What are the three types of economic systems? - Answers✔command, market, mixed
What are the three BRIC countries - Answers✔Brazil, Russia, India and China
What economic system did the Republicans used to abide by? - Answers✔Market but now
shifting toward mixed due to tarrifs
Define Mixed Economy - Answers✔Gov and private ownership mixed in allocating economic
resources, optimizes efficiency, happens in mostly free countries, 2nd most productive type
behind market and preempts self interest
Economic Freedom index - Answers✔Has twelve key areas and higher the score the better
Relationship between Economic Freedom and Income - Answers✔The greater the Economic
Freedom, the higher per capita income
What has happened in the past two years with Economic Freedom? - Answers✔The world's EF
has gone up, while the US's EF has gone down
Out of the six counties we studied, which one had the highest economic freedom and the lowest
economic freedom? - Answers✔Australia and India
What are other positives to High economic freedom - Answers✔Low inflation and low
unemployment
Chapter 4 case 2: What will the developed countries in the West do with the changing business
world? - Answers✔major generational shifts, AI is becoming more important , 4th industrial
revolution makes major shifts in generations
What did Garcia say was the best type of government for an economic system? - Answers✔A
benevolent dictatorship then goes to a democracy since it works in the short term and can make
changes very quickly
ALL RIGHTS RESERVED.
Challenges in emerging economies - Answers✔Government control, corruption, volatility and
efficient channels (economic conditions)
Reasons for Economic Indexs - Answers✔Complexity, dynamism, interdependence and overload
What is GNI? - Answers✔Market value of final goods/services and domestic owned factors of
production
What is desirable for potential when looking at GNI and GDP? - Answers✔High pop and high
per capita
What is GDP? - Answers✔Focuses on things produced within the countries borders
What type of countries produce more GDP than GNI? - Answers✔Small countries bring in more
than they send out and countries with a lot of banks results in this
What is purchasing power parity? - Answers✔the rate of conversion of one country's currency to
purchase the same goods in another country
Which countries tend to have higher PPP? - Answers✔Inexpensive countries
What do G7 countries have in common? - Answers✔Very high human development index,
advanced economies and top 15 for per capita
What is BME? - Answers✔Large pop and large economies see them as threat since they have
massive infrastructure, tech leaders and growth spillover
What was Smoot-Hartley's impact? - Answers✔It was a agricultural tariff that resulted in more
tariffs and international trade went down
US and Vietnam case - Answers✔US catfish guys complained that Vietnamese catfish took away
their profits and accused them of price dumping. Tried to get the catfish out of US market but US
gov was afraid to do anything drastic that would damage international relations or Vietnam
would counter with tariff on US beef
Chapter 4 Case 1: What was the point? - Answers✔Large economies in 2050 will be in Asia, G-7
and G-20, power from wealthier countries to emerging countries and wealthy countries want to
restore their former powers, reducing state authority to raise economies hurts developing
economies
Four big interpretations to determine a countries economic environment - Answers✔1) Type of
economic Environment
2) Degree of Economic Freedom
3) Drivers of Economic Performance
2
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