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Quiz -1 AGB 302 with correct Answers
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Quiz -1 AGB 302 with correct Answers
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Quiz #1 AGB 302 with correct Answerspolitical economy - Answer -The interdependent combination of a
country's political, economic, and legal
systems
Collectivism - Answer -a political system that emphasizes collective goals as opposed to
individual goals
communists - Answer -believed that socialism could be achieved only through violent
revolution and totalitarian dictatorship
Individualism - Answer -can be traced to the ancient greek philosopher Aristotle
Individualism advocates for - Answer -a democratic process
market economy - Answer -if demand for a product exceeds supply, prices will rise,
signaling to producers to produce more.
Common Law System - Answer -judges have the power to interpret the law so that it
applies to the unique circumstances of an individual case.
benefits, costs, and risks - Answer -the ___ associated with doing business in a country are
a function of that country's political, economic, and legal systems
Adam Smith - Answer -author of The Wealth of Nations; proponent of the free-market
system
GNI per capita can be adjusted by ____ to account for differences in the cost of living. -
Answer -purchasing power
GNI and PPP data are useful because they provide a _______ of economic development. -
Answer -static analysis
planned economy - Answer -the state owns all means of production
the economic freedom associated with a _____ creates greater incentives for innovation
and entrepreneurship that either a planned or a mixed economy. - Answer -market
economy
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