Question 1

Volunteer work and unpaid household work are included in GNP.

Accepted Answer

A) True 
 B)False

Question 2

Nations with the poorest infrastructures and lowest personal incomes are called developing countries.

Accepted Answer

A) True 
 B)False

Question 3

Frederick Taylor popularized the idea of central economic planning in the nineteenth century.

Accepted Answer

A) True 
 B)False

Question 4

The selling of government-owned economic resources to private operators is called ________.

Accepted Answer

A)  price mechanism
B)  social stratification
C)  privatization
D)  guanxiE) C) and D)
F) None of the above

Question 5

A country that has recently increased the portion of its national production and exports derived from industrial operations is called a(n) ________.

Accepted Answer

A)  newly industrialized country (NI
C)  
B)  developing country
C)  emerging market
D)  developed countryE) B) and C)
F) B) and D)

Question 6

In a mixed economy,the government tends to control the economic sectors that are important for national security.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following measures the extent to which a government equitably provides its people with a long and healthy life,an education,and a decent standard of living?

Accepted Answer

A)  category development index
B)  gross national product index
C)  human development index
D)  purchasing power indexE) A) and D)
F) C) and D)

Question 8

Which of the following statements is most accurate regarding the element of free choice when market economies are compared with centrally planned economies?

Accepted Answer

A)  Consumers have free choice in both types of economies.
B)  Free choice exists in market economies,but choices are restricted in planned economies.
C)  Planned economies allow for greater free choice than do market economies.
D)  Consumers do not have free choice in either of these economies.E) B) and D)
F) A) and B)

Question 9

In which of the following economies would manufacturing firms most likely produce defective products due to low incentives for quality outputs?

Accepted Answer

A)  centrally planned economies
B)  market economies
C)  closed economies
D)  mixed economiesE) None of the above
F) A) and B)

Question 10

What is privatization? What role does it play in economic transition?

Accepted Answer

The selling of government-owned economic...

Question 11

To function smoothly and properly,a market economy requires ________.

Accepted Answer

A)  government partnership
B)  the practice of monopoly
C)  price flexibility
D)  nationalizationE) All of the above
F) A) and B)

Question 12

Economic transition is the process of moving from ________.

Accepted Answer

A)  developed to developing economies
B)  centrally planned to free-market economies
C)  developed to emerging economies
D)  free-market to centrally planned economiesE) B) and C)
F) B) and D)

Question 13

Businesspeople who accept the risks and opportunities involved in creating and operating new business ventures are called ________.

Accepted Answer

A)  managers
B)  supervisors
C)  entrepreneurs
D)  angel investorsE) A) and B)
F) A) and C)

Question 14

The concept of purchasing power parity (PPP)must be applied to understand the true value of a currency in its home country.

Accepted Answer

A) True 
 B)False

Question 15

Compare and contrast the business environments in China and Russia.

Accepted Answer

Doing Business-China and Russia share ce...

Question 16

Describe the three main types of economic systems.

Accepted Answer

A country's economic system consists of ...

Question 17

Which of the following disagrees with the concept of centrally planned economies?

Accepted Answer

A)  At the time of their collapse,standards of living in most centrally planned economies were at or above those of market economies.
B)  Basic necessities were often not provided to citizens in centrally planned economies.
C)  Underground economies for goods and services thrived in most centrally planned economies.
D)  Prices on the black market were much higher than the official prices set by governments.E) B) and C)
F) B) and D)

Question 18

Does greater economic freedom guarantee a higher standard of living? Provide examples of two specific countries to support your answer.

Accepted Answer

Factors making up each country's economi...

Question 19

In a market economy,economy-related decisions are determined by the interactions between ________.

Accepted Answer

A)  the government and individuals
B)  supply and demand
C)  customers and employees
D)  large and small businessesE) A) and C)
F) C) and D)

Question 20

________ is the value of all goods and services produced by the domestic economy over a one-year period.

Accepted Answer

A)  Gross domestic product (GDP) 
B)  Human development index (HDI) 
C)  Gross national product (GNP) 
D)  Purchasing power parity (PPP) E) A) and B)
F) None of the above

Exam 4: Economics and Emerging Markets

To function smoothly and properly,a market economy requires ________.

Correct AnswerverifiedShow Answer

What is privatization? What role does it play in economic transition?

Correct AnswerverifiedThe selling of government-owned economic...View AnswerShow Answer

The selling of government-owned economic resources to private operators is called ________.

Correct AnswerverifiedShow Answer

Economic transition is the process of moving from ________.

Correct AnswerverifiedShow Answer

Which of the following measures the extent to which a government equitably provides its people with a long and healthy life,an education,and a decent standard of living?

Correct AnswerverifiedShow Answer

________ is the value of all goods and services produced by the domestic economy over a one-year period.

Correct AnswerverifiedShow Answer

Businesspeople who accept the risks and opportunities involved in creating and operating new business ventures are called ________.

Correct AnswerverifiedShow Answer

The concept of purchasing power parity (PPP)must be applied to understand the true value of a currency in its home country.

Correct AnswerverifiedShow Answer

Describe the three main types of economic systems.

Correct AnswerverifiedA country's economic system consists of ...View AnswerShow Answer

Does greater economic freedom guarantee a higher standard of living? Provide examples of two specific countries to support your answer.

Correct AnswerverifiedFactors making up each country's economi...View AnswerShow Answer

Frederick Taylor popularized the idea of central economic planning in the nineteenth century.

Correct AnswerverifiedShow Answer

Compare and contrast the business environments in China and Russia.

Correct AnswerverifiedDoing Business-China and Russia share ce...View AnswerShow Answer

In which of the following economies would manufacturing firms most likely produce defective products due to low incentives for quality outputs?

Correct AnswerverifiedShow Answer

Nations with the poorest infrastructures and lowest personal incomes are called developing countries.

Correct AnswerverifiedShow Answer

Which of the following statements is most accurate regarding the element of free choice when market economies are compared with centrally planned economies?

Correct AnswerverifiedShow Answer

A country that has recently increased the portion of its national production and exports derived from industrial operations is called a(n) ________.

Correct AnswerverifiedShow Answer

In a mixed economy,the government tends to control the economic sectors that are important for national security.

Correct AnswerverifiedShow Answer

In a market economy,economy-related decisions are determined by the interactions between ________.

Correct AnswerverifiedShow Answer

Which of the following disagrees with the concept of centrally planned economies?

Correct AnswerverifiedShow Answer

Volunteer work and unpaid household work are included in GNP.

Correct AnswerverifiedShow Answer

Correct Answer
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The selling of government-owned economic...
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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A country's economic system consists of ...
View Answer

Correct Answer
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Factors making up each country's economi...
View Answer

Correct Answer
verified

Correct Answer
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Doing Business-China and Russia share ce...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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