The _____ adjustment allows for a more direct comparison of living standards in different countries.
A. gross domestic product
B. value added
C. gross national income (GNI)
D. purchasing power parity (PPP)
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GNI and PPP data are useful because they provide a _____ of economic development.
A. dynamic analysis
B. cross-sectional view
C. static analysis
D. global view
In a _____, the state owns all means of production.
A. mixed economy
B. planned economy
C. market economy
D. totalitarian state
The economic freedom associated with a _____ creates greater incentives for innovation and entrepreneurship than either a planned or a mixed economy.
A. mixed economy
B. planned economy
C. market economy
D. command economy
Which of the following is a legal means by which the state can expropriate the profits from innovation?
A. Demands for money to grant alicense
B. Expropriation
C. Enforcing property rights
D. Excessive taxation