AGB 302 Final Review Pt 1 Exam With
100% Correct Answers 2026
Interdependent political, economic, and legal systems of a country make up its: -
Correct Answer-Political economy
A political system that prioritizes the needs of the society over individual freedoms is
called ________. - Correct Answer-Collectivism
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Correct Answer-Communists
Which of the following philosophies can be traced back to the ancient Greek
philosopher Aristotle? - Correct Answer-Individualism
Which of the following statements about individualism is true? - Correct 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. - Correct 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. - Correct Answer-Common law system
The ________ associated with doing business in a country are a function of that
country's political, economic, and legal systems. - Correct Answer-Benefits, costs, and
risks
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Correct 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? - Correct Answer-Adam Smith
GNI per capita can be adjusted by ________ to account for differences in the cost of
living. - Correct Answer-Purchasing power
GNI and PPP data are useful because they provide a ________ of economic
development. - Correct Answer-Static analysis
In a ________, the state owns all means of production. - Correct Answer-Planned
Economy
100% Correct Answers 2026
Interdependent political, economic, and legal systems of a country make up its: -
Correct Answer-Political economy
A political system that prioritizes the needs of the society over individual freedoms is
called ________. - Correct Answer-Collectivism
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Correct Answer-Communists
Which of the following philosophies can be traced back to the ancient Greek
philosopher Aristotle? - Correct Answer-Individualism
Which of the following statements about individualism is true? - Correct 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. - Correct 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. - Correct Answer-Common law system
The ________ associated with doing business in a country are a function of that
country's political, economic, and legal systems. - Correct Answer-Benefits, costs, and
risks
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Correct 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? - Correct Answer-Adam Smith
GNI per capita can be adjusted by ________ to account for differences in the cost of
living. - Correct Answer-Purchasing power
GNI and PPP data are useful because they provide a ________ of economic
development. - Correct Answer-Static analysis
In a ________, the state owns all means of production. - Correct Answer-Planned
Economy
