AGB 302 Final Exam Review pt 1
Questions with Complete Solutions
Latest update
Interdependent political, economic, and legal systems of a country make up its: -
Answer-Political economy
A political system that prioritizes the needs of the society over individual freedoms is
called ________. - Answer-Collectivism
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer-Communists
Which of the following philosophies can be traced back to the ancient Greek
philosopher Aristotle? - Answer-Individualism
Which of the following statements about individualism is true? - Answer-Individualism
advocates for a democratic political system.
In a ________, if demand for a product exceeds supply, prices will rise, signaling to
producers to produce more. - Answer-Market Economy
Judges in a(n) ________ have the power to interpret the law so that it applies to the
unique circumstances of an individual case. - Answer-Common law system
The ________ associated with doing business in a country are a function of that
country's political, economic, and legal systems. - Answer-Benefits, costs, and risks
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer-Communists
Who was the author of The Wealth of Nations in which it is stated that an individual who
intends his own gain is led by an invisible hand to promote an end that was not part of
his intention? - Answer-Adam Smith
GNI per capita can be adjusted by ________ to account for differences in the cost of
living. - Answer-Purchasing power
GNI and PPP data are useful because they provide a ________ of economic
development. - Answer-Static analysis
In a ________, the state owns all means of production. - Answer-Planned Economy
, The economic freedom associated with a ________ creates greater incentives for
innovation and entrepreneurship than either a planned or a mixed economy. - Answer-
Market Economy
Several of the fastest-growing Asian economies adopted more ________ governments
during the past three decades, including South Korea and Taiwan. - Answer-Democratic
________ involves removing legal restrictions to the free play of markets, the
establishment of private enterprises, and the manner in which private enterprises
operate. - Answer-Deregulation
By identifying and investing early in a potential future economic star, international firms
can ________ and gain experience in that country's business practices. - Answer-build
brand loyalty
Countries with ________ economies in which property rights are protected tend to
achieve greater economic growth rates than other economies where property rights are
poorly protected. - Answer-free market
It may be more costly to do business in relatively primitive or undeveloped economies
because of: - Answer-the lack of infrastructure and supporting businesses.
Which of the following is one of the measures that HDI is based on? ________ -
Answer-Life expectancy at birth
A free market economy in which property rights are protected leads to the subsequent
economic growth, which often leads to the establishment of: - Answer-a democratic
regime
Anecdotal comparisons suggest that nations that invest more in ___________ will have
higher growth rates is true. - Answer-Education
Which of the following is a step in the shift towards a market-based system - Answer-
Creation of a legal system to safeguard property rights
The tenet of ___________ is that the welfare of society is best served by letting people
pursue their own economic self-interest. - Answer-Individualism
Which of the following statements about the legal systems of countries is true? -
Answer-They can affect the attractiveness of a country as an investment site or market
__________, a nobel Prize-winning economist, has argued that development is not just
an economic process, but it is a political one as well. - Answer-Amartya Sen
Questions with Complete Solutions
Latest update
Interdependent political, economic, and legal systems of a country make up its: -
Answer-Political economy
A political system that prioritizes the needs of the society over individual freedoms is
called ________. - Answer-Collectivism
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer-Communists
Which of the following philosophies can be traced back to the ancient Greek
philosopher Aristotle? - Answer-Individualism
Which of the following statements about individualism is true? - Answer-Individualism
advocates for a democratic political system.
In a ________, if demand for a product exceeds supply, prices will rise, signaling to
producers to produce more. - Answer-Market Economy
Judges in a(n) ________ have the power to interpret the law so that it applies to the
unique circumstances of an individual case. - Answer-Common law system
The ________ associated with doing business in a country are a function of that
country's political, economic, and legal systems. - Answer-Benefits, costs, and risks
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer-Communists
Who was the author of The Wealth of Nations in which it is stated that an individual who
intends his own gain is led by an invisible hand to promote an end that was not part of
his intention? - Answer-Adam Smith
GNI per capita can be adjusted by ________ to account for differences in the cost of
living. - Answer-Purchasing power
GNI and PPP data are useful because they provide a ________ of economic
development. - Answer-Static analysis
In a ________, the state owns all means of production. - Answer-Planned Economy
, The economic freedom associated with a ________ creates greater incentives for
innovation and entrepreneurship than either a planned or a mixed economy. - Answer-
Market Economy
Several of the fastest-growing Asian economies adopted more ________ governments
during the past three decades, including South Korea and Taiwan. - Answer-Democratic
________ involves removing legal restrictions to the free play of markets, the
establishment of private enterprises, and the manner in which private enterprises
operate. - Answer-Deregulation
By identifying and investing early in a potential future economic star, international firms
can ________ and gain experience in that country's business practices. - Answer-build
brand loyalty
Countries with ________ economies in which property rights are protected tend to
achieve greater economic growth rates than other economies where property rights are
poorly protected. - Answer-free market
It may be more costly to do business in relatively primitive or undeveloped economies
because of: - Answer-the lack of infrastructure and supporting businesses.
Which of the following is one of the measures that HDI is based on? ________ -
Answer-Life expectancy at birth
A free market economy in which property rights are protected leads to the subsequent
economic growth, which often leads to the establishment of: - Answer-a democratic
regime
Anecdotal comparisons suggest that nations that invest more in ___________ will have
higher growth rates is true. - Answer-Education
Which of the following is a step in the shift towards a market-based system - Answer-
Creation of a legal system to safeguard property rights
The tenet of ___________ is that the welfare of society is best served by letting people
pursue their own economic self-interest. - Answer-Individualism
Which of the following statements about the legal systems of countries is true? -
Answer-They can affect the attractiveness of a country as an investment site or market
__________, a nobel Prize-winning economist, has argued that development is not just
an economic process, but it is a political one as well. - Answer-Amartya Sen
