Question 1

When product safety laws are tougher in a firm's home country than in a foreign country,the ethical thing to do is to adhere to home-country standards.

Accepted Answer

A) True 
 B)False

Question 2

The Boldovian government took Sea Lion Inc.,a domestic,private shipbuilding firm,into state ownership to save the company from bankruptcy.However,the other private competitors in the shipbuilding industry were raged at this decision of the government.As a result,the government had to reduce the tax burden on all other private shipbuilding firms so that both the state-owned enterprise and private firms could co-exist.According to this information,Boldovia has most likely adopted a _____ economy.

Accepted Answer

A)   mixed
B)   market-based
C)   command
D)   laissez-faire
E)   communistF) A) and B)
G) A) and C)

Question 3

A _____ law system is based on a detailed set of laws organized into codes.

Accepted Answer

A)   civil
B)   theocratic
C)   common
D)   traditional
E)   precedentF) C) and E)
G) A) and B)

Question 4

Which of the following legal systems is most likely to be based on tradition,precedent,and custom?

Accepted Answer

A)   Common law
B)   Civil law
C)   Autocracy law
D)   Monarchy law
E)   Universal lawF) B) and D)
G) None of the above

Question 5

When law courts interpret civil law,they do so with regard to tradition,precedent,and custom.

Accepted Answer

A) True 
 B)False

Question 6

Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out.

Accepted Answer

A) True 
 B)False

Question 7

_____ generally permits individual economic freedom,but restricts individual political freedom on the grounds that it would lead to the rise of communism.

Accepted Answer

A)   Pure democracy
B)   Right-wing totalitarianism
C)   Free market capitalism
D)   Representative democracy
E)   Communist totalitarianismF) A) and B)
G) C) and E)

Question 8

Which of the following is true about property rights?

Accepted Answer

A)   Ideas are not considered a part of "property."
B)   The legal systems defining and protecting property rights are the same worldwide.
C)   In China, still nominally a communist state, individuals do not have the same legal protection for their property as the state has.
D)   A "private action" to violate property rights is said to have occurred when politicians and government bureaucrats extort income, resources, or the property itself from property holders.
E)   In many countries, laws protecting property rights are not enforced by the authorities and the rights are violated.F) C) and D)
G) B) and E)

Question 9

The common law system enjoys a degree of flexibility not found in other systems because :

Accepted Answer

A)   it is usually found in democratic republics.
B)   it originated from Great Britain and can be found in almost all of its former colonies.
C)   it is interpreted by the law courts with regard to tradition, precedent, and custom.
D)   it is based on a detailed set of laws organized into codes.
E)   it has originated recently; almost a decade ago.F) A) and E)
G) C) and E)

Question 10

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises,whereas the laws enacted by governments in democratic states,where individualism is the dominant political philosophy,tend to be pro-private enterprise and pro-consumer.This indicates that the:

Accepted Answer

A)   economic system of a country is independent of its legal system.
B)   legal system of a country is not influenced by the prevailing political system.
C)   legal system does not affect the attractiveness of a country as an investment site or market.
D)   all the countries have the same legal environments.
E)   the legal framework of a country reflects the rulers' dominant political ideology.F) All of the above
G) A) and B)

Question 11

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

Accepted Answer

When contract disputes arise in internat...

Question 12

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 D)
G) A) and E)

Question 13

Which of the following can be traced to the ancient Greek philosopher,Aristotle?

Accepted Answer

A)   Collectivism
B)   Individualism
C)   Socialism
D)   Totalitarianism
E)   CommunismF) C) and D)
G) A) and B)

Question 14

Which of the following statements is true about the difference between contracts in common law and civil law systems?

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 tend to be less adversarial in common law systems than in civil law systems.
E)   Civil law systems have the advantage of greater flexibility and allow for judges to interpret a contract dispute in light of the prevailing situation but this feature is absent in common law systems.F) B) and E)
G) A) and D)

Question 15

International businesses lobby their respective governments to push for international agreements to ensure that intellectual property rights are protected and that the law is enforced.

