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Exam 4: Economic Systems and Development

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Question 21

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________ polices regard taxation and government spending.

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Question 22

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In China, a legal contract is just a formality that serves to ensure mutual understanding.

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Question 23

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A country's GNP per capita is its GNP divided by its ________.

Which of the following is NOT an obstacle hindering former socialist and communist countries in their transition to free-market economics?

Developing countries are also sometimes called less-developed countries.

When one company is able to control a product's supply and therefore its price it is considered a(n) ________.

Free enterprise in a market economy gives companies the ability to decide which goods and services to produce and the markets in which to compete.

The economic well-being of one nation's people compared with that of another nation's people is reflected in the country's ________.

Describe each of the three main types of economic systems.

In a market economy, nearly all economy-related decisions are determined by the interplay of ________.

Similar to how national cultures are neither completely individualistic or completely collectivist, no economic system reflects a completely individual or group orientation.

German philosopher Helmut Newton popularized the idea of central planning in the nineteenth century.

Economic development is a measure for gauging the economic well-being of one nation's people as compared with that of another nation's people.

Which of the following is NOT true of Russia as it moves forward with its transition to a market economy?

Market economics is rooted in the belief that ________.

________ in a market economy allows prices to rise and fall to reflect the forces of supply and demand.

The biggest contributor to China's unemployment rate is its reunification with Hong Kong.

In a mixed economy, the government tends to control those economic sectors it considers important to national security and long-term stability.

Extensive government ownership of assets in centrally planned and mixed economies tends to result in ________.

Which of these refers to the relative ability of two countries' currencies to buy the same basket of goods in those two countries?