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5 Written questions

5 Matching questions

  1. Why is GNI misleading?
  2. What are the three prevalent economic systems?
  3. The spread of of market based systems entails what characteristics?
  4. True or False. The approach to contract law demonstrates the difference between common law and civil law systems
  5. What is the main difference between communist and social democrats?
  1. a does not consider cost of living
  2. b True
  3. c the means by which socialism is achieved e.g. democratic vs. violent and totalitarian
  4. d 1. market economy
    2. command economy
    3. mixed economy
  5. e 1. deregulation
    2. privatization
    3. Legal system to safeguard property rights

5 Multiple choice questions

  1. 1. the increasing spread of democracy
    2. New world order and terrorism
    3.the spread of market based systems
  2. 1. innovation and entrepreneurship are the engines of long term growth
    2. Innovation and Entrepreneurship Require a Market Economy
    3. Innovation and Entrepreneurship Require Strong Property Rights
  3. the extortion of income or resources of property holders by public officials such as politicians and government bureaucrats
  4. 1. democratic or totalitarian
    2. collectivism or individualism
  5. Not many countries have ratified the convention only 70

5 True/False questions

  1. What are some determinants of Economic Development?1. innovation and entrepreneurship are the engines of long term growth
    2. Innovation and Entrepreneurship Require a Market Economy
    3. Innovation and Entrepreneurship Require Strong Property Rights

          

  2. What are the different types of legal systems?1. common law
    2. civil law
    3. theocratic law

          

  3. In modern times socialism replaces collectivism, what is socialism?a political philosophy advocating substantial public involvement, through government ownership, in the means of production and distribution; it would benefit society as a whole

          

  4. What is private action?the extortion of income or resources of property holders by public officials such as politicians and government bureaucrats

          

  5. What is the CIGS?United Convention on Contracts for the International sale of Goods is a set rules governing certain aspects of the making and performance of commercial contracts between sellers and buyers who have their places of business in different nations

          

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