Question 1

In a market economy, nearly all economy-related decisions are determined by the interplay of ________.

Accepted Answer

A)  government and individuals 
B)  supply and demand 
C)  customers and employees 
D)  large and small businesses 
A)  government and individuals 
B)  supply and demand 
C)  customers and employees 
D)  large and small businesses

Question 2

________ polices regard taxation and government spending.

Accepted Answer

The answer of ________ polices regard taxation and government spending....

Question 3

Extensive government ownership of assets in centrally planned and mixed economies tends to result in ________.

Accepted Answer

A)  a lack of responsibility and accountability 
B)  defective products 
C)  rising costs 
D)  slow economic growth 
E)  all of the above 
A)  a lack of responsibility and accountability 
B)  defective products 
C)  rising costs 
D)  slow economic growth 
E)  all of the above

Question 4

Developing countries are also sometimes called less-developed countries.

Accepted Answer

A) True 
 B)False

Question 5

Similar to how national cultures are neither completely individualistic or completely collectivist, no economic system reflects a completely individual or group orientation.

Accepted Answer

A) True 
 B)False

Question 6

Free enterprise in a market economy gives companies the ability to decide which goods and services to produce and the markets in which to compete.

Accepted Answer

A) True 
 B)False

Question 7

The economic well-being of one nation's people compared with that of another nation's people is reflected in the country's ________.

Accepted Answer

A)  level of trade development 
B)  level of capital development 
C)  level of economic development 
D)  purchasing power parity 
A)  level of trade development 
B)  level of capital development 
C)  level of economic development 
D)  purchasing power parity

Question 8

A country's GNP per capita is its GNP divided by its ________.

Accepted Answer

A)  revenues 
B)  population 
C)  profits 
D)  human development 
A)  revenues 
B)  population 
C)  profits 
D)  human development

Question 9

When one company is able to control a product's supply and therefore its price it is considered a(n) ________.

Accepted Answer

A)  state-owned company 
B)  monopoly 
C)  underground company 
D)  supply-driven company 
A)  state-owned company 
B)  monopoly 
C)  underground company 
D)  supply-driven company

Question 10

Which of the following is NOT an obstacle hindering former socialist and communist countries in their transition to free-market economics?

Accepted Answer

A)  Environmental degradation 
B)  Lack of managerial expertise 
C)  Shortage of capital 
D)  Cultural differences 
E)  Lack of strong central planning 
A)  Environmental degradation 
B)  Lack of managerial expertise 
C)  Shortage of capital 
D)  Cultural differences 
E)  Lack of strong central planning

Question 11

Economic development is a measure for gauging the economic well-being of one nation's people as compared with that of another nation's people.

Accepted Answer

A) True 
 B)False

Question 12

Which of these refers to the relative ability of two countries' currencies to buy the same basket of goods in those two countries?

Accepted Answer

A)  Comparative advantage 
B)  Purchasing power parity 
C)  GNP per capita 
D)  Relative HDI 
A)  Comparative advantage 
B)  Purchasing power parity 
C)  GNP per capita 
D)  Relative HDI

Question 13

Which of the following is NOT true of Russia as it moves forward with its transition to a market economy?

Accepted Answer

A)  Managerial talent needs to be fostered. 
B)  The country needs tax revenue to establish the institutions essential to the functioning of a market economy. 
C)  The country can consider its battle to wipe out organized crime a success. 
D)  Political instability remains a threat. 
A)  Managerial talent needs to be fostered. 
B)  The country needs tax revenue to establish the institutions essential to the functioning of a market economy. 
C)  The country can consider its battle to wipe out organized crime a success. 
D)  Political instability remains a threat.

Question 14

In a mixed economy, the government tends to control those economic sectors it considers important to national security and long-term stability.

Accepted Answer

A) True 
 B)False

Question 15

German philosopher Helmut Newton popularized the idea of central planning in the nineteenth century.

