Question 1

What is the central message of individualism?

Accepted Answer

A)   State-owned entities are more profitable for the common good.
B)   Individuals rely on government to organize society.
C)   Individual economic and political freedoms are the rules on which a society should be based.
D)   The few should benefit at the expense of the many.
E)   Harmony can only be achieved by turning our backs on dictatorships.F) A) and D)
G) A) and C)

Question 2

Which type of economy was found in communist countries where the government determined what would be produced and the price it would be sold for?

Accepted Answer

A)   mixed
B)   market
C)   egalitarian
D)   command
E)   majoritarianF) C) and D)
G) B) and C)

Question 3

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Accepted Answer

A) True 
 B)False

Question 4

The United Nations created CISG in response to ________ that occur in international trade.

Accepted Answer

A)   contract disputes
B)   environmental concerns
C)   political uprisings
D)   tariff differences
E)   foreign exchange ratesF) A) and B)
G) None of the above

Question 5

Jonah is a lawyer representing a company in a lawsuit. During the trial, Jonah referred to a court case from ten years ago and asked the witness if she felt her company had acted in a similar manner as the company in the previous case. When Jonah referred to the previous court case, he was relying on ________ to make his case.

Accepted Answer

A)   tradition
B)   precedent
C)   custom
D)   interpretation
E)   cultureF) B) and D)
G) D) and E)

Question 6

The most common form of theocratic totalitarianism is Christianity.

Accepted Answer

A) True 
 B)False

Question 7

Cheryl Peterson, a U.S.-based business executive, paid the equivalent of $20 to an official of the country of Murundi to expedite the overnight delivery of critical documents. When questioned, Cheryl Peterson claimed this was a way to facilitate the performance of an obligation that was already agreed upon. The $20 is an example of

Accepted Answer

A)   an under-the-table payment.
B)   a bribe.
C)   a violation of the Foreign Corrupt Practices Act.
D)   an inappropriate payment.
E)   a grease payment.F) B) and D)
G) A) and B)

Question 8

Discuss how the computer software industry has been affected by the poor enforcement of intellectual property rights.

Accepted Answer

The computer software industry is an exa...

Question 9

A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this

Accepted Answer

A)   makes American businesses less competitive in the global marketplace.
B)   offers American businesses greater protection from foreign competitors.
C)   exposes consumers to greater product risks.
D)   eventually makes it cheaper for foreign companies to do business in the United States.
E)   discourages American companies from outsourcing jobs to less developed countries.F) All of the above
G) B) and C)

Question 10

Describe the Foreign Corrupt Practices Act.

Accepted Answer

In the 1970s, the United States passed t...

Question 11

Karl Marx believed that in a capitalist society, the few benefit at the expense of the many.

Accepted Answer

A) True 
 B)False

Question 12

Right-wing totalitarianism restricts political freedom so as to inhibit the rise of

Accepted Answer

A)   a pure democracy.
B)   communism.
C)   free market capitalism.
D)   representative democracy.
E)   tribal totalitarianism.F) B) and E)
G) A) and B)

Question 13

If a country wants to improve its attractiveness as a place for doing business and as an investment site, it should

Accepted Answer

A)   oppose the rule of law.
B)   ensure that the economic activity is heavily regulated by the state.
C)   move toward a market-based system.
D)   extensively restrict property rights.
E)   avoid enforcing intellectual property laws.F) A) and D)
G) A) and C)

Question 14

Describe the significance of Contracts for the International Sale of Goods (CISG).

Accepted Answer

When contract disputes arise in internat...

Question 15

Describe in brief the different forms of totalitarianism.

Accepted Answer

Four major forms of totalitarianism exis...

Question 16

Karl Marx believed that the way to correct the economic inequalities in a capitalist society was to

Accepted Answer

A)   enforce high tariffs on imports.
B)   promote exports but defer imports.
C)   sell state-owned enterprises to private investor
D)   have state ownership as the basic means of production.
E)   expropriate funds from nation-states.F) B) and D)
G) C) and D)

Question 17

Theocratic law systems are based on

Accepted Answer

A)   legal precedent.
B)   a detailed set of codes and laws.
C)   religious teachings.
D)   beliefs of a tribe .
E)   beliefs of the ruling class.F) D) and E)
G) C) and E)

Question 18

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

Accepted Answer

A) True 
 B)False

Question 19

The sale of state-owned enterprises to independent, nonpublic investors is referred to as

Accepted Answer

A)   privatization.
B)   nationalization.
C)   collectivism.
D)   communalism.
E)   public action.F) A) and B)
G) A) and C)

Question 20

What are the three broad forms of economic systems?

