2026 AGB 302 FINAL EXAM QUESTIONS
WITH CORRECT ANSWERS
Which of the following isea step in the shift towards a market based economic system? -
Correct answer -creation of a legal system to safeguard property rights
Design and nameseby which merchants or manufacturers designate and differentiate their products are k
nown as - correct answer -trademarks
, a nobel prize-
Winningeeconomist, has argued that development is not just an economic process, but it is a political one
as well. - correct answer -amartya sen
In several western democracies, the poor performance of state-
Owned enterprises, because of protection from competition and guaranteed government financial suppo
rt, led to . - correct answer -privatization
One of the reasons for the spread of democracy is the emergence of who have pushed fo
r democratic reforms. - correct answer -increasingly prosperous middle and workingeclasses
Which of the following areas of international trade is regulated by the foreign corrupt practice act? -
Correct answer -preventing bribery and unethical acts in the conduct of international business
The tenet of is that the welfare of society is best served by lettingepeople pursue their own
economic self-interest. -ecorrect answer -individualism
The state can expropriateethe profits from innovation through legal means, such as .-
Correct answer -excessive taxation
A free market economy in which property rights are protected leads to subsequent economic growth, wh
ich often leads to the establishment of: - correct answer -a democratic regime
Under the , cases are judged with reference to three characteristics: tradition, precedent, a
nd custom. -ecorrect answer -common law system
, Anecdotal comparisons suggest that the assertion that nations that invest more in will have hi
gher growth rates is true. -ecorrect answer -education
Which of the following helps in adjustingegni such that it accounts for the differences in the cost of living
? - correct answer -purchasing power party (ppp) adjustment
In a economy, certain sectors of the economy are left to private ownership and free market
mechanisms while other sectors have significantestate ownership and government planning. -
Correct answer -mixed
A market economy encourages innovation because: - correct answer -
economicefreedom leads to greater incentives for innovation
Several of theefastest-
Growing asian economies adopted more governments during the past three decades, inclu
ding south korea and taiwan. - correct answer -democratic
Which of the following statements about the legal systems of countries isetrue? - correct answer - they
can affect the attractiveness of a country as an investment site or market.
Modern socialism hasebeen popularized largely through the work of .-
Correct answer -karl marx
Which of the following is a measure that is developed by the united nations to measure the quality of life
in different nations? - correct answer -human development index
In a pure market economy: - correct answer -
Production isedetermined by the interaction of supply and demand.
Interdependent political, economic, and legal systems of a country make up its: - correct answere-
political economy
WITH CORRECT ANSWERS
Which of the following isea step in the shift towards a market based economic system? -
Correct answer -creation of a legal system to safeguard property rights
Design and nameseby which merchants or manufacturers designate and differentiate their products are k
nown as - correct answer -trademarks
, a nobel prize-
Winningeeconomist, has argued that development is not just an economic process, but it is a political one
as well. - correct answer -amartya sen
In several western democracies, the poor performance of state-
Owned enterprises, because of protection from competition and guaranteed government financial suppo
rt, led to . - correct answer -privatization
One of the reasons for the spread of democracy is the emergence of who have pushed fo
r democratic reforms. - correct answer -increasingly prosperous middle and workingeclasses
Which of the following areas of international trade is regulated by the foreign corrupt practice act? -
Correct answer -preventing bribery and unethical acts in the conduct of international business
The tenet of is that the welfare of society is best served by lettingepeople pursue their own
economic self-interest. -ecorrect answer -individualism
The state can expropriateethe profits from innovation through legal means, such as .-
Correct answer -excessive taxation
A free market economy in which property rights are protected leads to subsequent economic growth, wh
ich often leads to the establishment of: - correct answer -a democratic regime
Under the , cases are judged with reference to three characteristics: tradition, precedent, a
nd custom. -ecorrect answer -common law system
, Anecdotal comparisons suggest that the assertion that nations that invest more in will have hi
gher growth rates is true. -ecorrect answer -education
Which of the following helps in adjustingegni such that it accounts for the differences in the cost of living
? - correct answer -purchasing power party (ppp) adjustment
In a economy, certain sectors of the economy are left to private ownership and free market
mechanisms while other sectors have significantestate ownership and government planning. -
Correct answer -mixed
A market economy encourages innovation because: - correct answer -
economicefreedom leads to greater incentives for innovation
Several of theefastest-
Growing asian economies adopted more governments during the past three decades, inclu
ding south korea and taiwan. - correct answer -democratic
Which of the following statements about the legal systems of countries isetrue? - correct answer - they
can affect the attractiveness of a country as an investment site or market.
Modern socialism hasebeen popularized largely through the work of .-
Correct answer -karl marx
Which of the following is a measure that is developed by the united nations to measure the quality of life
in different nations? - correct answer -human development index
In a pure market economy: - correct answer -
Production isedetermined by the interaction of supply and demand.
Interdependent political, economic, and legal systems of a country make up its: - correct answere-
political economy