Accepted Answer

A) True 
 B)False

Question 16

________ in a market economy allows prices to rise and fall to reflect the forces of supply and demand.

Accepted Answer

The answer of ________ in a market economy allows prices...

Question 17

The biggest contributor to China's unemployment rate is its reunification with Hong Kong.

Accepted Answer

A) True 
 B)False

Question 18

Market economics is rooted in the belief that ________.

Accepted Answer

A)  group concerns should be placed above individual concerns 
B)  individual concerns should be placed above group concerns 
C)  neither individual or group concerns are important 
D)  totalitarianism enhances a country's economic well-being 
A)  group concerns should be placed above individual concerns 
B)  individual concerns should be placed above group concerns 
C)  neither individual or group concerns are important 
D)  totalitarianism enhances a country's economic well-being

Question 19

In China, a legal contract is just a formality that serves to ensure mutual understanding.

Accepted Answer

A) True 
 B)False

Question 20

Describe each of the three main types of economic systems.

Accepted Answer

1. Market Economy: In a market economy,

In a market economy, nearly all economy-related decisions are determined by the interplay of ________.

________ polices regard taxation and government spending.

Extensive government ownership of assets in centrally planned and mixed economies tends to result in ________.

Developing countries are also sometimes called less-developed countries.

Similar to how national cultures are neither completely individualistic or completely collectivist, no economic system reflects a completely individual or group orientation.

Free enterprise in a market economy gives companies the ability to decide which goods and services to produce and the markets in which to compete.

The economic well-being of one nation's people compared with that of another nation's people is reflected in the country's ________.

A country's GNP per capita is its GNP divided by its ________.

When one company is able to control a product's supply and therefore its price it is considered a(n) ________.

Which of the following is NOT an obstacle hindering former socialist and communist countries in their transition to free-market economics?

Economic development is a measure for gauging the economic well-being of one nation's people as compared with that of another nation's people.

Which of these refers to the relative ability of two countries' currencies to buy the same basket of goods in those two countries?

Which of the following is NOT true of Russia as it moves forward with its transition to a market economy?

In a mixed economy, the government tends to control those economic sectors it considers important to national security and long-term stability.

German philosopher Helmut Newton popularized the idea of central planning in the nineteenth century.

________ in a market economy allows prices to rise and fall to reflect the forces of supply and demand.

The biggest contributor to China's unemployment rate is its reunification with Hong Kong.

Market economics is rooted in the belief that ________.

In China, a legal contract is just a formality that serves to ensure mutual understanding.

Describe each of the three main types of economic systems.

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

In a market economy, nearly all economy-related decisions are determined by the interplay of ________.

________ polices regard taxation and government spending.

Extensive government ownership of assets in centrally planned and mixed economies tends to result in ________.

Developing countries are also sometimes called less-developed countries.

Similar to how national cultures are neither completely individualistic or completely collectivist, no economic system reflects a completely individual or group orientation.

Free enterprise in a market economy gives companies the ability to decide which goods and services to produce and the markets in which to compete.

The economic well-being of one nation's people compared with that of another nation's people is reflected in the country's ________.

A country's GNP per capita is its GNP divided by its ________.

When one company is able to control a product's supply and therefore its price it is considered a(n) ________.

Which of the following is NOT an obstacle hindering former socialist and communist countries in their transition to free-market economics?

Economic development is a measure for gauging the economic well-being of one nation's people as compared with that of another nation's people.

Which of these refers to the relative ability of two countries' currencies to buy the same basket of goods in those two countries?

Which of the following is NOT true of Russia as it moves forward with its transition to a market economy?

In a mixed economy, the government tends to control those economic sectors it considers important to national security and long-term stability.

German philosopher Helmut Newton popularized the idea of central planning in the nineteenth century.

________ in a market economy allows prices to rise and fall to reflect the forces of supply and demand.

The biggest contributor to China's unemployment rate is its reunification with Hong Kong.

Market economics is rooted in the belief that ________.

In China, a legal contract is just a formality that serves to ensure mutual understanding.

Describe each of the three main types of economic systems.

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