Msu Iss Final Ii

Front 1

How did the US approach to improving the American standard of living differ from the European approach

Back 1

The US refrained from policies that redistributed income from the rich to the poor/middle class
Created conditions for middle class to fully share nations prosperity
Push the economy towards full employment while enhancing workers bargaining rights
ALL OF THE ABOVE

Front 2

How did the "countervailing powers' of New Deal legislation such as 1935 Wagner Act and the 1936 Robinson-Patman Act create the conditions for the middle class to fully share in nations prosperity?

Back 2

They gave workers the right to form unions and to bargain for wages collectively
They established Social Security and provided workers a strong safety net when they couldn't work
(A AND C ONLY)

Front 3

In economics, the reserve price is

Back 3

The minimum amount for which an individual is willing to work
Determined by the minimum wage/level of welfare support
(B AND C ONLY)

Front 4

According to Reich, the American solution to overcapacity, the ability to produce large volumes of consumer goods at relatively low cost, after WWII was

Back 4

To encourage Americans to buy ever increasing amounts of these goods

Front 5

The reason ejidos were not as succesful as they might have been is that

Back 5

The promised social programs with schools and hospitals and financial programs, such as the Banco de Credito Ejidal, never developed

Front 6

Ejidos...

Back 6

Were established under Article 27 of the Mexican constitution
Provide the agricultural base for Indian communities in Chiapas and elsewhere
Were threatened by revisions to Art. 27 under terms of NAFTA
ALL OF THE ABOVE

Front 7

Which of the following statements about maquiladoras is true?

Back 7

For Mexico, maquiladoras are an effective mechanism
of technology transfer.
They permit U.S. corporations often operate co-production factories - making truck seats and transmissions in Mexico and assembling the trucks in Arlington, TX - on both sides of the border.
The devaluation of the peso in the 1980s further reduced labor costs and stimulated the massive expansion of factories within the maquiladoras.
ALL OF THE ABOVE

Front 8

When the mexican government devalued the peso

Back 8

American companies were able to buy land and businesses in Mexico at bargain prices

Front 9

Why have the clearly inefficient substitence farmers in Mexico continued to produce more corn even though the market value of corn continues to drop

Back 9

They increase production in order to maintain income levels.
They do not have the technology or the credit to switch to other better paying crops.
Thirty-eight percent of the corn they produce is consumed by their families.
ALL OF THE ABOVE

Front 10

Why did Mexico offer tesbonos, Mexican government bonds, denominated in U.S. dollars rather than in pesos?

Back 10

Investors feared that Mexico might devalue the peso and wipe out the value of their investment

Front 11

Although they come from different perspectives, Fiess and Lederman of the World Bank Group and Henriques and Patel of the Americas program would agree that subsidies on corn in the US and Mexico should be reduced or eliminated (T/F)

Back 11

TRUE

Front 12

Since NAFTA came into effect, the price of tortillas has

Back 12

Increased because the Mexican tortilla market is a monopoly

Front 13

Which of the following statements about the mexican revolution is true

Back 13

Zapata led a peasant army in Morelos that reclaimed land taken from them from Porf. Diaz
Poncho Villa led rebellion of ranchers in Chihuahua
Articles 27/123 passed by Carranza
ALL OF THE ABOVE

Front 14

What happened when the International Monetary Fund looaned Mexico the money it needed to cover its debts in the early 80s following Volker's decision to raise interest rates in the US

Back 14

Many privately owned companies were nationalized leading to labor disputes.
Agricultural tariffs were increased protecting producers from stiff U.S. competition.
Food subsidies were reduced and expenditures on public services like education and health declined.
ALL OF THE ABOVE

Front 15

In a "Place Called Chiapas" the villagers from the north of Chiapas fled their village because

