Indicators of Higher Integration in Economics
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Questions and Answers

According to Adam Smith, how does greater opportunities for trade promote productivity advance?

  • Lowering income inequality
  • Greater investment in pirating and privateering
  • By limiting the power of dictators
  • Specialization (correct)

    • Which factor was NOT crucial in explaining the migration patterns of free workers in Europe prior to 1914?

  • Information and personal connections
  • Population pressures in the sending country
  • Government restrictions that limited entry to specific nationalities (correct)
  • Credit constraints

    • Which of the following did the least to promote free and open immigration into the United States?

  • Famine and hunger in Europe
  • Falling shipping costs
  • Good information on job opportunities in the US from previous migrants
  • The Chinese Exclusion Act of 1882 (correct)

    • Which indicator suggests that capital markets were internationally integrated between 1850 and 1913?

    <p>Bond yield movements were highly correlated between various country pairs (C)</p> Signup and view all the answers

    Which of the following would NOT be indicative of higher integration?

    <p>Real interest rates gaps between countries persisted (D)</p> Signup and view all the answers

    What does the marginal product of capital refer to?

    <p>The increase in capital resulting from a one-unit increase in input (B)</p> Signup and view all the answers

    What happened when nations signed a trade treaty with a Most Favored Nation clause?

    <p>Both nations now had to extend their lowest tariff on all goods with their treaty partner (B)</p> Signup and view all the answers

    What was a principle cause of hyperinflation in places like Germany between the wars?

    <p>Reparations payments and government budget deficits (D)</p> Signup and view all the answers

    Why was the gold standard weak in the period between the two world wars compared to before World War I?

    <p>The loss of British leadership at the international level (D)</p> Signup and view all the answers

    What is an effect of nations not being able to commit to play by the rules of the game in the gold standard?

    <p>Nations could not borrow gold in times of crisis from other countries (A)</p> Signup and view all the answers

    What did signing a trade treaty with a Most Favored Nation clause not lead to?

    <p>Increased capital flows between two nations (C)</p> Signup and view all the answers

    Which of the following is not indicative of higher integration according to the text?

    <p>A rise in the number of skilled workers (D)</p> Signup and view all the answers

    According to Adam Smith, how does greater opportunities for trade promote productivity advance?

    <p>Specialization (D)</p> Signup and view all the answers

    Which factor was crucial in explaining the migration patterns of free workers in Europe prior to 1914?

    <p>Government restrictions limiting entry to specific nationalities (B)</p> Signup and view all the answers

    Which of the following did the most to promote free and open immigration into the United States?

    <p>Good information on job opportunities in the US from previous migrants (B)</p> Signup and view all the answers

    What indicates that capital markets were internationally integrated between 1850 and 1913?

    <p>Bond yield movements were highly correlated between various country pairs (A)</p> Signup and view all the answers

    Which of the following was not a factor promoting free and open immigration into the United States?

    <p>Lower insurance costs (D)</p> Signup and view all the answers

    What is the likely reason for hyperinflation in places like Germany between the wars?

    <p>Reparations payments and government budget deficits (C)</p> Signup and view all the answers

    Why was the gold standard during the period between the two world wars weaker compared to before World War I?

    <p>The loss of British leadership at the international level (D)</p> Signup and view all the answers

    What did signing a trade treaty with a Most Favored Nation clause NOT lead to?

    <p>High tariffs for the two countries involved (B)</p> Signup and view all the answers

    What impact did signing a trade treaty with a Most Favored Nation clause have?

    <p>Extended lowest tariffs to the treaty partner (A)</p> Signup and view all the answers

    What is the role of capital flows in the context of a Most Favored Nation trade treaty?

    <p>Liberalized capital flows (A)</p> Signup and view all the answers

    What is a likely cause of hyperinflation in places like Germany between the wars?

    <p>High growth in GDP per capita and 'overheating' of the economy (C)</p> Signup and view all the answers

    What was a significant reason for the weakness of the gold standard during the period between the two world wars compared to before World War I?

    <p>The loss of British leadership at the international level (D)</p> Signup and view all the answers

    When nations signed a trade treaty with a Most Favored Nation clause, what did it entail for tariffs?

    <p>Both nations now had to extend their lowest tariff on all goods with their treaty partner (B)</p> Signup and view all the answers

    What did the marginal product of capital diverge from?

    <p>Exchange rates (A)</p> Signup and view all the answers

    Why was the gold standard weaker in the period between the two world wars regarding borrowing gold in times of crisis?

    <p>Nations could not commit to play by the rules of the game (C)</p> Signup and view all the answers

    What did signing a trade treaty with a Most Favored Nation clause imply for tariffs?

    <p>Both nations extended their lowest tariff on all goods with their treaty partner. (B)</p> Signup and view all the answers

    What is likely the main reason for hyperinflation in places like Germany between the wars?

    <p>Reparations payments and government budget deficits (B)</p> Signup and view all the answers

    Why was the gold standard in the period between the two world wars considered weak compared to before World War I?

    <p>Nations could not commit to play by the rules of the game (B)</p> Signup and view all the answers

    What did the marginal product of capital diverge from?

    <p>Nominal rigidities (D)</p> Signup and view all the answers

    Why were capital flows liberalized when nations signed a trade treaty with a Most Favored Nation clause?

    <p>To promote economic cooperation and investment between nations (A)</p> Signup and view all the answers

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