) developing economies have a low level of development, but are on the development road; underdeveloped economies have low levels of development and are not on the development road

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