1 | P a g e AGB 302 FINAL EXAM 1 00 QUESTIONS WITH COMPLETE SOLUTIONS 2024 (VERIFIED ANSWERS) A+ RATED 1. Which of the following is a step in the shift towards a market based economic system?: creation of a legal system to safeguard property rights 2. Design and names by which merchants or manufacturers designate and differentiate their products are known as __________: trademarks 3. ________, a nobel prize -winning economist, has argued that development is not just an economic process, but it is a politica l one as well.: amartya sen 4. In several western democracies, the poor perform ance of state -owned enterprises, because of protection from competition and guaranteed government financial support, led to ________.: privatization 5. One of the reasons for the s pread of democracy is the emergence of _____________ who have pushed for democratic reforms.: increasingly prosperous middle and working classes 6. Which of the following areas of international trade is regulated by the foreign corrupt pract ice act?: preventi ng bribery and unethical acts in the conduct of international business 7. The tenet of ___________ is that the welfare of society is best served by letting people pursue their own economic self -interest.: individualism 8. The state can expropriate the profits fr om innovation through legal means, such as ____________.: excessive taxation 9. A free market economy in which property rights are protected leads to subse quent economic growth, which often leads to the establishment of :: a democratic regime 10. Under the _______ ____, cases are judged with reference to three characteristics: tradition, precedent, and custom.: common law system 11. Anecdotal comparisons suggest that the assertion that nations that invest more in _________ will have higher growth rates is true.: educati on 12. Which of the following helps in adjustin g gni such that it accounts for the differences in the cost of living?: purchasing power party (ppp) adjustment 13. In a ___________ economy, certain sectors of the economy are left to private ownership and free m arket mechanisms while other sectors have significant state ownership and government planning.: mixed 14. A market economy encourages innovation beca use:: economic freedom leads to greater incentives for innovation 15. Several of the fastest -growing asian economie s adopted more ___________ governments during the past three decades, including south Korea and taiwan.: democratic 16. Which of the following statements about the legal systems of countries is true?: they can affect the attractiveness of a country as an inv estment site or market. 17 modern socialism has been popularized largely through the work of
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