Ch. 5 - Economic Development of Nations
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25 Terms
Which of the following is a true statement about economic development?
It refers to an increase in economic well-being, quality of life, and general welfare of a nation's people.
3 multiple choice options
Which of the following is a highly industrialized and highly efficient country, and whose people enjoy a high quality of life?
Advanced country
3 multiple choice options
Which of the following sets of countries can be classified as emerging markets?
Brazil, India, and Mexico
3 multiple choice options
A developing country is a nation that
has low-quality infrastructure and low personal income.
3 multiple choice options
Transactions hidden from authorities for monetary, regulatory, or institutional reasons are commonly included in
the shadow economy.
3 multiple choice options
Which of the following is a definition of purchasing power?
Value of goods and services that can be purchased with one unit of a country's currency
3 multiple choice options
An advantage of the human development index over purchasing power parity is that it
is a good indicator of a people's total well-being.
3 multiple choice options
Government instability, military in government, and changing laws are traditional forms of
political risk.
3 multiple choice options
Micro and macro are two categories of
political risk.
3 multiple choice options
Which of the following is a forced transfer of assets to the government without compensation?
Confiscation
3 multiple choice options
Which of the following is a forced transfer of assets to the government with compensation?
Expropriation
3 multiple choice options
Government takeover of an entire industry is called
nationalization.
3 multiple choice options
Forcing companies to use local raw materials, use parts from local suppliers, or employ local workers are examples of
local content requirements.
3 multiple choice options
The three main methods of managing political risk include
adaptation, information gathering, and political influence.
3 multiple choice options
Partnerships, localization, development assistance, and insurance are methods of
adaptation.
3 multiple choice options
Which of the following describes the adaptation method of reducing political risk?
Incorporating risk into business strategies
3 multiple choice options
An individual who meets with a public official to influence their position on specific issues is called a(n)
lobbyist.
3 multiple choice options
Which of the following do favorable political relations help achieve?
Expand business opportunities, lower risk, and promote economic development
3 multiple choice options
Which of the following was formed in the mid-1900s to foster peace and stability around the world?
United Nations
3 multiple choice options
Economic transition is the process by which a nation changes its fundamental economic organization and
creates new free-market institutions.
3 multiple choice options
One positive result of economic transition is the development of
higher-quality management practices.
3 multiple choice options
Some of the troubles of South Korean automobile manufacturer, Daewoo, in Central Europe were rooted in
cultural differences.
3 multiple choice options
China's development program to build reliable trade routes across Asia and into Africa is called the
Belt and Road Initiative.
3 multiple choice options
Whereas China experimented with private ownership beginning in the late 1970s, Russia
remained staunchly communist until the 1980s.
3 multiple choice options
If Russia wishes to attract international companies, it must, at a minimum,
become more peaceful, enact pro-business laws, and safeguard property rights.
3 multiple choice options
Note 
Flashcards (30)