Exam 3: National Differences in Economic Development

In a ________, any individual who has an innovative idea is free to try to make money out of that idea by starting a business (by engaging in entrepreneurial activity).

Which of the following statements pertaining to innovation and entrepreneurship is true?

According to Hernando de Soto, which of the following factors is essential for the developing world to be able to reap the benefits of innovation and entrepreneurship?

A free market economy in which property rights are protected leads to subsequent economic growth that often leads to the establishment of

Which of the following is a step in the shift toward a market-based economic system?

Google launched Google Plus to gain a foothold in the social media market. However, given that there are numerous social networking platforms and Facebook is already a leader in social media, Google Plus found it challenging to generate brand loyalty and establish itself in the market. This was because of

Is privatization by itself enough to guarantee economic growth? Why? Explain using an example.

When communism collapsed, many of the communist countries lacked the legal structure required to protect property rights because all the property was earlier held by the state.

Political scientist Samuel Huntington argues that modernization in non-Western societies can result in a retreat toward the traditional. This is exemplified by the

Since the 1980s, there has been a transformation from ________ economies to ________ economies.

Which of the following is a characteristic of a command economy?

In a ________, the state owns all means of production.

Which of the following is a step involved in the deregulation of a command economy?

According to political scientist Samuel Huntington, the rise of Islamic fundamentalism is a response to the

The likelihood that a trading partner will opportunistically break a contract or expropriate property rights is called a(n)

Which of the following is an example of deregulation?

In many countries entrepreneurs and other business leaders, eager to protect their property rights and ensure the dispassionate enforcement of contracts, had pushed for ________; this contributed to a wave of democratic revolutions during the late 1980s and early 1990s

A country with a well-functioning market economy does not need laws protecting private property rights and providing mechanisms for contract enforcement. 

The economic freedom associated with a ________ creates greater incentives for innovation and entrepreneurship than either a planned or a mixed economy.

Discuss Samuel Huntington's views on Islamic fundamentalism.