BUSMHR 2000 CORE EXAMS SET 2025/2026 QUESTIONS
WITH SOLUTIONS RATED A+
me"
✔✔collectivism - ✔✔concerned with the needs of the overall society or group, rather
than those of the individual
✔✔individualism - ✔✔guarantee individual freedom and expression
✔✔democracy - ✔✔government by people exercised directly or through elected
representatives
✔✔totalitarianism - ✔✔one person or party exercises control over all spheres of human
life
✔✔communist - ✔✔believe socialism can only be achieved through violent revolution
and totalitarian dictatorship
✔✔theocratic - ✔✔power is monopolized by a political party, group or individual that
governs according to religious principles
✔✔tribal - ✔✔power is monopolized by a political party, group or individual that
represents a particular tribe
✔✔right wing - ✔✔individual economic freedom is allowed but individual political
freedom is restricted in the belief that it could lead to communism
✔✔private - ✔✔individuals own the resources
✔✔public - ✔✔government owns the resources
✔✔market economy - ✔✔an interrelationship of price, quantity, supply and demand
✔✔command economy - ✔✔the government sets goals and determines the price and
quantity of what is produced
✔✔mixed economy - ✔✔private and public ownership of means of production
✔✔command; market-based - ✔✔since the late 1980s there has been a transformation
from centrally planned _________ economies to ______- _______ economies
✔✔gross national product - ✔✔the market value of final goods and services newly
produced by domestically owned factors of production whether at home or abroad
, ✔✔gross domestic product - ✔✔the value of production that occurs within a country's
borders whether done by domestic or foreign factors of production
✔✔gross national income - ✔✔total annual income of a nation's resident
✔✔cost of living
distribution of wealth
quality of life - ✔✔what are the three things that GNP, GDP, and GNI do not consider?
✔✔purchasing power parity - ✔✔number of units of a country's currency required to buy
same amt of goods/services in the domestic mkt at $1 would buy in the US
✔✔distribution of income - ✔✔GINI index
✔✔quality of life - ✔✔human happiness, life expectancy, education standards,
purchasing power, health, sanitation, treatment of women
✔✔human development index - ✔✔measures quality of life
✔✔life expectancy
educational attainment
PPP - ✔✔human development index is based on 3 things:
✔✔Norway - ✔✔which is the world's most developed country based on HDI?
✔✔mauritius - ✔✔which is africa's most developed country based on HDI?
✔✔Amartya Sen - ✔✔development should be measured less by material output
measures and more by the capabilities and opportunities that people enjoy
✔✔common law system - ✔✔based on tradition, precedent, custom and usage, and
interpretation by courts
ex: United States
✔✔civil law system - ✔✔based on a very detailed set of laws organized into a code
ex: Germany, France, Japan, Russia
✔✔theocratic law system - ✔✔based on religious precepts, such as islamic law
✔✔private action - ✔✔property rights that are violated by theft, piracy, blackmail, and
the like by private individuals or groups
WITH SOLUTIONS RATED A+
me"
✔✔collectivism - ✔✔concerned with the needs of the overall society or group, rather
than those of the individual
✔✔individualism - ✔✔guarantee individual freedom and expression
✔✔democracy - ✔✔government by people exercised directly or through elected
representatives
✔✔totalitarianism - ✔✔one person or party exercises control over all spheres of human
life
✔✔communist - ✔✔believe socialism can only be achieved through violent revolution
and totalitarian dictatorship
✔✔theocratic - ✔✔power is monopolized by a political party, group or individual that
governs according to religious principles
✔✔tribal - ✔✔power is monopolized by a political party, group or individual that
represents a particular tribe
✔✔right wing - ✔✔individual economic freedom is allowed but individual political
freedom is restricted in the belief that it could lead to communism
✔✔private - ✔✔individuals own the resources
✔✔public - ✔✔government owns the resources
✔✔market economy - ✔✔an interrelationship of price, quantity, supply and demand
✔✔command economy - ✔✔the government sets goals and determines the price and
quantity of what is produced
✔✔mixed economy - ✔✔private and public ownership of means of production
✔✔command; market-based - ✔✔since the late 1980s there has been a transformation
from centrally planned _________ economies to ______- _______ economies
✔✔gross national product - ✔✔the market value of final goods and services newly
produced by domestically owned factors of production whether at home or abroad
, ✔✔gross domestic product - ✔✔the value of production that occurs within a country's
borders whether done by domestic or foreign factors of production
✔✔gross national income - ✔✔total annual income of a nation's resident
✔✔cost of living
distribution of wealth
quality of life - ✔✔what are the three things that GNP, GDP, and GNI do not consider?
✔✔purchasing power parity - ✔✔number of units of a country's currency required to buy
same amt of goods/services in the domestic mkt at $1 would buy in the US
✔✔distribution of income - ✔✔GINI index
✔✔quality of life - ✔✔human happiness, life expectancy, education standards,
purchasing power, health, sanitation, treatment of women
✔✔human development index - ✔✔measures quality of life
✔✔life expectancy
educational attainment
PPP - ✔✔human development index is based on 3 things:
✔✔Norway - ✔✔which is the world's most developed country based on HDI?
✔✔mauritius - ✔✔which is africa's most developed country based on HDI?
✔✔Amartya Sen - ✔✔development should be measured less by material output
measures and more by the capabilities and opportunities that people enjoy
✔✔common law system - ✔✔based on tradition, precedent, custom and usage, and
interpretation by courts
ex: United States
✔✔civil law system - ✔✔based on a very detailed set of laws organized into a code
ex: Germany, France, Japan, Russia
✔✔theocratic law system - ✔✔based on religious precepts, such as islamic law
✔✔private action - ✔✔property rights that are violated by theft, piracy, blackmail, and
the like by private individuals or groups
