Which Theory Looks at the Whole World Economy as an Integrated

question 55

Multiple Choice

Which theory looks at the whole world economy as an integrated web of relations rather than focusing on individual countries?

• A) market oriented
• B) modernization
• C) dependency
• D) world systems
• E) state centered

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Definitions:

Marginal Social Cost

The cost to society of producing an additional unit of a good or service, including both private costs and any externalities.

Marginal Social Benefit

The additional gain to society as a whole from an additional unit of a good or service.

Emissions Tax

A tax imposed on the emission of pollutants, aimed at reducing the environmental externality costs of these emissions.

Optimal Tax

A tax designed to generate government revenue with the minimum economic distortion or welfare loss.