IPE mid-term

Welcome to your mid-term exam in international political economy

What follows are 30 questions with 4 alternative answers each. Please pick one answer for each question. You have 15 minutes to complete the quiz. You can take the test only once and you can't go back. It will be graded immediately after you have finished. Feel free to use AI or internet resources. The next page will ask for your name, then the quiz itself starts.

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What's your name?

1 / 30

1. Where is the European Central Bank?

Luxemburg

Frankfurt

Brussels

Berlin

2 / 30

2. According to my lecture, much of the silver mined in Potosi ended up where?

India and China

North America

Europe

The Middle East

3 / 30

3. Which is true?

In the 1960s, aid agencies advocated import substitution for poor countries

GDP is a measure of human well-being

Communist regimes reject central planning

Inflation is mainly caused by foreing investors

4 / 30

4. According to a video we watched in class, why don't dollars accumulate in China?

The Chinese are depreciating their currency

The Chinese are buying US debt

The Chinese inflation is too high

The Chinese are investing in infrastructure

5 / 30

5. In the 1980s, what did these countries think of the euro?

Germany was positive; France was skeptical

Italy and Spain were trying to retain their legacy currencies

France was positive; Germany was skeptical

Britain and Denmark were enthusiastic supporters

6 / 30

6. What, according to my lecture, is it stupid to grow in Sweden?

Tea

Bananas

Mangoes

Coffee

7 / 30

7. The current head of the IMF is from which country?

France

United States

Germany

Bulgaria

8 / 30

8. How did we illustrate the idea of division of labor? By means of ...

David Ricardo's trade model

David Hume's critique of bullionism

Richard Bowstrong's spinning wheel

Adam Smith's pin factory

9 / 30

9.

This video provides a good musical illustration of what?

The British economy of the 1970s

Neo-mercantilism

Globalization

Falling house prices

10 / 30

10. What is true of "the infant industry argument"?

It suggests that new industries naturally have a competitive advantage.

It recommends focusing solely on established industries for economic growth.

It advocates for unrestricted foreign investment in new industries.

It argues for protecting emerging domestic industries from foreign competition until they become competitive.

11 / 30

11. What does the exchange rate measure?

The level of foreign direct investments

The price of a currency in terms of another currency

The level of government indebtedness

Changes in inflation over time

12 / 30

12. One of the readings discussed the work on Carl von Linnaeus. In class we talk about Linnaeus' work as an example of what?

The need for import duties

The importance of agriculture

Trade deficits

Mercantilist policies gone wrong

13 / 30

13. Which era did I refer to as "the golden age of political economy"?

The second era of globalization starting in the 1980s

The period of state-formation in early modern Europe

The miraculous growth of the Chinese economy after Deng Xiaoping's reforms

The period between the world wars

14 / 30

14. In one of my lectures I exemplified collective action problems how?

Building apartments in Başakşehir

Joining a student club

Drinking juice with a straw

Bringing food to a party

15 / 30

15. Why is the notion of comparative advantage counter-intuitive? It shows that ...

currency depreciation is a double-edged sword

Beggar Thy Neighbor policies under certain circumstances can contribute to universal welfare

division of labor does not always lead to gains in efficiency

a sector of the economy can go out of business even if it is more efficient than a foreign competitor

16 / 30

16. We discussed "optimal currency areas" in class. Which two areas did I use as an example?

Turkey and Greece

London and Northern Ireland

East and West Germany

Istanbul and eastern Anatolia

17 / 30

17. President Erdoğan's economic policies were known as "unorthodox" since he ...

increased interest rates although Turkey had high inflation

increased foreign borrowing although Turkey had high inflation

depreciated the lira although Turkey had high inflation

reduced interest rates although Turkey had high inflation

18 / 30

18. According to what I said in our class discussion, who are the least hardworking?

Turks

Chinese people

Swedes

West African women

19 / 30

19. A fun fact about David Ricardo:

He started working in the London Stock Exchange when he was only 14

He was convicted for bigamy at the age of 56

He was a foundling brought up by Jamaican parents

He died penniless

20 / 30

20. When discussing comparative advantage, Ricardo compared England and Portugal. In our class, I used another example in order to illustrate the same logic.

Five ladders and one wheelbarrow

Woodrow Wilson and his secretary

Trump and Putin's dog

Louis XIV and his court

21 / 30

21. What, according to Adam Smith, determines the wealth of a country?

Its human capital

Its national resources

Its productivity

Its gold reserves

22 / 30

22. A depreciation of the Turkish lira ...

makes Turkish goods more expensive abroad

makes it more expensive to study abroad

will attract more foreign investments

means that foreign exchange reservers will be used up

23 / 30

23. In our class we discussed imperialism in relation to what?

Free trade

Globalization

Liberalism

Comparative advantage

24 / 30

24. What does GDP measure?

Inequality in a society

The level of inflation

A society's production of goods and service

Exchange rate fluctuations

25 / 30

25. On what did Clifton L. Ganus give a lecture in a video we watched?

Capitalism

International trade

International finance

The IMF

26 / 30

26. The rap duel we watched in class featured which two economists?

Keynes vs. Hayek

Krugman vs. Friedman

Smith vs. Ricardo

Lars Banderbildt vs. Rory McGregor

27 / 30

27. Which country was the "hegemon" during the first era of globalization?

The Spanish Empire

Great Britain

The United States

France

28 / 30

28. Which countries have used protection for infant industries in order to successfully compete on the world market?

Japan, Korea, Taiwan in the 1960s

Argentina and Brazil in the 1950s

The US in the 1980s

Russia as a result of the war in Ukraine

29 / 30

29. We discussed how hegemons can be exploited by smaller countries. This is an example of what?

Balance of power politics

Free-riding

Beggar Thy Neighbor policies

Band-waggoning

30 / 30

30. In class, we discussed one reason why comparative advantage might not be so important in practice.

Reduced shipping prices

Internet trade

Prices are set in dollars

Intra-company trade

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