1. CHAPTER 16<br />Question for Review and Discussion<br />Economics studies the social organization through which people satisfy their wants for scarce goods. Including services. Give some examples of economic wants.<br />What four important functions must every economy perform?<br />What are economic goods? What are economic needs? What are economic wants?<br />What economic aspects does the family have?<br />What three factors of production are necessary to produce economic goods?<br />What is the great economic problem facin every society?<br />How did the Industrial Revolution contributre to economic growth?<br />In 1776, Adam Smith published the book the Wealth of Nations. How did he believe a nation could become wealthy?<br />In a planned or socialist economy, who is responsible for building the factories and distributing the goods?<br />In an unplanned or market economy, who raises the money and builds the factories? Who gets the profits or suffers the losses?<br />If the government controls the means of production, what is produced, and how the goods are distributed, what are the advantages? What are the disadvantages?<br />In a planned economy, if weather and plant disease caused an agricultural disaster, would farsm go out of production? Why or why not?<br />What are some of the reasons that some consumer goods are scarce and of poor quality in a socialist economy?<br /> If the price of Coca-cola went up to $5 a can, what would you expect to happen to the quantity of Coca-Cola demanded?<br />Do you believe that everyone has a right to a job? If so, whose responsibility is it to provide that many jobs?<br />CHAPTER 17<br />Question for Review and Discussion<br />About how much does the federal government spend each year to finance its activities? As a result, does it run a deficit or a surplus?<br />What has the U.S. government done so far in response to the issue of global warming, and why does this issue require an international solution?<br />While spending more money on manufacturing goods is looked upon favorably, why do people feel uneasy about additional spending in health care and education?<br />On what major category do state governments spend the most money per year?<br />What is fiscal policy, and what entity conducts it?<br />What is monetary policy, and what entity conducts it?<br />What problems is the government likely to face in paying social security benefits in the future?<br />What is the Keynesian view?<br />Should the federal government allow an unlicensed lawyer to practice law? Why or why not?<br />What problem will most likely arise when tariffs are imposed?<br />What two measures did the U.S. government take to stop the 2008-2009 financial crisis? What effect will they have in the long run?<br />Will outsourcing ultimately lead to a shift of all U.S. manufacturing to lower-wage countries?<br />Give two examples of how government laws can indirectly influence the distribution of income.<br />What is the law of one price, and what does it mean for the wages of U.S. workers?<br />What is the Mickey Mouse protection act? Is it good public policy?<br />CHAPTER 18<br />Questions for Review and Discussion<br />In what sense do the nation-states of the world form a community?<br />List the more important differences between nations and states.<br />As the term is used in this chapter, which of the following are staesf> Alask,a Luxemburg, Scotland, Bavaria, Australia, Michigan, Hong Kong? On What basis did you make your selection?<br />Historically, how did nation-states develop?<br />Would the European Union have been a state if the treaty of Nice had been ratified? Why or why not?<br />The effectiveness of a nation’s military power in supporting its foreign policies depends on what factors in addition to the size, training, and equipment of its armed forces?<br />Why are democratic governments more restricted in their actions by public opinon than are totalitarian government?<br />What is a hegemon?<br />What factors make up a nation’s economic power?<br />What are three possible approaches to the problem of achieving some degree of national security?<br />Explain how the theory of complex interdependence is becoming a substitute for the balance of power in maintaining the peace in today’s world.<br />How many foreign policies are influenced by a geography and b an ideology?<br />What power does the president of the United States should have more power or less power to determine and carry out foreign policies? <br />Do you believe that the president of the United States should have more power or less power to determine and carry out foreign policies?<br />Was the 1991 Iraq war justified? Was the 2003 Iraq invasion justified Why or why not?<br />