POLI 105 VCU SALADINO FINAL EXAM ACTUAL 2025/2026

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POLI 105 VCU SALADINO FINAL EXAM ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Market - Answer -exchange of goods, services, and payments Liberalism - Answer -primary policy- free trade no state interference with markets (ideally) Reduce barriers to the market (ie. tariffs) Comparative advantage -Adam Smith "Wealth of Nations" comparative advantage - Answer -The ability of a country to produce a good at a lower cost than another country can. (determined by market- Not State) Mercantilism - Answer -an economic system (Europe in 18th C) to increase a nation's wealth by government regulation of all of the nation's commercial interests. *Tariffs and other barriers used by governments to control market Difference between Liberalism and Mercantilism - Answer -The role of the state: mercantilism- state controls economics liberalism- economics run the state Protectionism - Answer -the practice or policy of shielding one or more industries within a country's economy from foreign competition through the use of tariffs, subsidies or quotas. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com - to protect infant industries, national security or in response to dumping Dumping - Answer -selling products in a foreign country at lower prices than those charged in the producing country Economic Nationalism - Answer -an emphasis on domestic control and protection of the economy. (ie. "buy American") Japanese Case Study - Answer -used protectionist policies to grow infant industries, established itself in the market, the voted to make protectionist policy illegal to ensure that no other countries could overtake their new industry. Globalization - Answer -the expansion of free trade everywhere, by opening up all markets and states to the global economy-- sell the products and ideas of the world and every state Anti-Globalization Protests - Answer -1. Began with WTO meeting in Seattle (Nov. 2009) 2. Several protests have been staged at major international meetings 3. Anti sweatshop campaigns Biggest problems with free trade - Answer -agriculture, intellectual property rights, service sectors policies The World Trade Organization (WTO) - Answer -International organization derived from the General Agreement on Tariffs and Trade (GATT) that promotes free trade around the world. *Strong enforcement structure *Means of reciprocal free trade enforcement (if you break agreement then other countries have the right to place barriers on your trade) GATT (General Agreement on Tariffs and Trade) - Answer -international agreement first signed in 1947 aimed at Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com