Laissez faire economics refers to which of the following Less government

Laissez faire economics refers to which of the

This preview shows page 236 - 240 out of 493 pages.

 Laissez-faire economics refers to which of the following? Less government interference in commerce and greater individual economic freedom
Image of page 236
 To function smoothly and properly, a market economy requires all of the following EXCEPT ________. In a market economy, access to alternative purchase options is known as ________. A) free choice  In a market economy, access to alternative purchase options is known as ________. free choice  Comparing market economies with centrally planned economies, which of the following statements is most accurate regarding the element of free choice? Free choice exists in market economies, but choices are restricted in planned economies.  In a market economy, ________ allows most prices to rise and fall to reflect the forces of supply and demand. price flexibility  When one company is able to control a product's supply— and therefore its price—it is considered a(n) ________. monopoly  Which of the following are used to control taxation and government spending? Fiscal policies  Which of the following would most likely characterize a nation with a high degree of economic freedom? Low tariffs  Which of the following would most likely characterize a nation with a low degree of economic freedom? Price controls  A country's level of economic development reflects all of the following EXCEPT its ________. currency value relative to that of other countries 
Image of page 237
Which of the following is the broadest measure of economic development? Gross national product (GNP)  The value of all goods and services produced by the domestic economy over a one-year period is called ________. gross domestic product (GDP)  An investor wishes to invest in a business in a country with a relatively high gross national income (GNI). Which of the following countries would most likely qualify as a prospect? Japan  An investor is looking for three countries with similar GNI levels. Which of the following would most likely make up such a group? Russia, Romania, Bulgaria  A philanthropical organization wishes to bring an assistance initiative to a country with a low GNI. Which of the following would the organization most likely choose? Madagascar  After a natural disaster, an organization ranks the affected countries in terms of their gross national income and provides assistance to the lowest-ranking countries first. Which of the following countries would most likely receive aid first? Cambodia  Which of the following terms is used to refer to the exchange of goods and services for other goods and services instead of money? Barter  An American-owned business based in Russia is having trouble meeting its payroll. Which of the following would be most effective for the business to use for bartering purposes? Vodka  ________ is the value of goods and services that can be purchased with one unit of a country's currency. Purchasing power 
Image of page 238
The GDP per capita of Country A is lower than that of France.
Image of page 239
Image of page 240

You've reached the end of your free preview.

Want to read all 493 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture