Chapter 7 (Book Questions): Economic and Socioeconomic Forces

Question 1

Which countries will emerge as the world’s 3 largest economies in 2050?

Answer 1

1. China
2. India
3. United States

Question 2

In China and India alone, by 2050, GDP is expected to increase by nearly _____ ______, the current size of the world economy.

Answer 2

$60 trillion

Question 3

the interactions between domestic and foreign environmental forces, or between sets of foreign environmental forces

Answer 3

international environment

Question 4

T or F: Data from areas where the firm has no local representation can usually be less detailed and are generally available from national and international agencies.

Answer 4

True

Question 5

Reports from _______ or _________ banks are especially good sources for economic information about single countries.

Answer 5

central;international

Question 6

T or F: Although it measures the overall economic output of a nation, GDP does not adequately account for flows of foreign income and investment into and out of a nation. As a result, economists often choose to instead use gross national income (GNI) as a common basis for assessing economic development.

Answer 6

True

Question 7

T or F: Only low-income economies are referred to as developing economies.

Answer 7

False; also includes middle-income economies