Question:

Answer: adoption of legal systems that better enforce property rights

Question: One common measure of economic development is a country’s:

Gender ratio.

Gross national income.

Infant mortality rate.

Population density

Total geographical area

Answer: gross national income

Question: Which of the following measures the total annual income received by residents of a country and is regarded as a yardstick for the economic activity of a country?

Income elasticity of demand

Cash reserve ratio

Net cash flow ratio

Gross national income

Income equity ratio

Answer: Gross national income

Question: One can adjust GNI per capita by purchasing power to account for differences in the:

Cost of living.

Population density.

Geographical area.

Factor endowments.

Labor productivity

Answer: cost of living

Question:

Answer: The PPP data gives a static picture of economic development

Question:

Answer: cost of living was lower in China

Question: As a result of which of the following, large amounts of economic activity in India are unrecorded and the official GDP figures of the country fail to tell the entire story of the economy?

A large population

Active bartering

Deregulation

Nationalization

Closed totalitarianism

Answer: Active bartering

Question:

Answer: people engage in barter agreements to avoid paying taxes

Question: Which of the following is based on three measures: life expectancy at birth, educational attainment, and average incomes based on PPP estimates?

Human Development Index

Gross National Income

Gross Domestic Product

Cost of Living Index

Cash Reserve Ratio

Answer: Human Development Index

Question:

Answer: Political freedom