Study for Quiz 3

The quiz consists of 35 questions. There are 20 multiple choice questions worth 1 point each. There are 8 items to be matched against 3 categories in an 8 point matching problem. Finally, there are 7 multiple response questions where more than one answer is needed. There are a total of 18 points available from these 7 multiple response questions. In total, then there are 45 points.

Key Questions to study (in no particular priority or order):

  1. Who/what/why is the G7, G8, and G20?
  2. Who are the BRIC? How are they similar? How different?
  3. What challenges, differences,and similarities did Russia, Poland, and China encounter in their transition from communism to at least partially market-based capitalism?
  4. How do India and China differ in culture, institutions, and management of their economy? How does that affect what types of economic activity each is good or poor at? How does that affect how an entrepreneur might do business?
  5. What characteristics are common to “emerging market nations”? In what ways are they often very different?
  6. How did trade between Asia and Europe develop? Who (nations) started it? How did China, Japan, and India react differently to European trade encounters (historical perspective, not current)?
  7. What is an “emerging market nation”?
  8. How are “emerging market nations” different from the “first world” or “developed world”?
  9. How do “emerging market nations”, developed nations, and less-developed (third-world nations) differ in per capita income? Growth rates?
  10. What advantages do “emerging market nations” have that enable them to grow and industrialize faster than developed nations did? What disadvantages cause them challenges and slow their growth?
  11. What was dependency theory? Where was it commonly implemented? What did it suggest?
  12. What is “shock therapy”? Where has it been used?

Important terms:

  • emerging market nation
  • developed or first world nation
  • institutions
  • culture
  • G7, G8, G20
  • “Chicago boys”
  • Dependency theory
  • Permit raj
  • stagflation

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