2025 -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
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
