ACB 302 QUIZ 1,2,3,4 WITH COMPLETE QUESTIONS
AND ANSWERS. GRADED A+
Interdependent political, economic, and legal systems of a country make up its:
political economy.
Collectivism
A political system that prioritizes the needs of the society over individual freedoms is called
Communist
The ________ believed that socialism could be achieved only through violent revolution and
totalitarian dictatorship.
Individualism
Which of the following philosophies can be traced back to the ancient Greek philosopher
Aristotle?
Individualism advocates for a democratic political system.
Which of the following statements about individualism is true?
Market Economy
In a ________, if demand for a product exceeds supply, prices will rise, signaling to producers to
produce more.
Common Law System
Judges in a(n) ________ have the power to interpret the law so that it applies to the unique
circumstances of an individual case.
Benefits, cost and risk
The ________ associated with doing business in a country are a function of that country's
political, economic, and legal systems.
Communist
The ________ believed that socialism could be achieved only through violent revolution and
totalitarian dictatorship.
Adam Smith
Who was the author of The Wealth of Nations in which it is stated that an individual who intends
his own gain is led by an invisible hand to promote an end that was not part of his intention?
, Purchasing Power
GNI per capita can be adjusted by ________ to account for differences in the cost of living.
Static Analysis
GNI and PPP data are useful because they provide a ________ of economic development.
Planned Economy
In a ________, the state owns all means of production.
Market Economy
The economic freedom associated with a ________ creates greater incentives for innovation and
entrepreneurship than either a planned or a mixed economy.
Democratic
Several of the fastest-growing Asian economies adopted more ________ governments during the
past three decades, including South Korea and Taiwan.
Deregulation
________ involves removing legal restrictions to the free play of markets, the establishment of
private enterprises, and the manner in which private enterprises operate.
build brand loyalty
By identifying and investing early in a potential future economic star, international firms can
________ and gain experience in that country's business practices.
free market
Countries with ________ economies in which property rights are protected tend to achieve
greater economic growth rates than other economies where property rights are poorly protected.
the lack of infrastructure and supporting businesses
It may be more costly to do business in relatively primitive or undeveloped economies because
of:
Life expectancy at birth
Which of the following is one of the measures that HDI is based on?
Europe
The movement toward regional economic integration been most successful in ________.
Common Market
A(n) ________ has no barriers to trade between member countries, includes a common external
trade policy, and allows factors of production to move freely between members.
AND ANSWERS. GRADED A+
Interdependent political, economic, and legal systems of a country make up its:
political economy.
Collectivism
A political system that prioritizes the needs of the society over individual freedoms is called
Communist
The ________ believed that socialism could be achieved only through violent revolution and
totalitarian dictatorship.
Individualism
Which of the following philosophies can be traced back to the ancient Greek philosopher
Aristotle?
Individualism advocates for a democratic political system.
Which of the following statements about individualism is true?
Market Economy
In a ________, if demand for a product exceeds supply, prices will rise, signaling to producers to
produce more.
Common Law System
Judges in a(n) ________ have the power to interpret the law so that it applies to the unique
circumstances of an individual case.
Benefits, cost and risk
The ________ associated with doing business in a country are a function of that country's
political, economic, and legal systems.
Communist
The ________ believed that socialism could be achieved only through violent revolution and
totalitarian dictatorship.
Adam Smith
Who was the author of The Wealth of Nations in which it is stated that an individual who intends
his own gain is led by an invisible hand to promote an end that was not part of his intention?
, Purchasing Power
GNI per capita can be adjusted by ________ to account for differences in the cost of living.
Static Analysis
GNI and PPP data are useful because they provide a ________ of economic development.
Planned Economy
In a ________, the state owns all means of production.
Market Economy
The economic freedom associated with a ________ creates greater incentives for innovation and
entrepreneurship than either a planned or a mixed economy.
Democratic
Several of the fastest-growing Asian economies adopted more ________ governments during the
past three decades, including South Korea and Taiwan.
Deregulation
________ involves removing legal restrictions to the free play of markets, the establishment of
private enterprises, and the manner in which private enterprises operate.
build brand loyalty
By identifying and investing early in a potential future economic star, international firms can
________ and gain experience in that country's business practices.
free market
Countries with ________ economies in which property rights are protected tend to achieve
greater economic growth rates than other economies where property rights are poorly protected.
the lack of infrastructure and supporting businesses
It may be more costly to do business in relatively primitive or undeveloped economies because
of:
Life expectancy at birth
Which of the following is one of the measures that HDI is based on?
Europe
The movement toward regional economic integration been most successful in ________.
Common Market
A(n) ________ has no barriers to trade between member countries, includes a common external
trade policy, and allows factors of production to move freely between members.
