AGB 302 Final Exam | Actual Questions
and Answers Latest Updated 2026
(Graded A+)
Interdependent political, economic, and legal systems of a country make up its: -
Correct answer-political economy.
Modern socialism has been popularized largely through the work of ________. - Correct
answer-Karl Marx
1) In several Western democracies, the poor performance of state-owned enterprises,
because of protection from competition and guaranteed government financial support,
led to ________. - Correct answer-privatization
1) The tenet of ________ is that the welfare of society is best served by letting people
pursue their own economic self-interest. - Correct answer-) individualism
In a pure market economy - Correct answer-production is determined by the interaction
of supply and demand
1) 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. - Correct answer-mixed
Which of the following statements about the legal systems of countries is true? - Correct
answer-They can affect the attractiveness of a country as an investment site or market
1) Under the ________, cases are judged with reference to three characteristics:
tradition, precedent, and custom. - Correct answer-) common law system
1) Which of the following areas of international trade is regulated by the Foreign Corrupt
Practices Act? - Correct answer-Preventing bribery and unethical acts in the conduct of
international business.
1) Design and names by which merchants or manufacturers designate and differentiate
their products are known as ________. - Correct answer-) trademarks
1) One of the reasons for the spread of democracy is the emergence of ________ who
have pushed for democratic reforms. - Correct answer-A) increasingly prosperous
middle and working classes
1) Anecdotal comparisons suggest that the assertion that nations that invest more in
, ________ will have higher growth rates is true. - Correct answer-B) education
1) Several of the fastest-growing Asian economies adopted more ________
governments during the past three decades, including South Korea and Taiwan. -
Correct answer-D) democratic
1) Which of the following helps in adjusting GNI such that it accounts for the differences
in the cost of living? - Correct answer-A) Purchasing power parity (PPP) adjustment
1) Which of the following is a measure that is developed by the United Nations to
measure the quality of life in different nations? - Correct answer-Human Development
Index
1) ________, a Nobel Prize-winning economist, has argued that development is not just
an economic process, but it is a political one as well. - Correct answer-Amartya Sen
A market economy encourages innovation because - Correct answer-economic freedom
leads to greater incentives for innovation
1) The state can expropriate the profits from innovation through legal means, such as
________. - Correct answer-excessive taxation
1) A free market economy in which property rights are protected leads to subsequent
economic growth, which often leads to the establishment of: - Correct answer-a
democratic regime.
1) Which of the following is a step in the shift toward a market-based economic system?
- Correct answer-Creation of a legal system to safeguard property rights
1) A Japanese executive's ritual of presenting a business card to a foreign business
executive is an example of . - Correct answer-folkways
1) Which of the following statements about values and norms of a culture is true? -
Correct answer-A) The values and norms of a society influence social structure.
1) Which of the following is a consequence of the emphasis on individual performance
in many Western societies? - Correct answer-A) High degree of managerial mobility
1) Which of the following is a closed system of stratification in which social position is
determined by the family into which a person is born, and change in that position is
usually not possible during an individual's lifetime? - Correct answer-Caste system
1) Which of the following statements is true about a class system? - Correct answer-A)
Social mobility within a class system varies from society to society.
and Answers Latest Updated 2026
(Graded A+)
Interdependent political, economic, and legal systems of a country make up its: -
Correct answer-political economy.
Modern socialism has been popularized largely through the work of ________. - Correct
answer-Karl Marx
1) In several Western democracies, the poor performance of state-owned enterprises,
because of protection from competition and guaranteed government financial support,
led to ________. - Correct answer-privatization
1) The tenet of ________ is that the welfare of society is best served by letting people
pursue their own economic self-interest. - Correct answer-) individualism
In a pure market economy - Correct answer-production is determined by the interaction
of supply and demand
1) 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. - Correct answer-mixed
Which of the following statements about the legal systems of countries is true? - Correct
answer-They can affect the attractiveness of a country as an investment site or market
1) Under the ________, cases are judged with reference to three characteristics:
tradition, precedent, and custom. - Correct answer-) common law system
1) Which of the following areas of international trade is regulated by the Foreign Corrupt
Practices Act? - Correct answer-Preventing bribery and unethical acts in the conduct of
international business.
1) Design and names by which merchants or manufacturers designate and differentiate
their products are known as ________. - Correct answer-) trademarks
1) One of the reasons for the spread of democracy is the emergence of ________ who
have pushed for democratic reforms. - Correct answer-A) increasingly prosperous
middle and working classes
1) Anecdotal comparisons suggest that the assertion that nations that invest more in
, ________ will have higher growth rates is true. - Correct answer-B) education
1) Several of the fastest-growing Asian economies adopted more ________
governments during the past three decades, including South Korea and Taiwan. -
Correct answer-D) democratic
1) Which of the following helps in adjusting GNI such that it accounts for the differences
in the cost of living? - Correct answer-A) Purchasing power parity (PPP) adjustment
1) Which of the following is a measure that is developed by the United Nations to
measure the quality of life in different nations? - Correct answer-Human Development
Index
1) ________, a Nobel Prize-winning economist, has argued that development is not just
an economic process, but it is a political one as well. - Correct answer-Amartya Sen
A market economy encourages innovation because - Correct answer-economic freedom
leads to greater incentives for innovation
1) The state can expropriate the profits from innovation through legal means, such as
________. - Correct answer-excessive taxation
1) A free market economy in which property rights are protected leads to subsequent
economic growth, which often leads to the establishment of: - Correct answer-a
democratic regime.
1) Which of the following is a step in the shift toward a market-based economic system?
- Correct answer-Creation of a legal system to safeguard property rights
1) A Japanese executive's ritual of presenting a business card to a foreign business
executive is an example of . - Correct answer-folkways
1) Which of the following statements about values and norms of a culture is true? -
Correct answer-A) The values and norms of a society influence social structure.
1) Which of the following is a consequence of the emphasis on individual performance
in many Western societies? - Correct answer-A) High degree of managerial mobility
1) Which of the following is a closed system of stratification in which social position is
determined by the family into which a person is born, and change in that position is
usually not possible during an individual's lifetime? - Correct answer-Caste system
1) Which of the following statements is true about a class system? - Correct answer-A)
Social mobility within a class system varies from society to society.
