Exam 4: Economic Systems and Development

The quantity of a good or service that producers are willing to provide at a specific selling price is called ________.

Supply and demand in a market economy are dictated by what is called ________.

What is the role of privatization in economic transition?

When we add to a nation's GDP the income generated from exports, imports, and the international operations of its companies over a one-year period, we arrive at a measure called ________.

Australia, Canada, Japan, and New Zealand are all ________ countries.

The U.S. ________ seeks to ensure the efficient and competitive functioning of the nation's markets.

In a ________, the majority of a nation's land, factories, and other economic resources are privately owned by individuals or businesses.

Countries that make use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in other sectors are said to be characterized by a high degree of ________.

In China, managers ________.

Scenario: Learning the American Way Sergei Chernovl is a Russian exchange student. To learn more about how a market economy functions, Sergei is writing a research paper comparing business in Russia with business in the United States. -Sergei knows that an important factor in a market-based economy is privately operated companies. As Russia goes through the privatization process, its main objective is to ________.

Factors contributing to the collapse of centrally planned economies include all the following EXCEPT ________.

China's leaders describe its economic philosophy as ________.

Collectivist cultures tend to offer fewer incentives and rewards than individualist cultures.

Nearly all economic-related decisions in a centrally planned economy are determined by the interplay of supply and demand.

Scenario: Learning the American Way Sergei Chernovl is a Russian exchange student. To learn more about how a market economy functions, Sergei is writing a research paper comparing business in Russia with business in the United States. -Sergei recognizes that all of the following were reasons why central planning failed EXCEPT the failure to ________.

All the following are true of centrally planned economies EXCEPT ________.

The term "juche" in Korean refers to ________.

Countries with the lowest economic freedom tend to have the ________ standards of living.

The concept of producer price parity must be applied to understand the value of a currency in its home country.

Economic transition refers to the process of moving from ________.