Countries that are active traders with a large number of imports and exports tend to be wealthier than those who do not actively trade.
Countries that are active traders with a large number of imports and exports tend to be wealthier than those who do not actively trade.
2. Globalization has a number of effects.
Which of the following is NOT one:
a. Lower prices for products.
b. Making many people economically worse off over the long term.
c. Increasing the diversity of products available to consumers.
d. Creating new business opportunities, especially in poor countries.
3. Trade is based on the idea of comparative advantage as explained by David Ricardo. Explain this concept.
4. True or False. Adam Smith noticed and analyzed the fact that in many countries economic growth started in port cities which tend to be driven by trade.
5. The Promised Land (Ancient Israel), was described by God as a land that flowed with milk and honey. There were many reasons why this is so but how did trade and the location of trade routes contribute to the prosperity of the Promised Land?
6. Oil used to be considered a nuisance. It ruined farm land and had no real use or value. It is now a source of great wealth and any farmer would love to find oil on his land. Use the change in how we see oil to explain how ideas and innovation are the true source of wealth. (Feel free to use a different example if you want).
7. Many argue that differences in capital levels and accumulation rates are the main reasons for the differences between wealthy countries and poor ones. Do you agree or disagree and why?
8. Explain how the Jewish sacrifice system and living by faith helped create an investment mindset.
9. True or False. A Biblical concern for the poor should focus exclusively on aid and charity.
10. Sweden experience high growth in the first half of the 20th century. Then in the 1970’s and 80’s they changed policies towards more socialistic policies with a large and active government managing the economy. All of the following resulted except which?
a. Growth slowed significantly.
b. The government enacted hidden taxes and rates exceeded 100% for some people.
c. There were large protests and many top producers left the country.
d. Eventually the country adjusted and Sweden is an example of a Socialist success story.
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