AGB 302 TIPS 2027 PAPER ANSWERS AND
QUESTIONS SET A+
What term describes a nation's interdependent political, economic, and legal systems? -
✔✔Political economy
✔✔Which philosophy gives collective goals priority over individual goals? -
✔✔Collectivism
✔✔Which philosophy stresses individual freedom in economic and political pursuits? -
✔✔Individualism
✔✔What political system gives power to the people directly or through elected
representatives? - ✔✔Democracy
✔✔What political system gives one person or party absolute control? -
✔✔Totalitarianism
✔✔What are the three major types of economic systems? - ✔✔Market, command, and
mixed economies
✔✔What are the three major types of legal systems? - ✔✔Common, civil, and theocratic
law
✔✔What term refers to legal rights over a resource and the income it produces? -
✔✔Property rights
✔✔Which U.S. law prohibits firms from bribing foreign officials to gain business? -
✔✔Foreign Corrupt Practices Act
✔✔What measure shows the annual income received by a nation's residents per
person? - ✔✔GNI per person
, ✔✔What adjustment accounts for differences in the cost of living across countries? -
✔✔Purchasing power parity (PPP)
✔✔Which index uses life expectancy, education, and ability to meet basic needs? -
✔✔Human Development Index (HDI)
✔✔What are considered the major engines of long-run economic growth? -
✔✔Innovation and entrepreneurship
✔✔What encourages innovation by protecting ideas and potential profits? - ✔✔Strong
property rights
✔✔What factor helps explain why coastal and temperate countries may have growth
advantages? - ✔✔Geography and development
✔✔What investment can raise worker productivity and a country's economic growth
rate? - ✔✔Education
✔✔What two steps remove market restrictions and transfer state assets to private
owners? - ✔✔Deregulation and privatization
✔✔What three types of country risk can negatively affect a firm's profits and goals? -
✔✔Political, economic, and legal risk
✔✔What is the shared system of values and norms that forms a group's design for
living? - ✔✔Culture
✔✔What are a culture's beliefs about what is desirable and its rules for appropriate
behavior? - ✔✔Values and norms
✔✔What are routine social customs and norms considered central to society? -
✔✔Folkways and mores
✔✔What term refers to a society's basic social organization? - ✔✔Social structure
✔✔Which systems differ because caste is closed while class allows greater social
mobility? - ✔✔Caste vs. class system
✔✔Which idea links hard work, wealth creation, and frugality with capitalism? -
✔✔Protestant work ethic
QUESTIONS SET A+
What term describes a nation's interdependent political, economic, and legal systems? -
✔✔Political economy
✔✔Which philosophy gives collective goals priority over individual goals? -
✔✔Collectivism
✔✔Which philosophy stresses individual freedom in economic and political pursuits? -
✔✔Individualism
✔✔What political system gives power to the people directly or through elected
representatives? - ✔✔Democracy
✔✔What political system gives one person or party absolute control? -
✔✔Totalitarianism
✔✔What are the three major types of economic systems? - ✔✔Market, command, and
mixed economies
✔✔What are the three major types of legal systems? - ✔✔Common, civil, and theocratic
law
✔✔What term refers to legal rights over a resource and the income it produces? -
✔✔Property rights
✔✔Which U.S. law prohibits firms from bribing foreign officials to gain business? -
✔✔Foreign Corrupt Practices Act
✔✔What measure shows the annual income received by a nation's residents per
person? - ✔✔GNI per person
, ✔✔What adjustment accounts for differences in the cost of living across countries? -
✔✔Purchasing power parity (PPP)
✔✔Which index uses life expectancy, education, and ability to meet basic needs? -
✔✔Human Development Index (HDI)
✔✔What are considered the major engines of long-run economic growth? -
✔✔Innovation and entrepreneurship
✔✔What encourages innovation by protecting ideas and potential profits? - ✔✔Strong
property rights
✔✔What factor helps explain why coastal and temperate countries may have growth
advantages? - ✔✔Geography and development
✔✔What investment can raise worker productivity and a country's economic growth
rate? - ✔✔Education
✔✔What two steps remove market restrictions and transfer state assets to private
owners? - ✔✔Deregulation and privatization
✔✔What three types of country risk can negatively affect a firm's profits and goals? -
✔✔Political, economic, and legal risk
✔✔What is the shared system of values and norms that forms a group's design for
living? - ✔✔Culture
✔✔What are a culture's beliefs about what is desirable and its rules for appropriate
behavior? - ✔✔Values and norms
✔✔What are routine social customs and norms considered central to society? -
✔✔Folkways and mores
✔✔What term refers to a society's basic social organization? - ✔✔Social structure
✔✔Which systems differ because caste is closed while class allows greater social
mobility? - ✔✔Caste vs. class system
✔✔Which idea links hard work, wealth creation, and frugality with capitalism? -
✔✔Protestant work ethic