Back 15

The local militia Paz y Justitia said they were no longer able to protect them

Front 16

______ poses a problem for Keynesian economics which predicts that prices should not go up when demand is low

Back 16

Stagflation

Front 17

According to Reich the fundamental reason for the Great Recession in the US and the long term prospect of a sustained economic recovery in the US is in doubt is because

Back 17

The wealthiest americans will continue to increase their share of the national wealth leaving middle class Americans with less and less money to spend

Front 18

During the Era of Consensus that followed WWII politicians on the right and left generally agreed that government should

Back 18

Intervene in the economy when necessary to keep inflation and the business cycle under control.
Focus on full employment, economic growth, and the
welfare of its citizens.
Create a regulatory environment to restrain or enhance an industrial strategy.
ALL OF THE ABOVE

Front 19

The Misery Index, the rate of inflation plus the unemployment rate, reached its peak under

Back 19

Jimmy Carter

Front 20

Why would the Misery Index be lower under Obama than in the first years of the Reagan presidency

Back 20

While unemploment was higher under Obama, the rate of inflation was higher under Reagan

Front 21

The Volker Shock demonstrated that, as Keynes predicted, raising interest rates high enough

Back 21

Would squeeze inflation out of the system and lower
it to sustainable levels.
Would substantially increase unemployment in the short term.
Would lower demand for goods and services.
ALL OF THE ABOVE

Front 22

Which of the following was NOT a feature of the laws enacted by Paul Bremmer as head of the Coalition Provisional Authority in Iraq?

Back 22

Authorized the sale of Iraqi government enterprises to private owners

Front 23

Harvey argues that the Neoliberal reforms begun under Carter and expanded under Reagan and Thatcher were driven by a crisis of capital accumulation affecting the wealthiest segment of the population rather than by the need to address structural problems in the US and British economy (T/F)

Back 23

True

Front 24

George Collier would argue that the emphasis on indigenous identity and collective rights that characterized the Zapitista rebellion in Chiapas is because the end of the Cold War and the collapse of the Soviet Union discredidited previously held Marxist/socialist concepts of class warfare (T/F)

Back 24

True

Front 25

Which of the following is characteristic of Porfirismo described by Kathleen Sullivan and June Nash

Back 25

The elimination of lands held collectively by Indian communities

Front 26

Which of the follwing statements about the War of the North American Invasion is NOT true

Back 26

The "heroic children of Chapultepec" managed to stop Zachary Taylor's march from Vera Cruz to Mexico City

Front 27

The agreement on international financial systems made at Bretton Woods in 1944

Back 27

Ensured that all countries would back their currencies with a fixed quantity of gold
Pegged each currency to a specific multiple of the US dollar
(A AND B ONLY)

Front 28

Margaret Thatcher became Prime Minister in 1979 riding popular anger with unions stemming from the "Winter of Discontent" and quickly made good on her campaign promise to suppress unions (T/F)

Back 28

True

Front 29

The Community Charge or Poll Tax introduced by Prime Minister Thatcher in 1990

Back 29

Was a regressive tax under which everyone paid the same amound regardless of income
Provoked a tax revolt that led to her removal as prime minister
(A AND C ONLY)

Front 30

Which of the following statements about jobs is not correct

Back 30

Among industrialized nations, the percent of part time workers in the labor force is highest in the United States

Front 31

Traditional wet conserverism in Britain was based on the understanding that those were well off by birth had an obligation to act in the interest of those who are less fortunate (T/F)

Back 31

FALSE

Front 32

In von Hayek's view, freedom is inherently a good thing but can be abused when it allows individuals to exploit others (T/F)

Back 32

True

Front 33

In order to gain popular support for neoliberal reforms, Margaret Thatcher stressed individual freedom and mobilized

Back 33

Youth against class privilege
Monetary policies that favored the financial sector over the manufacturing sector
(B AND C ONLY)

Front 34

Which of the following is not an assumption that Keynes makes about unemployment

Back 34

Persistent unemployment is due to the unwillingness of workers to accept lower wages even though they didn't work hard enough to justify higher ones