Exam 4: Economics and Emerging Markets

The ________ system of a country consists of the structure and processes it uses to allocate its resources and to conduct its commercial activities.

Scenario: Stephanie Wong Stephanie Wong,a Chinese-American,owns a consultancy that advises clients on strategies for business expansions into China.Wong is to lead a symposium for small and mid-sized exporters who are planning on expanding their businesses in China.Therefore,she is preparing answers in advance for questions that symposium participants would most likely ask. -Another question that Stephanie anticipates concerns the acceptability of certain topics of discussion like: "Should we avoid discussing our families and spouses?" Which of the following represents the most effective response to this question?

An investor wants to invest in a country that has a high gross national income (GNI).Which of the following countries would most likely qualify as a prospect?

Who among the following popularized the idea of central economic planning in the nineteenth century?

Which of the following would characterize a nation with high degree of economic freedom?

Which of the following countries has a contemporary market economy?

________ is the value of goods and services that can be purchased with one unit of a country's currency.

Which of the following is a major obstacle to economic transition?

One of the key obstacles faced by countries in economic transition is the lack of managerial expertise.

The GDP per capita of a country is lower than that of France.If the GDP per capita of the country is adjusted for PPP,the country's revised GDP is higher than that of France.Which of the following is most likely true about the country?

The government makes nearly all economy-related decisions in a market economy.

Interfering with the price mechanism is a violation of a fundamental principle of the market economy.

Scenario: Learning the American Way Sergei Chernovl is a Russian exchange student.To learn more about how a market economy functions,Sergei is conducting research comparing businesses in Russia with businesses in the United States. -Sergei believes that it is important to know the origin of the economic system in each country.He learns that the idea of central economic planning that was practiced in Russia,was popularized in the nineteenth century by ________.

North Korea practices a policy of self-reliance known as ________.

When the assets of a country are owned by the government,there seems to be more incentive to eliminate waste.

Central planning led to little economic growth and consistently low standards of living.

In which of the following systems is land,factories,and other economic resources equally split between private and government ownership?

China relies on its cheap labor for economic development and India on the brainpower of its people.

Which of the following is true about economic development of a nation?

The ________ approach to national economics calls for less government interference in commerce and greater individual economic freedom.