Question 1

When firms do not wish to accept the rules of the CISG, what do they often opt for to settle contract disputes?

Accepted Answer

A)   UN involvement
B)   arbitration
C)   collective bargaining
D)   common law system of the United States
E)   Islamic lawF) B) and D)
G) D) and E)

Question 2

Discuss the difference between civil and criminal liability laws and explain how these laws differ in developed and less-developed nations.

Accepted Answer

Product safety laws set certain safety s...

Question 3

When the American colonists fought for independence from Great Britain, the concept of ________ influenced the decision.

Accepted Answer

A)   private ownership
B)   individualism
C)   socialism
D)   the greater good
E)   collectivismF) None of the above
G) A) and B)

Question 4

Which of these individuals can claim product liability from the offender?

Accepted Answer

A)   Jason wants to sue a multinational company for mass manufacturing one of his inventions without purchasing the rights.
B)   Rebecca's patented jewelry designs have been imitated and sold at a low price under her brand name.
C)   The back tire on Brian's motorcycle shredded when still under warranty and caused him to crash.
D)   Fred has accused his employer of forcing him and his teammates to work in an unsafe environment.
E)   Samantha claims that her neighbor has stolen valuable ancestral antiques from her house.F) C) and D)
G) A) and E)

Question 5

In what type of economy are all businesses state-owned, the rationale being that the government can then direct them to make investments that are in the best interests of the nation as a whole rather than in the interests of private individuals?

Accepted Answer

A)   free market
B)   deregulated
C)   pure command
D)   mixed
E)   laissez-faireF) A) and D)
G) D) and E)

Question 6

Product ________ law holds a firm and its officers responsible when a product causes injury, death, or damage.

Accepted Answer

A)   equity
B)   consumption
C)   liability
D)   parity
E)   testingF) B) and E)
G) D) and E)

Question 7

The ________ system of a country encompasses the rules that regulate behavior.

Accepted Answer

A)   economic
B)   theocratic
C)   legal
D)   demographic
E)   politicalF) B) and C)
G) C) and D)

Question 8

Which situation exemplifies public action?

Accepted Answer

A)   The mafia in Cedia Republic demands "protection money" from successful domestic business owners.
B)   Cedian proprietors in the hospitality industry often complain about protection rackets by criminal groups.
C)   Government bureaucrats demand bribes from international businesses in return for the rights to operate in Cedia Republic.
D)   The Cedian government has been criticized for its inability to curb theft of trade secrets of international businesses by private domestic owners.
E)   To promote the Cedian culture, the government allows movies based on Cedian history to be made tax-free.F) A) and B)
G) A) and C)

Question 9

A nation that has ________ would be unappealing as a place for doing business.

Accepted Answer

A)   a market-based economic system
B)   a strong legal system
C)   a democratic political institution
D)   strong property rights
E)   a totalitarian political systemF) None of the above
G) C) and E)

Question 10

Compare how property rights can be subject to private action and public action.

Accepted Answer

Property rights can be violated in two w...

Question 11

Karl Marx would disagree with which of these ideas?

Accepted Answer

A)   concern over public good rather than private profit
B)   monopoly of state-owned companies in certain industries
C)   opposing the ideologies of capitalist societies
D)   substantial limits on individual political freedom
E)   selling state-owned enterprises to private investorsF) B) and E)
G) A) and C)

Question 12

The government of Alfon believes that its citizens should have complete freedom in their economic and political pursuits, and the Alfon ideology is "private profit over public good." In this context, it can be said that Alfon follows the philosophy of

Accepted Answer

A)   totalitarianism.
B)   socialism.
C)   individualism.
D)   communism.
E)   Marxism.F) A) and B)
G) A) and C)

Question 13

Jewish law is an example of what type of law system?

Accepted Answer

A)   autocratic
B)   civil
C)   common
D)   theocratic
E)   universalF) None of the above
G) C) and D)

Question 14

What are the basic differences between a democratic and a totalitarian government? Explain how the dimensions of individualism and collectivism play a role in these types of government.

Accepted Answer

Democracy and totalitarianism are at dif...

Question 15

When firms do not wish to accept the Contracts for the International Sale of Goods, they often opt for arbitration by a recognized arbitration court to settle contract disputes.

Accepted Answer

A) True 
 B)False

Question 16

When considering the legal use of the word, ________ is the term given to a resource over which an individual or business holds a legal title.

