Question 1

The United Nations' human development index ________.

Accepted Answer

A)  is another name for purchasing power parity 
B)  measures the extent to which a government equitably satisfies the needs of its people. 
C)  measures the extent to which a people's needs are satisfied according to their ability to buy a home, finance an education, and find steady employment 
D)  incorporates life expectancy, educational attainment, and family size 
A)  is another name for purchasing power parity 
B)  measures the extent to which a government equitably satisfies the needs of its people. 
C)  measures the extent to which a people's needs are satisfied according to their ability to buy a home, finance an education, and find steady employment 
D)  incorporates life expectancy, educational attainment, and family size

Question 2

Scenario: Globetrotter Sam Johnson
Sam Johnson is an individual who accepts risks and opportunities involved in creating and operating new business ventures worldwide. He has been considering China, France, or Vietnam for his next venture.
-If Sam selects China for his venture, he should know that China technically remains a ________.

Accepted Answer

A)  market economy 
B)  democratic country 
C)  capitalist economy 
D)  centrally planned economy 
A)  market economy 
B)  democratic country 
C)  capitalist economy 
D)  centrally planned economy

Question 3

Which of the following was NOT true of centrally planned economies?

Accepted Answer

A)  At the time of their collapse, standards of living in most centrally planned economies was at or above that of market economies. 
B)  Basic necessities were often not provided to citizens in centrally planned economies. 
C)  Underground economies for goods and services thrived in most centrally planned economies. 
D)  Prices on the black market were much higher than the official prices set by governments. 
A)  At the time of their collapse, standards of living in most centrally planned economies was at or above that of market economies. 
B)  Basic necessities were often not provided to citizens in centrally planned economies. 
C)  Underground economies for goods and services thrived in most centrally planned economies. 
D)  Prices on the black market were much higher than the official prices set by governments.

Question 4

A smoothly functioning market economy rests on a legal system that safeguards individual property rights.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is usually included in either gross domestic product or gross national product?

Accepted Answer

A)  Unpaid household work 
B)  Volunteer work 
C)  Unreported transactions conducted in cash 
D)  Black market transactions 
E)  None of the above 
A)  Unpaid household work 
B)  Volunteer work 
C)  Unreported transactions conducted in cash 
D)  Black market transactions 
E)  None of the above

Question 6

The exchange of goods and services for other goods and services instead of money is called ________.

Accepted Answer

A)  volunteer work 
B)  underground transaction 
C)  barter 
D)  guanxi 
A)  volunteer work 
B)  underground transaction 
C)  barter 
D)  guanxi

Question 7

The value of goods and services that can be purchased with one unit of a country's currency is called ________.

Accepted Answer

The answer of The value of goods and services that...

Question 8

Who makes nearly all economy-related decisions in a centrally planned economy?

Accepted Answer

A)  Consumers 
B)  Entrepreneurs 
C)  Government 
D)  Employees 
A)  Consumers 
B)  Entrepreneurs 
C)  Government 
D)  Employees

Question 9

Purchasing power parity tells us ________.

Accepted Answer

A)  what a unit of local currency can buy in its home country 
B)  the value of goods and services that can be purchased with one unit of a country's currency 
C)  the relative ability of two countries' currencies to buy the same basket of goods in those two countries 
D)  what a currency can actually buy in real terms 
A)  what a unit of local currency can buy in its home country 
B)  the value of goods and services that can be purchased with one unit of a country's currency 
C)  the relative ability of two countries' currencies to buy the same basket of goods in those two countries 
D)  what a currency can actually buy in real terms

Question 10

To function smoothly and properly, a market economy requires all of the following EXCEPT ________.

Accepted Answer

A)  free enterprise 
B)  free monopoly 
C)  price flexibility 
D)  free choice 
A)  free enterprise 
B)  free monopoly 
C)  price flexibility 
D)  free choice

Question 11

________ countries are highly industrialized, highly efficient, and their people enjoy a high quality of life.

Accepted Answer

The answer of ________ countries are highly industrialized, highly efficient,...

Question 12

The main goal of privatization is to ________.

Accepted Answer

A)  lower responsibility and accountability 
B)  increase economic efficiency 
C)  increase subsidies to companies 
D)  slow economic growth 
A)  lower responsibility and accountability 
B)  increase economic efficiency 
C)  increase subsidies to companies 
D)  slow economic growth

Question 13

Which of the following is NOT an example of a mixed economy?

Accepted Answer

A)  France 
B)  Sweden 
C)  India 
D)  United States 
A)  France 
B)  Sweden 
C)  India 
D)  United States

Question 14

A ________ is a system in which the government owns a nation's land, factories, and other economic resources.

Accepted Answer

A)  mixed economy 
B)  market economy 
C)  centrally planned economy 
D)  none of the above 
A)  mixed economy 
B)  market economy 
C)  centrally planned economy 
D)  none of the above

Question 15

Land, factories, and other economic resources are more equally split between private and government ownership in which of these systems?

