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(Solved) Midterm Review Sample questions:


Midterm Review

Sample questions:

What are some of the products that Latin American countries focused on exporting, please describe 2 or more reasons why this was not ideal for an emerging economy (3 points).

What are some of the characteristics of the classical economic theory? Was this followed in Latin America? Provide some reasons why this was or was not the case (5 points).

After independence, what was the missed opportunity for the new Latin American countries (2 points)?

Please compare or contrast state involvement in Latin American economies to Joseph Stiglitz’s description of international organizations’ intervention in borrower countries in the first 2 chapters of Globalization and its discontents (4 points).

Based on the components of GDP, what is the immediate/short-run effect of increased military spending on the output of a country? In the long run, how has this impacted Latin America (4 points)?

What are the factors of production and why, based on these, would agricultural products be the main exports of Latin America during the periods we have covered (4 points)?

Briefly describe declining terms of trade: more exports would be needed to pay for imports; as more sophisticated goods rose, primary products declined. Give an example with products that could describe Latin America (3 points)

how did feudalistic and mercantilist tendencies emerge and maintained in Latin America? (2 points)

how do feudalistic and mercantilist tendencies manifest itself in Latin America? Examples? You can give examples from pre or post-independence. (2 points)

Name a few reasons why ISI emerged in Latin America as a strategy?

Why, per dependency theorists or structuralists, was ISI needed in Latin America?

Is Import Substitution Industrialization more closely related to mercantilist or classical economic theory of growing an economy? Please explain

What are the pros and cons to ISI

Key terms and concepts to know:

Classical economics

Mercantilism

Gross Domestic Product/per capita

Aggregate Demand/Aggregate Supply: what does it measure, what can affect it

Importance of the business cycle in relation to state intervention

General understanding of economic indicators, trends and performance for Latin America

Factors of production

Export-led growth and primary products

 


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