Accepted Answer

A)   liability
B)   contract
C)   shareholder
D)   property
E)   possessionF) C) and D)
G) B) and E)

Question 17

What is a form of totalitarianism that advocates that socialism can be achieved only through a totalitarian dictatorship?

Accepted Answer

A)   tribal totalitarianism
B)   democratic totalitarianism
C)   communist totalitarianism
D)   theocratic totalitarianism
E)   right-wing totalitarianismF) A) and E)
G) B) and E)

Question 18

By adopting the Contracts for the International Sale of Goods (CISG), a nation signals to other adopters that it will treat the convention's rules as part of its law.

Accepted Answer

A) True 
 B)False

Question 19

When comparing contracts in common law and civil law systems, it can be said that

Accepted Answer

A)   contracts drafted under a common law system tend to be longer than those drafted under a civil law system.
B)   contracts drafted under a civil law system tend to be more specific than those drafted under a civil law system.
C)   it is more expensive to draw up contracts in a civil law system than in a common law system.
D)   resolving contract disputes tends to be less adversarial in common law systems than in civil law systems.
E)   civil law systems allow for judges to interpret a contract dispute, but this feature is absent in common law systems.F) None of the above
G) D) and E)

Question 20

The Wilson logo can only be used on sports equipment produced by the Wilson Sporting Goods company. What protects the Wilson logo from being used by another manufacturer?

Accepted Answer

A)   trademark
B)   affidavit
C)   patent
D)   warrant
E)   contractF) A) and B)
G) C) and E)

Exam 2: National Differences in Political, Economic, and Legal Systems

Compare how property rights can be subject to private action and public action.

Correct AnswerverifiedProperty rights can be violated in two w...View AnswerShow Answer

When considering the legal use of the word, ________ is the term given to a resource over which an individual or business holds a legal title.

Correct AnswerverifiedShow Answer

Karl Marx would disagree with which of these ideas?

Correct AnswerverifiedShow Answer

What are the basic differences between a democratic and a totalitarian government? Explain how the dimensions of individualism and collectivism play a role in these types of government.

Correct AnswerverifiedDemocracy and totalitarianism are at dif...View AnswerShow Answer

When comparing contracts in common law and civil law systems, it can be said that

Correct AnswerverifiedShow Answer

When firms do not wish to accept the Contracts for the International Sale of Goods, they often opt for arbitration by a recognized arbitration court to settle contract disputes.

Correct AnswerverifiedShow Answer

A nation that has ________ would be unappealing as a place for doing business.

Correct AnswerverifiedShow Answer

When firms do not wish to accept the rules of the CISG, what do they often opt for to settle contract disputes?

Correct AnswerverifiedShow Answer

By adopting the Contracts for the International Sale of Goods (CISG), a nation signals to other adopters that it will treat the convention's rules as part of its law.

Correct AnswerverifiedShow Answer

Jewish law is an example of what type of law system?

Correct AnswerverifiedShow Answer

The Wilson logo can only be used on sports equipment produced by the Wilson Sporting Goods company. What protects the Wilson logo from being used by another manufacturer?

Correct AnswerverifiedShow Answer

In what type of economy are all businesses state-owned, the rationale being that the government can then direct them to make investments that are in the best interests of the nation as a whole rather than in the interests of private individuals?

Correct AnswerverifiedShow Answer

Which of these individuals can claim product liability from the offender?

Correct AnswerverifiedShow Answer

Discuss the difference between civil and criminal liability laws and explain how these laws differ in developed and less-developed nations.

Correct AnswerverifiedProduct safety laws set certain safety s...View AnswerShow Answer

The government of Alfon believes that its citizens should have complete freedom in their economic and political pursuits, and the Alfon ideology is "private profit over public good." In this context, it can be said that Alfon follows the philosophy of

Correct AnswerverifiedShow Answer

The ________ system of a country encompasses the rules that regulate behavior.

Correct AnswerverifiedShow Answer

When the American colonists fought for independence from Great Britain, the concept of ________ influenced the decision.

Correct AnswerverifiedShow Answer

Which situation exemplifies public action?

Correct AnswerverifiedShow Answer

What is a form of totalitarianism that advocates that socialism can be achieved only through a totalitarian dictatorship?

Correct AnswerverifiedShow Answer

Product ________ law holds a firm and its officers responsible when a product causes injury, death, or damage.

Correct AnswerverifiedShow Answer

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Property rights can be violated in two w...
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Democracy and totalitarianism are at dif...
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Product safety laws set certain safety s...
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