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AGB 302 Homework 1 Exam Questions and Answers
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AGB 302 Homework 1 Exam Questions and Answers
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AGB 302 Homework 1 Exam Questionsand Answers
Interdependent political, economic, and legal systems of a country make up its: -
Answer -political economy
A political system that prioritizes the needs of the society over individual freedoms is
called ________. - Answer -collectivism
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer -communists
Which of the following philosophies can be traced back to the ancient Greek
philosopher Aristotle? - Answer -individualism
Which of the following statements about individualism is true? - Answer -Individualism
advocates for a democratic political system.
In a ________, if demand for a product exceeds supply, prices will rise, signaling to
producers to produce more. - Answer -market economy
Judges in a(n) ________ have the power to interpret the law so that it applies to the
unique circumstances of an individual case. - Answer -common law system
The ________ associated with doing business in a country are a function of that
country's political, economic, and legal systems. - Answer -benefits, costs, and risks
The ________ believed that socialism could be achieved only through violent revolution
and totalitarian dictatorship. - Answer -communists
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? - Answer -Adam Smith
GNI per capita can be adjusted by ________ to account for differences in the cost of
living. - Answer -purchasing power
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