.) Managers at Morrison Manufacturing are considering expanding the firm's production overseas and want to ensure that the firm is located in a country with a high degree of economic freedom. Presently, which of the following locations would most likely offer Morrison the highest economic freedom?
...
DAVIS D70 FULL FINAL EXAM
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.
1) Which of the following is most likely a true statement about the global economy since
the 1980s?
A) Socialist governments are intervening more in global exchanges.
B) Wealthy countries are exercising total control over emerging markets.
C) Developing countries are losing growing shares of their foreign-exchange reserves.
D) Emerging economies are adopting the principles and practices of free markets.
Correct answer✓✓D) Emerging economies are adopting the principles and practices of free
markets.
2.) Kyle, an international manager for Apex Industries, has been given the task of
analyzing the economies of three different emerging countries for the firm's potential
expansion. Which of the following questions is LEAST relevant to Kyle's assignment?
A) How much freedom will Apex have to run its foreign operations?
B) What are the current economic policies related to development?
C) What is the likelihood that Apex can fill manufacturing positions with locals?
D) What factors in the country drive or hinder economic change?
Correct answer✓✓C) What is the likelihood that Apex can fill manufacturing positions with
locals?
3.) Managers at Morrison Manufacturing are considering expanding the firm's production
overseas and want to ensure that the firm is located in a country with a high degree of
economic freedom. Presently, which of the following locations would most likely offer
Morrison the highest economic freedom?
,DAVIS D70 FULL FINAL EXAM
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A) Mexico
B) Hong Kong
C) Venezuela
D) North Korea
Correct answer✓✓B) Hong Kong
4 ) Since the late 1980s, the growing emergence of freer markets has been powered by the
realization that ________.
A) economic growth is directly related to economic freedom
B) economic growth has a limited effect on the standard of living
C) adoption of free market principles contributes to social injustices
D) centrally planned economies are best designed to deliver progress
Correct answer✓✓A) economic growth is directly related to economic freedom
5.) The Economic Freedom Index indicates that economic freedom is positively correlated
with all of the following EXCEPT ________.
A) life expectancy
B) literacy
C) environmental sustainability
D) diversity
Correct answer✓✓D) diversity
,DAVIS D70 FULL FINAL EXAM
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7) The recent global credit crisis has interrupted the trend of national economies ________.
A) rapidly adopting the command market model
B) steadily adopting the free market model
C) moving from the mixed to the command model
D) turning away from the mixed model
Correct answer✓✓B) steadily adopting the free market model
8) History suggests that if the economic crisis worsens, we are likely to see more people
question the ________.
A) fall of communism
B) legitimacy of capitalism
C) practicality of mixed market economies
D) correlation between economic freedom and prosperity
Correct answer✓✓B) legitimacy of capitalism
9) According to research, which of the following countries is the strongest supporter of
free markets?
A) China
B) India
C) France
D) Ukraine
Correct answer✓✓A) China
, DAVIS D70 FULL FINAL EXAM
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10) Which of the following is NOT a characteristic of capitalism?
A) private ownership of assets
B) right to profit from individual effort
C) state control of factors of production
D) private control of investment
Correct answer✓✓C) state control of factors of production
11) Communism primarily relies on a system of ________.
A) private business ownership
B) competitive pricing and marketing
C) market-generated supply and demand
D) government controlled economic activity
Correct answer✓✓D) government controlled economic activity
.
12) In a market economy, the patterns of resource allocation are most directly influenced
by ________.
A) government administrators who monitor the equilibrium of supply and demand
B) industry coalitions that strive to improve the efficiency of production and service
C) consumer group alliances that negotiate with firms to improve product quality
D) consumers who "vote" by their personal decision to buy or not buy products
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