Intl Finance ch 3

Some countries have gross national income as low as $790 per year where the U.S. figure would be $45,001+ year.

A market economy promotes innovation and entrepreneurship such that economic freedom permits growth and prosperity

Which of these is not a factor that encourages economic development

The human development index HDI measures whether average income can meet basic needs of life

Adam Smith founded

PPP purchasing power parity is an adjustment measure that offers a direct comparison of living standards in countries.

Economic transformation=remove barriers to permit free markets w/o price controls+establish private enterprise

Pick 1, 2, 3, or 4: Reasons official figures can be misleading are

Overall attractiveness of doing business internationally depends upon

Out of 195 countries in the world, in 2020, the number of countries not free and only partly free was, respectively

Since 1980, the world has seen

In terms of democracy and economic prosperity, which of these are true

GNI and PPP tell us how developed a country is

Rank the continents by area with the lowest scored human development index figures in order worst to best

The engines of growth are

Countries that begin allowing free markets often prosper which leads to democracy

One reason totalitarian regimes fail is that it is hard to censor since the advent of the internet, social media, etc.

The total goods and services a country produced in a year is called

GNI and PPP are a snapshot not a motion picture, in that they don't tell us if the nation is improving or declining.

Mature democracy requires property rights to be truly secure