Exam 4: Economic Systems and Development

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

________ refers to the sale of government-owned economic resources to private operators.

Most newly industrialized countries are found in ________.

A country that has recently increased the portion of its national production and exports derived from industrial operations is called a(n) ________.

The broadest measure of economic development is ________.

________ is the use of the latest technologies in some sectors of the economy coupled with the use of outdated technologies in others.

Describe the main points of difference between purchasing power parity and the human development index.

Discuss the challenges facing Russia as the country moves forward with its transition from a centrally planned economy to a market economy.

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

Differentiate between GDP and GNP. Briefly discuss the drawbacks of using GDP and GNP as indicators of economic development.

The main goal of privatization is to increase economic efficiency, boost productivity, and raise living standards.

The greater a people's economic freedom, the higher their ________.

To function smoothly and properly, a market economy requires three things: free choice, ________, and price flexibility.

China's leaders describe that country's economic philosophy as "socialism with Chinese characteristics."

Political instability in the form of intensified nationalism is threatening Russia's further progress toward transition.

Transition from government ownership and central planning has been challenging for ________ Russians.

The ________ measures the extent to which a government equitably provides its people with a long and healthy life, an education, and a decent standard of living.

One of the most important factors in forming a successful venture in China is guanxi, which means ________.

Interfering with the price mechanism violates a fundamental principle of the market economy.

________ is the value of all goods and services produced by a domestic economy over a one-year period.