Accepted Answer

A)   laissez-faire, authoritarian, egalitarian
B)   market, command, and mixed
C)   local, state, federal
D)   ethical, political, radical
E)   individualist, collectivist, majoritarianF) All of the above
G) B) and C)

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

Describe in brief the different forms of totalitarianism.

Correct Answer
verified
Four major forms of totalitarianism exis...
View Answer

Karl Marx believed that the way to correct the economic inequalities in a capitalist society was to

Correct Answer
verified

The sale of state-owned enterprises to independent, nonpublic investors is referred to as

Correct Answer
verified

Right-wing totalitarianism restricts political freedom so as to inhibit the rise of

Correct Answer
verified

The most common form of theocratic totalitarianism is Christianity.

Correct Answer
verified

Describe the Foreign Corrupt Practices Act.

Correct Answer
verified
In the 1970s, the United States passed t...
View Answer

The United Nations created CISG in response to ________ that occur in international trade.

Correct Answer
verified

Which type of economy was found in communist countries where the government determined what would be produced and the price it would be sold for?

Correct Answer
verified

Karl Marx believed that in a capitalist society, the few benefit at the expense of the many.

Correct Answer
verified

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

Correct Answer
verified

Correct Answer
verified

A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this

Correct Answer
verified

Describe the significance of Contracts for the International Sale of Goods (CISG).

Correct Answer
verified
When contract disputes arise in internat...
View Answer

Theocratic law systems are based on

Correct Answer
verified

If a country wants to improve its attractiveness as a place for doing business and as an investment site, it should

Correct Answer
verified

What is the central message of individualism?

Correct Answer
verified

What are the three broad forms of economic systems?

Correct Answer
verified

Correct Answer
verified

Discuss how the computer software industry has been affected by the poor enforcement of intellectual property rights.

Correct Answer
verified
The computer software industry is an exa...
View Answer

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Correct Answer
verified

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

Describe in brief the different forms of totalitarianism.

Correct AnswerverifiedFour major forms of totalitarianism exis...View AnswerShow Answer

Karl Marx believed that the way to correct the economic inequalities in a capitalist society was to

Correct AnswerverifiedShow Answer

The sale of state-owned enterprises to independent, nonpublic investors is referred to as

Correct AnswerverifiedShow Answer

Right-wing totalitarianism restricts political freedom so as to inhibit the rise of

Correct AnswerverifiedShow Answer

The most common form of theocratic totalitarianism is Christianity.

Correct AnswerverifiedShow Answer

Describe the Foreign Corrupt Practices Act.

Correct AnswerverifiedIn the 1970s, the United States passed t...View AnswerShow Answer

The United Nations created CISG in response to ________ that occur in international trade.

Correct AnswerverifiedShow Answer

Which type of economy was found in communist countries where the government determined what would be produced and the price it would be sold for?

Correct AnswerverifiedShow Answer

Karl Marx believed that in a capitalist society, the few benefit at the expense of the many.

Correct AnswerverifiedShow Answer

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this

Correct AnswerverifiedShow Answer

Describe the significance of Contracts for the International Sale of Goods (CISG).

Correct AnswerverifiedWhen contract disputes arise in internat...View AnswerShow Answer

Theocratic law systems are based on

Correct AnswerverifiedShow Answer

If a country wants to improve its attractiveness as a place for doing business and as an investment site, it should

Correct AnswerverifiedShow Answer

What is the central message of individualism?

Correct AnswerverifiedShow Answer

What are the three broad forms of economic systems?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Discuss how the computer software industry has been affected by the poor enforcement of intellectual property rights.

Correct AnswerverifiedThe computer software industry is an exa...View AnswerShow Answer

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Correct AnswerverifiedShow Answer

Correct Answer
verified
Four major forms of totalitarianism exis...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
In the 1970s, the United States passed t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
When contract disputes arise in internat...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The computer software industry is an exa...
View Answer

Correct Answer
verified