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AGB 302 FINAL REVIEW PT 1/40 QUESTIONS AND ANSWERS (A+)
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AGB 302 FINAL REVIEW PT 1/40 QUESTIONS AND ANSWERS (A+)
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AGB 302 FINALREVIEW PT 1/40
QUESTIONS AND
ANSWERS (A+)
Interdependent political, economic, and legal
systems of a country make up its: -
√Answer>Political economy
Quiz :A political system that prioritizes the needs
of the society over individual freedoms is called
________. - √Answer>Collectivism
Quiz :The ________ believed that socialism could
be achieved only through violent revolution and
totalitarian dictatorship. - √Answer>Communists
Quiz :Which of the following philosophies can be
traced back to the ancient Greek philosopher
Aristotle? - √Answer>Individualism
Quiz :Which of the following statements about
individualism is true? - √Answer>Individualism
advocates for a democratic political system.
Quiz :In a ________, if demand for a product
exceeds supply, prices will rise, signaling to
, producers to produce more. - √Answer>Market
Economy
Quiz :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
Quiz :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
Quiz :The ________ believed that socialism could
be achieved only through violent revolution and
totalitarian dictatorship. - √Answer>Communists
Quiz :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
Quiz :GNI per capita can be adjusted by ________
to account for differences in the cost of living. -
√Answer>Purchasing power
Quiz :GNI and PPP data are useful because they
provide a ________ of economic development. -
√Answer>Static analysis
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