Accepted Answer

A)  Market economy 
B)  Black market economy 
C)  Mixed economy 
D)  Centrally planned economy 
A)  Market economy 
B)  Black market economy 
C)  Mixed economy 
D)  Centrally planned economy

Question 16

A country's ________ system consists of the structure and processes it uses to allocate its resources and conduct its commercial activities.

Accepted Answer

A)  political 
B)  economic 
C)  social 
D)  external 
A)  political 
B)  economic 
C)  social 
D)  external

Question 17

Which of these measures the extent to which a government satisfies its people's needs?

Accepted Answer

A)  Economic development index 
B)  Gross national product index 
C)  Human development index 
D)  Purchasing power index 
A)  Economic development index 
B)  Gross national product index 
C)  Human development index 
D)  Purchasing power index

Question 18

When we combine newly industrialized countries with countries that have the potential to become newly industrialized, we arrive at a category often called ________.

Accepted Answer

The answer of When we combine newly industrialized countries with...

Question 19

Mixed economies are found all around the world in countries such as Spain, Denmark, South Africa, and India, where the governments of these nations centrally plan their economies.

Accepted Answer

A) True 
 B)False

Question 20

Free choice in a market economy gives individuals access to alternative purchase options.

Accepted Answer

A) True 
 B)False

The United Nations' human development index ________.

Which of the following was NOT true of centrally planned economies?

A smoothly functioning market economy rests on a legal system that safeguards individual property rights.

Which of the following is usually included in either gross domestic product or gross national product?

The exchange of goods and services for other goods and services instead of money is called ________.

The value of goods and services that can be purchased with one unit of a country's currency is called ________.

Who makes nearly all economy-related decisions in a centrally planned economy?

Purchasing power parity tells us ________.

To function smoothly and properly, a market economy requires all of the following EXCEPT ________.

________ countries are highly industrialized, highly efficient, and their people enjoy a high quality of life.

The main goal of privatization is to ________.

Which of the following is NOT an example of a mixed economy?

A ________ is a system in which the government owns a nation's land, factories, and other economic resources.

Land, factories, and other economic resources are more equally split between private and government ownership in which of these systems?

A country's ________ system consists of the structure and processes it uses to allocate its resources and conduct its commercial activities.

Which of these measures the extent to which a government satisfies its people's needs?

When we combine newly industrialized countries with countries that have the potential to become newly industrialized, we arrive at a category often called ________.

Mixed economies are found all around the world in countries such as Spain, Denmark, South Africa, and India, where the governments of these nations centrally plan their economies.

Free choice in a market economy gives individuals access to alternative purchase options.

Globalization

Cross-Cultrual Busines

Politics, Law, and Business Ethics

International Trade

Business-Government Trade Relations

Foreign Direct Investment

Regional Economic Integration

International Financial Markets

International Money System

International Strategy and Organization

Analyzing International Opportunities

Selecting and Managing Entry Modes

Developing and Marketing Products

Managing International Operations

Hiring and Managing Employees

Filters

Exam 4: Economic Systems and Development

The United Nations' human development index ________.

Which of the following was NOT true of centrally planned economies?

A smoothly functioning market economy rests on a legal system that safeguards individual property rights.

Which of the following is usually included in either gross domestic product or gross national product?

The exchange of goods and services for other goods and services instead of money is called ________.

The value of goods and services that can be purchased with one unit of a country's currency is called ________.

Who makes nearly all economy-related decisions in a centrally planned economy?

Purchasing power parity tells us ________.

To function smoothly and properly, a market economy requires all of the following EXCEPT ________.

________ countries are highly industrialized, highly efficient, and their people enjoy a high quality of life.

The main goal of privatization is to ________.

Which of the following is NOT an example of a mixed economy?

A ________ is a system in which the government owns a nation's land, factories, and other economic resources.

Land, factories, and other economic resources are more equally split between private and government ownership in which of these systems?

A country's ________ system consists of the structure and processes it uses to allocate its resources and conduct its commercial activities.

Which of these measures the extent to which a government satisfies its people's needs?

When we combine newly industrialized countries with countries that have the potential to become newly industrialized, we arrive at a category often called ________.

Mixed economies are found all around the world in countries such as Spain, Denmark, South Africa, and India, where the governments of these nations centrally plan their economies.

Free choice in a market economy gives individuals access to alternative purchase options.

Globalization

Cross-Cultrual Busines

Politics, Law, and Business Ethics

International Trade

Business-Government Trade Relations

Foreign Direct Investment

Regional Economic Integration

International Financial Markets

International Money System

International Strategy and Organization

Analyzing International Opportunities

Selecting and Managing Entry Modes

Developing and Marketing Products

Managing International Operations

Hiring and Managing Employees

Filters