National Differences In Economic Development

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Question 1
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GDP allows a more direct comparison of living standards in different countries than other measures.

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Question 2
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In Sen's view, development is an economic process that should be assessed primarily by material output measures such as GNI per capita.

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Question 3
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GDP is one of the measures used by the Human Development Index (HDI) to measure the quality of human life in different nations.

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Political freedom is one of the measures used by the Human Development Index (HDI) to measure the quality of human life in different nations.

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Question 5
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If a country's economy is to sustain long-term economic growth, the business environment must be conducive to innovations and entrepreneurial activity.

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Question 6
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The state of Illinois was having budget difficulties, so it hired several private management consultancy firms to manage some state-owned enterprises. This is an example of privatization.

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Question 7
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Peruvian development economist Hernando de Soto has argued that the chronic inability of property owners to establish legal title to the property they own is a key problem for innovation and entrepreneurial activity in developing nations.

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Question 8
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Most property in poor countries is owned legally by investors.

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Question 9
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Totalitarian states promote human freedom and human development, which facilitates economic progress.

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Question 10
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Since the late 1980s, there has been a strong move away from a more free market economic model and toward more centrally planned and mixed economies.

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Question 11
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Many totalitarian regimes were able to deliver economic progress to the vast bulk of their populations, which curbed the spread of democracy during the late 1980s.

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Question 12
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New information and communication technologies have enabled the spread of democratic ideals.

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Question 13
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Transformation from centrally planned command economies to market-based economies can be attributed to the fact that command and mixed economies failed to deliver the sustained economic performance achieved by countries adopting market-based systems.

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Question 14
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Hong Kong has economic freedom, so it follows that it also has political freedom.

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Question 15
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In a command economy, the prices are determined by the free interplay of demand and supply.

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Question 16
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In mixed economies, in certain sectors the state sets prices, owns businesses, limits private enterprise, restricts investment by foreigners, and restricts international trade.

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Question 17
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Studies of privatization in central Europe have shown that the process often fails to deliver predicted benefits if the newly privatized firms continue to receive subsidies from the state and if they are protected from foreign competition.

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Question 18
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For privatization to work, it must also be accompanied by a more general deregulation and opening of the economy.

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Question 19
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To improve airport security following a major terrorist attack, the government of a country takes over the airport security industries This is an example of privatization.

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Question 20
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A country with a well-functioning market economy does not need laws protecting private property rights and providing mechanisms for contract enforcement. 

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