Quiz – Chapter 2 Name: U number: 1. The dramatic recovery of Russian Economy in recent days can be attributed to: a. record world prices for oil and gas b. the succession of Vladimir Putin as president c. Putin slashed subsidies to state-owned enterprises d. the price increases for imports due to ruble’s devaluation e. all of the above can be attributed 2. According to author William Greider, executives and marketers must take into account the following new realities in the global economic situation: a. production has become “uncoupled” from employment b. he world economy dominates the scene c. the struggle between capitalism and socialism is over d. the growth of e-commerce diminishes the importance of national barriers e. all of the above 3. The rampant corruption and bribery witnessed in a nation’s economy is referred to as: a. re-nationalization b. managed democracy c. Kleptocracy d. autocracy e. None of the above 4. One of the distinguishing features of Centrally Planned Capitalism economic system is: a. all production resources are privately owned b. the state has broad powers to serve the public interest as it sees fit c. ommand resource allocation is utilized extensively in private resource ownership environment d. market allocation policies are permitted within and environment of state ownership e. none of the above 5. The Swedish government has significant holdings in key business sectors and has hybrid economic system that incorporate: a. market capitalism and centrally planned socialism b. centrally planned socialism and market socialism c. centrally planned socialism and capitalism d. market socialism and market capitalism e. market capitalism and socialistic capitalism 6.
Which type of economic system is characterized by command resource allocation and private resource ownership: a. market capitalism b. centrally-planned capitalism c. market socialism d. centrally-planned socialism e. None of the above 7. Which type of economic system is characterized by market resource allocation and state resource ownership: a. market capitalism b. centrally-planned capitalism c. market socialism d. centrally-planned socialism e. None of the above 8. China predominantly follows an economic system that can be classified under: a. centrally planned socialism b. market socialism . market capitalism d. centrally planned capitalism e. socialistic capitalism 9. Which of the following is true about economic output in China today: a. the state sector accounts for about 75 percent of output b. the state and private sectors each account for about 50 percent of output c. the private sector accounts for about 75 percent of output d. the private sector is virtually nonexistent in China e. the state sector is virtually nonexistent in China 10. The Washington, DC-based Heritage Foundation compiles a survey of over 150 countries ranked by degree of economic freedom.
Although there are a number of key economic variables which are considered in this ranking it does not include: a. monetary policy b. banking policy c. black market d. property rights e. none of the above 11. Singapore banned the import, manufacture, and sales of chewing gum in the country since wads of gum were making a mess on sidewalks, buses, and subway trains. Violators are subject to severe penalties and before buying a pack consumers must register their names and addresses. This according to author William Greider demonstrates that Singapore’s government: a. is harshly autocratic . administers a paranoid control over Singaporeans c. administers a paranoid control over press and politics d. runs an effective welfare state e. all of the above 12. The general characteristics shared by low-income countries does not include: a. high birth rates b. low literacy rates c. concentration in Africa south of the Sahara d. heavy reliance on foreign aid e. low tourist income 13. Which of the following BRIC nations fall in the lower-middle-income category? a. India and China b. China and Brazil c. Brazil and Russia d. Russia and India e. none of the above 14.
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Pursuing alternative sources of energy, such as wind and solar power is important due to the fact that: a. people in developing countries are more conscious about environment b. global marketers are more interested in publicizing environmental issues c. it is easy to develop solar power in many parts of the world d. heavy reliance on fossil fuels contributes to global warming e. people worldwide can afford to buy power generated from wind and solar 15. Product and market opportunities in a postindustrial society are more heavily dependent upon new products and innovations than in industrial societies. An example of this would be: . Nestle marketing Bono brand cookies in Brazil b. Coca-cola company developing a beverage Vintago in low-income countries c. New e-commerce markets for interactive forms of electronic communication d. Hermes creating handbags called Amazonia e. India’s Suzlon Energy using wind driven turbines 16. The Organization for Economic Cooperation and Development (OECD) is comprised of: a. the 30 high-income countries b. countries that believe in market-allocation economic systems c. pluralistic democracies d. countries that demonstrate progress toward economic reform e. all of the above statements are applicable 7. The fastest-growing sector of world trade includes: a. travel and entertainment b. accounting and legal services c. royalties and license fees d. engineering services e. all of the above 18. Between the year 2001 and 2006, China bought more than $ 250 billion in U. S. Treasury bonds. Such purchases: a. ensures that China’s currency is relatively weak compared to the U. S. dollar b. indicate that China is not sure of its economic viability c. show that currency exchange rate is unpredictable d. predict that yuan will be devalued in the near future e. China’s currency is stronger than the U. S. dollar 9. To the extent that a country sells more goods and services abroad than it buys, there will be: a. a greater demand for its currency b. a surplus production of goods and services c. a scarcity of goods and services within the country d. a need for revaluation of its currency e. time for fluctuating its currency 20. The Big Mac Index dated February 01, 2007 shows that the price of Big Mac in China was 11 yuan whereas its price in the United States was $ 3. 22. The index translated into yuan being undervalued by 56%. This shows that: a. Big Mac is more expensive in the United States than in China b.
Big Mac is less expensive in the United States than in China c. Big Mac costs the same in the United States and China d. Big Mac is less popular in China than in the United States e. Big Mac is more popular in China than in the United States Essay Question The newly independent countries of the former Soviet Union present an interesting situation: on one hand the income is declining creating considerable economic hardship whereas there are attractive opportunities with good potential from moving out of the low-income category. What are some of the problems and opportunities for these countries?
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