Economic Development

Which of the following is a key requirement for privatization to be successful?

General deregulation and opening of the economy

What is a well-functioning market economy dependent on?

Laws protecting property rights

What is a potential risk associated with privatization and changing political economy?

Return of totalitarian regimes

What are good predictors of economic prospects in a country?

Education systems Signup and view all the answers

What is a cost associated with doing business internationally?

Legal risk Signup and view all the answers

What is a risk associated with doing business in a country?

Political risk Signup and view all the answers

What is the overall attractiveness of doing business in a country based on?

Benefits, costs, and risks Signup and view all the answers

What is a requirement for a country to have higher sustained rates of economic growth?

Strong property rights protection Signup and view all the answers

What is a key implication of changing political economy?

Market-based economic policies Signup and view all the answers

What is a key requirement for privatization to work?

Transferring ownership of state property to private individuals Signup and view all the answers

Which of the following is NOT a requirement for innovation and entrepreneurship in an economy?

Democratic regime Signup and view all the answers

What is the relationship between economic freedom and economic growth?

Positive relationship Signup and view all the answers

Why do countries with favorable geography engage in trade and open market-based systems?

To promote economic growth Signup and view all the answers

Which factor contributes to higher growth rates in countries?

Young and growing population Signup and view all the answers

What is the impact of economic progress on the establishment of democratic regimes?

Positive impact Signup and view all the answers

What has contributed to the spread of democratic ideals in many nations?

Technological advancements Signup and view all the answers

Which of the following is NOT a characteristic of a market-based system?

State control of prices Signup and view all the answers

What is the main reason for the shift from centrally planned economies to market-based economies?

Sustained economic growth Signup and view all the answers

What does deregulation involve in a market-based system?

Removing legal restrictions Signup and view all the answers

Which of the following countries experienced rapid economic growth despite having undemocratic governments?

China Signup and view all the answers

Which factor is NOT mentioned as a trend that fosters greater economic development?

Technological advancements Signup and view all the answers

What does GDP measure?

The total monetary value of all the finished goods and services produced within a country's borders Signup and view all the answers

Which countries have high GDP according to the text?

Japan, Sweden, Switzerland, Australia, and the United States Signup and view all the answers

What does PPP adjust in gross domestic product per capita?

Differences in cost of living Signup and view all the answers

What do GDP and PPP data not consider?

Differences in cost of living Signup and view all the answers

Which statement about China and India is supported by the text?

China and India have rapidly growing economies Signup and view all the answers