1|Page
D270 Final Garcia Questions and Complete Answers
UPDATED!!!
What are the three types of economic systems? - ANSWER
command, market, mixed
What are the three BRIC countries - ANSWER Brazil, Russia,
India and China
What economic system did the Republicans used to abide by? -
ANSWER Market but now shifting toward mixed due to tarrifs
Define Mixed Economy - ANSWER Gov and private ownership
mixed in allocating economic resources, optimizes efficiency,
happens in mostly free countries, 2nd most productive type
behind market and preempts self interest
Economic Freedom index - ANSWER Has twelve key areas and
higher the score the better
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Relationship between Economic Freedom and Income -
ANSWER The greater the Economic Freedom, the higher per
capita income
What has happened in the past two years with Economic
Freedom? - ANSWER The world's EF has gone up, while the US's
EF has gone down
Out of the six counties we studied, which one had the highest
economic freedom and the lowest economic freedom? -
ANSWER Australia and India
What are other positives to High economic freedom - ANSWER
Low inflation and low unemployment
Chapter 4 case 2: What will the developed countries in the West
do with the changing business world? - ANSWER major
generational shifts, AI is becoming more important , 4th
industrial revolution makes major shifts in generations
What did Garcia say was the best type of government for an
economic system? - ANSWER A benevolent dictatorship then
goes to a democracy since it works in the short term and can
make changes very quickly
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Challenges in emerging economies - ANSWER Government
control, corruption, volatility and efficient channels (economic
conditions)
Reasons for Economic Indexs - ANSWER Complexity, dynamism,
interdependence and overload
What is GNI? - ANSWER Market value of final goods/services
and domestic owned factors of production
What is desirable for potential when looking at GNI and GDP? -
ANSWER High pop and high per capita
What is GDP? - ANSWER Focuses on things produced within the
countries borders
What type of countries produce more GDP than GNI? - ANSWER
Small countries bring in more than they send out and countries
with a lot of banks results in this
D270 Final Garcia Questions and Complete Answers
UPDATED!!!
What are the three types of economic systems? - ANSWER
command, market, mixed
What are the three BRIC countries - ANSWER Brazil, Russia,
India and China
What economic system did the Republicans used to abide by? -
ANSWER Market but now shifting toward mixed due to tarrifs
Define Mixed Economy - ANSWER Gov and private ownership
mixed in allocating economic resources, optimizes efficiency,
happens in mostly free countries, 2nd most productive type
behind market and preempts self interest
Economic Freedom index - ANSWER Has twelve key areas and
higher the score the better
,2|Page
Relationship between Economic Freedom and Income -
ANSWER The greater the Economic Freedom, the higher per
capita income
What has happened in the past two years with Economic
Freedom? - ANSWER The world's EF has gone up, while the US's
EF has gone down
Out of the six counties we studied, which one had the highest
economic freedom and the lowest economic freedom? -
ANSWER Australia and India
What are other positives to High economic freedom - ANSWER
Low inflation and low unemployment
Chapter 4 case 2: What will the developed countries in the West
do with the changing business world? - ANSWER major
generational shifts, AI is becoming more important , 4th
industrial revolution makes major shifts in generations
What did Garcia say was the best type of government for an
economic system? - ANSWER A benevolent dictatorship then
goes to a democracy since it works in the short term and can
make changes very quickly
, 3|Page
Challenges in emerging economies - ANSWER Government
control, corruption, volatility and efficient channels (economic
conditions)
Reasons for Economic Indexs - ANSWER Complexity, dynamism,
interdependence and overload
What is GNI? - ANSWER Market value of final goods/services
and domestic owned factors of production
What is desirable for potential when looking at GNI and GDP? -
ANSWER High pop and high per capita
What is GDP? - ANSWER Focuses on things produced within the
countries borders
What type of countries produce more GDP than GNI? - ANSWER
Small countries bring in more than they send out and countries
with a lot of banks results in this
