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IB Quiz 4
| Question | Answer |
|---|---|
| In a country that practices state capitalism, all of the following are most likely to be handled by the state EXCEPT ________. | supporting the local activities of foreign competitors |
| Pender Pharmaceuticals is considering expanding overseas and is focusing primarily on the BRICs. Which of the following countries is one that Pender is considering? | Russia |
| ________ typically results when demand decreases and supply increases. | Deflation |
| Kyle, an international manager for Apex Industries, has been given the task of analyzing the economies of three different emerging countries for the firm's potential expansion. Which of the following questions is LEAST relevant to Kyle's assignment? | What is the likelihood that Apex can fill manufacturing positions with locals? |
| During a time of reflation, the government is most likely to ________. | print money |
| Since the late 1980s, the growing emergence of freer markets has been powered by the realization that ________. | economic growth is directly related to economic freedom |
| History suggests that if the economic crisis worsens, we are likely to see more people question the ________. | legitimacy of capitalism |
| Uneven income distribution ________. | exists in almost every country |
| Communism primarily relies on a system of ________. | government-controlled economic activity |
| In a market economy, the patterns of resource allocation are most directly influenced by ________. | consumers who "vote" by their personal decision to buy or not buy products |
| Tatum Manufacturing recently opened a new facility in Hong Kong. The firm can most likely expect the Hong Kong government to ________. | ensure fair competition |
| To determine whether the standard of living within a country is rising or falling, economists would most likely use which of the following measures? | GNI growth rate |
| Which of the following is most typical of a command economy? | Many products are usually in short supply. |
| The recent global financial crisis has led to which of the following? | governments seeking to impose more constraints on capitalism |
| In computing GNI, the value of a Ford car that is manufactured in Mexico using capital from the United States would ________. | be added to the GNI of the United States but not the GNI of Mexico |
| Which of the following is most likely a FALSE statement about income inequality? | GNI is the most effective tool for estimating the relative wealth of a nation's citizens. |
| In Country X, all dimensions of economic activity, including pricing and production decisions, are determined by the central government. Which term best describes Country X? | command economy |
| Managers at Morrison Manufacturing want to ensure that the firm is located in a country with a high degree of economic freedom. Presently, which of the following locations would most likely offer Morrison the highest economic freedom? | Hong Kong |
| Which of the following ideas calls for assessing a country's performance based on factors such as life expectancy, leisure time, and income equality? | happynomics |
| According to the concept of green economics, measuring a country's economic performance should also take into account ________. | ecological costs |
| Taylor Enterprises wants to expand its operations into Asia. Managers are focusing on countries with high degrees of economic freedom most likely because the firm is interested in a country with ________. | minimal government intervention |
| An economic system is the set of structures and processes that ________ in a country. | guides the allocation of resources and shapes the conduct of business activities |
| In the United States, the unemployment rate indicates the ________. | percentage of unemployed workers seeking paid work relative to the total labor force |
| The ________ view calls for companies to develop low-cost, high-powered, resource-minimizing innovations that can be marketed to the billions of people living on less than a few dollars a day. | Base of the Pyramid |
| In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning. | mixed |
| The Human Development Index measures the average achievements in a country on three basic dimensions of human development, including ________. | extent of knowledge |
| What is the most likely reason that a universal scheme for assessing the performance and potential of a country's economic environment does NOT exist? | difficulties of identifying a definitive set of predictive economic indicators |
| Presently, which of the following countries is BEST characterized as a pure example of a command economy? | North Korea |
| The United Nations' ________ measures life expectancy, educational attainment, and the standard of living in a given country. | Human Development Index |
| The Economic Freedom Index indicates that economic freedom is positively correlated with all of the following EXCEPT ________. | diversity |
| Which of the following is NOT a characteristic of capitalism? | state control of factors of production |
| Gross national income (GNI), the broadest measure of economic activity for a country, is defined as the ________. | income generated by both total domestic production and the international production activities of national companies |
| The recent global financial crisis has interrupted the trend of national economies ________. | steadily adopting the free market model |
| Which of the following calls for economic activity that meets present needs without hindering the future needs of society? | sustainable development |
| Which of the following is most likely a true statement about the global economy since the 1980s? | Emerging economies are adopting the principles and practices of free markets. |
| The measure of the value of production that occurs within a country's borders without regard to whether the production is done by domestic or foreign factors of production is its ________. | gross domestic product (GDP) |
| In a command economy, ________. | the government sets goals and determines the price and quantity of what is produced |
| Eileen, a manager at an international restaurant chain, wants to know if it will be most cost effective to buy 1,000 pounds of sugar in Country X or in Country Y using U.S. dollars. Which of the following is Eileen most likely trying to determine? | purchasing power parity |
| ________ is a general, sustained rise in prices measured against a standard level of purchasing power. | Inflation |
| A system in which individuals, rather than the government, make the majority of economic decisions is commonly referred to as a ________. | market economy |
| In the Economic Freedom Index, ________ exhibit high economic freedom whereas ________ exhibit little to no economic freedom. | market economies; command economies |
| Which of the following countries is the best example of a mixed economic model? | France |
| Country X is in the process of transforming from a command economy to a market economy. This process most likely involves ________. | privatization of many factors of production |
Created by:
mkfenberg