Accepted Answer

A) True 
 B)False

Question 16

In most totalitarian states:

Accepted Answer

A)   free and fair elections are not denied to the citizens.
B)   there is free access to state information.
C)   all the basic civil liberties are granted to the citizens.
D)   the right to freedom of expression and organization is not curbed.
E)   media are heavily censored.F) B) and D)
G) A) and D)

Question 17

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

Accepted Answer

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

Question 18

Discuss the philosophy that underlies intellectual property laws.

Accepted Answer

The philosophy behind intellectual prope...

Question 19

Describe the Foreign Corrupt Practices Act.

Accepted Answer

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

Question 20

A common feature of many right-wing dictatorships is:

Accepted Answer

A)   total restriction on individual economic freedom.
B)   strong commitment to socialist or communist ideas.
C)   governments that are made up of military officers.
D)   politicians from a particular tribe dominating the political system.
E)   the direct involvement of the citizens in decision making.F) A) and B)
G) A) and C)

Exam 2: National Differences in Political Economy

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises,whereas the laws enacted by governments in democratic states,where individualism is the dominant political philosophy,tend to be pro-private enterprise and pro-consumer.This indicates that the:

Correct Answer
verified

Correct Answer
verified

Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out.

Correct Answer
verified

Which of the following legal systems is most likely to be based on tradition,precedent,and custom?

Correct Answer
verified

_____ generally permits individual economic freedom,but restricts individual political freedom on the grounds that it would lead to the rise of communism.

Correct Answer
verified

When law courts interpret civil law,they do so with regard to tradition,precedent,and custom.

Correct Answer
verified

Describe the Foreign Corrupt Practices Act.

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

When product safety laws are tougher in a firm's home country than in a foreign country,the ethical thing to do is to adhere to home-country standards.

Correct Answer
verified

International businesses lobby their respective governments to push for international agreements to ensure that intellectual property rights are protected and that the law is enforced.

Correct Answer
verified

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

Correct Answer
verified

In most totalitarian states:

Correct Answer
verified

The common law system enjoys a degree of flexibility not found in other systems because :

Correct Answer
verified

A common feature of many right-wing dictatorships is:

Correct Answer
verified

Which of the following is true about property rights?

Correct Answer
verified

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

Correct Answer
verified

Which of the following statements is true about the difference between contracts in common law and civil law systems?

Correct Answer
verified

A _____ law system is based on a detailed set of laws organized into codes.

Correct Answer
verified

Discuss the philosophy that underlies intellectual property laws.

Correct Answer
verified
The philosophy behind intellectual prope...
View Answer

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

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

Which of the following can be traced to the ancient Greek philosopher,Aristotle?

Correct Answer
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Exam 2: National Differences in Political Economy

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises,whereas the laws enacted by governments in democratic states,where individualism is the dominant political philosophy,tend to be pro-private enterprise and pro-consumer.This indicates that the:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out.

Correct AnswerverifiedShow Answer

Which of the following legal systems is most likely to be based on tradition,precedent,and custom?

Correct AnswerverifiedShow Answer

_____ generally permits individual economic freedom,but restricts individual political freedom on the grounds that it would lead to the rise of communism.

Correct AnswerverifiedShow Answer

When law courts interpret civil law,they do so with regard to tradition,precedent,and custom.

Correct AnswerverifiedShow Answer

Describe the Foreign Corrupt Practices Act.

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

When product safety laws are tougher in a firm's home country than in a foreign country,the ethical thing to do is to adhere to home-country standards.

Correct AnswerverifiedShow Answer

International businesses lobby their respective governments to push for international agreements to ensure that intellectual property rights are protected and that the law is enforced.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In most totalitarian states:

Correct AnswerverifiedShow Answer

The common law system enjoys a degree of flexibility not found in other systems because :

Correct AnswerverifiedShow Answer

A common feature of many right-wing dictatorships is:

Correct AnswerverifiedShow Answer

Which of the following is true about property rights?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following statements is true about the difference between contracts in common law and civil law systems?

Correct AnswerverifiedShow Answer

A _____ law system is based on a detailed set of laws organized into codes.

Correct AnswerverifiedShow Answer

Discuss the philosophy that underlies intellectual property laws.

Correct AnswerverifiedThe philosophy behind intellectual prope...View AnswerShow Answer

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

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

Which of the following can be traced to the ancient Greek philosopher,Aristotle?

Correct AnswerverifiedShow Answer

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

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The philosophy behind intellectual prope...
View Answer

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