AGB 302 Quiz 1 Latest Update with Verified Answers

AGB 302 Quiz 1 Latest Update with Verified Answers Interdependent political, economic, and legal systems of a country make up its political economy Modern socialism has been popularized largely through the work of ________. karl marx In several Western democracies, the poor performance of state-owned enterprises, because of protection from competition and guaranteed government financial support, led to ________. privatization The tenet of ________ is that the welfare of society is best served by letting people pursue their own economic self-interest. individualism in a pure market economy: production is determined by the interaction of supply and demand. In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning mixed Which of the following statements about the legal systems of countries is true? They can affect the attractiveness of a country as an investment site or market. Under the ________, cases are judged with reference to three characteristics: tradition, precedent, and custom. common law system Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act? Preventing bribery and unethical acts in the conduct of international business Design and names by which merchants or manufacturers designate and differentiate their products are known as ________ trademarks One of the reasons for the spread of democracy is the emergence of ________ who have pushed for democratic reforms increasingly prosperous middle and working classes Anecdotal comparisons suggest that the assertion that nations that invest more in ________ will have higher growth rates is true. education Several of the fastest-growing Asian economies adopted more ________ governments during the past three decades, including South Korea and Taiwan democratic Which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living? purchasing power parity adjustment Which of the following is a measure that is developed by the United Nations to measure the quality of life in different nations? human development index ________, a Nobel Prize-winning economist, has argued that development is not just an economic process, but it is a political one as well. amartya sen A market economy encourages innovation because: economic freedom leads to greater incentives for innovation. The state can expropriate the profits from innovation through legal means, such as ________. excessive taxation A free market economy in which property rights are protected leads to subsequent economic growth, which often leads to the establishment of: a democratic regime Which of the following is a step in the shift toward a market-based economic system? Creation of a legal system to safeguard property rights