agb 302 final exam- solved

Interdependent political, economic, and legal systems of a country make up its: - ANSWER-political economy. Modern socialism has been popularized largely through the work of ________. - 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 ________. - ANSWER-privatization 1) The tenet of ________ is that the welfare of society is best served by letting people pursue their own economic self-interest. - ANSWER-) individualism In a pure market economy - 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. - ANSWER-mixed Which of the following statements about the legal systems of countries is true? - 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. - ANSWER-) common law system 1) Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act? - 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 ________. - ANSWER-) trademarks 1) One of the reasons for the spread of democracy is the emergence of ________ who have pushed for democratic reforms. - 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. - ANSWER-B) education 1) Several of the fastest-growing Asian economies adopted more ________ governments during the past three decades, including South Korea and Taiwan. - ANSWER-D) democratic 1) Which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living? - 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? - 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. - ANSWER-Amartya Sen A market economy encourages innovation because - ANSWER-economic freedom leads to greater incentives for innovation 1) The state can expropriate the profits from innovation through legal means, such as ________. - 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: - ANSWER-a democratic regime. 1) Which of the following is a step in the shift toward a market-based economic system? - 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 . - ANSWER-folkways 1) Which of the following statements about values and norms of a culture is true? - 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? - 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? - ANSWER-Caste system 1) Which of the following statements is true about a class system? - ANSWER-A) Social mobility within a class system varies from society to society. 1) Ethical systems are: - ANSWER-A) a set of moral principles, or values, that are used to guide and shape behavior.