D270 Final Quizlet Garcia Exam
Question and Answers 100% Solved
What are the three types of economic systems? - ✔✔command, market,
mixed
What are the three BRIC countries - ✔✔Brazil, Russia, India and China
What economic system did the Republicans used to abide by? - ✔✔Market
but now shifting toward mixed due to tarrifs
Define Mixed Economy - ✔✔Gov and private ownership mixed in allocating
economic resources, optimizes efficiency, happens in mostly free countries,
2nd most productive type behind market and preempts self interest
Economic Freedom index - ✔✔Has twelve key areas and higher the score
the better
Relationship between Economic Freedom and Income - ✔✔The greater the
Economic Freedom, the higher per capita income
What has happened in the past two years with Economic Freedom? -
✔✔The world's EF has gone up, while the US's EF has gone down
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Out of the six counties we studied, which one had the highest economic
freedom and the lowest economic freedom? - ✔✔Australia and India
What are other positives to High economic freedom - ✔✔Low inflation and
low unemployment
Chapter 4 case 2: What will the developed countries in the West do with
the changing business world? - ✔✔major generational shifts, AI is
becoming more important , 4th industrial revolution makes major shifts in
generations
What did Garcia say was the best type of government for an economic
system? - ✔✔A benevolent dictatorship then goes to a democracy since it
works in the short term and can make changes very quickly
Challenges in emerging economies - ✔✔Government control, corruption,
volatility and efficient channels (economic conditions)
Reasons for Economic Indexs - ✔✔Complexity, dynamism,
interdependence and overload
What is GNI? - ✔✔Market value of final goods/services and domestic
owned factors of production
What is desirable for potential when looking at GNI and GDP? - ✔✔High
pop and high per capita
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Question and Answers 100% Solved
What are the three types of economic systems? - ✔✔command, market,
mixed
What are the three BRIC countries - ✔✔Brazil, Russia, India and China
What economic system did the Republicans used to abide by? - ✔✔Market
but now shifting toward mixed due to tarrifs
Define Mixed Economy - ✔✔Gov and private ownership mixed in allocating
economic resources, optimizes efficiency, happens in mostly free countries,
2nd most productive type behind market and preempts self interest
Economic Freedom index - ✔✔Has twelve key areas and higher the score
the better
Relationship between Economic Freedom and Income - ✔✔The greater the
Economic Freedom, the higher per capita income
What has happened in the past two years with Economic Freedom? -
✔✔The world's EF has gone up, while the US's EF has gone down
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Out of the six counties we studied, which one had the highest economic
freedom and the lowest economic freedom? - ✔✔Australia and India
What are other positives to High economic freedom - ✔✔Low inflation and
low unemployment
Chapter 4 case 2: What will the developed countries in the West do with
the changing business world? - ✔✔major generational shifts, AI is
becoming more important , 4th industrial revolution makes major shifts in
generations
What did Garcia say was the best type of government for an economic
system? - ✔✔A benevolent dictatorship then goes to a democracy since it
works in the short term and can make changes very quickly
Challenges in emerging economies - ✔✔Government control, corruption,
volatility and efficient channels (economic conditions)
Reasons for Economic Indexs - ✔✔Complexity, dynamism,
interdependence and overload
What is GNI? - ✔✔Market value of final goods/services and domestic
owned factors of production
What is desirable for potential when looking at GNI and GDP? - ✔✔High
pop and high per capita
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
