Question 1

Which of the following is true about the three main types of legal systems?

Accepted Answer

A)   Judges under a civil law system have more flexibility than those under a common law system.
B)   The common law system evolved in the United States over hundreds of years.
C)   Although Islamic law is primarily concerned with moral behavior, it has been extended to cover certain commercial activities.
D)   A theocratic law system is based on a detailed set of laws organized into codes.
E)   Common law cannot be altered, clarified, or amended to deal with new situations.F) B) and E)
G) B) and D)

Question 2

A totalitarian political system in which a party,group,or individual that represents the interests of a particular ethnic group monopolizes political power is referred to as:

Accepted Answer

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

Question 3

In mixed economies,governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.Once a government takes into state ownership such troubled firms,they are said to be _____.

Accepted Answer

A)   privatized
B)   decentralized
C)   liberalized
D)   nationalized
E)   deregulatedF) B) and C)
G) C) and D)

Question 4

A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.

Accepted Answer

A)   barter
B)   command
C)   market
D)   regulated
E)   centrally plannedF) A) and E)
G) C) and D)

Question 5

A legal system which is based primarily on religious teachings is referred to as the:

Accepted Answer

A)   civil law system.
B)   theocratic law system.
C)   common law system.
D)   precedent law system.
E)   public law system.F) All of the above
G) A) and B)

Question 6

How do patents,copyrights,and trademarks differ from each other?

Accepted Answer

Patents,copyrights,and trademarks establ...

Question 7

Which of the following is true about communism?

Accepted Answer

A)   Communism propagates the idea of "private profit rather than public good."
B)   By the mid-1990s communism started rising worldwide.
C)   China has moved sharply away from strict adherence to communist ideology in the economic sphere.
D)   Communists committed themselves to achieving socialism by turning their backs on violent revolution and dictatorship.
E)   Communism stresses that the interests of the individual should take precedence over the interests of the state.F) A) and D)
G) All of the above

Question 8

In comparison to contracts in a civil law system,contracts drafted under a common law framework tend to be:

Accepted Answer

A)   shorter in length.
B)   more specific.
C)   more inflexible.
D)   less expensive.
E)   less detailedF) None of the above
G) B) and D)

Question 9

Which of the following terms best represents the system of government in a nation?

Accepted Answer

A)   Common system
B)   Political system
C)   Environmental system
D)   Command system
E)   Social systemF) A) and D)
G) All of the above

Question 10

Which of the following statements is true about political systems?

Accepted Answer

A)   The political system of a country is independent of its economic and legal systems.
B)   The political system of a country is of no importance to international business.
C)   It is not possible to have democratic societies that emphasize a mix of collectivism and individualism.
D)   it is possible to have totalitarian societies that are not collectivist.
E)   The societal culture of a country does not influence its political system.F) C) and D)
G) A) and E)

Question 11

Which of the following terms best defines the relationship between the level of corruption and economic growth rate in a country?

Accepted Answer

A)   Directly proportional
B)   Inversely proportional
C)   Independent
D)   Positive correlation
E)   Zero correlationF) A) and B)
G) A) and C)

Question 12

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 13

In the United States,the Foreign Corrupt Practices Act was passed during the 1970s following revelations that:

Accepted Answer

A)   U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.
B)   U.S. companies were involved in bribing U.S. government officials in cases related to major corporate and accounting scandals.
C)   U.S. government bureaucrats demanded bribes from U.S. companies in return for the permit to operate in a foreign country.
D)   several companies were selling their products at lower prices in foreign countries than in the United States.
E)   successful business owners in the U.S. often had to pay "protection money" to the Mafia or face violent retribution.F) A) and D)
G) B) and C)

Question 14

Karl Marx advocated state ownership of the basic means of production,distribution,and exchange (i.e.,businesses).

Accepted Answer

A) True 
 B)False

Question 15

_____ are documents that specify the conditions under which an exchange is to occur and details the rights and obligations of the parties involved.

Accepted Answer

A)   Memoranda
B)   Manifestoes
C)   Contracts
D)   White papers
E)   MinutesF) C) and D)
G) A) and B)

Question 16

Small legally acceptable payment made to speed up the issuance of permits or licenses,or process paperwork is typically referred to as a(n) :

Accepted Answer

A)   facilitating payment.
B)   negative externality.
C)   opportunity cost.
D)   social cost.
E)   accrued expense.F) B) and C)
G) None of the above

Question 17

A _____ grants the inventor of a new product or process exclusive rights for a defined period to the manufacture,use,or sale of that invention.

Accepted Answer

A)   copyright
B)   trademark
C)   patent
D)   warranty
E)   service markF) A) and B)
G) B) and D)

Question 18

A(n) _____ is a person who believes in public ownership of the means of production for the common good of nation.

Accepted Answer

A)   socialist
B)   capitalist
C)   individualist
D)   monarchist
E)   feudalistF) A) and B)
G) All of the above

Question 19

A(n) _____ is built upon the ideals of an individual's right to freedom of expression and organization,a free media,and regular elections.

Accepted Answer

A)   autocracy
B)   representative democracy
C)   theocracy
D)   aristocracy
E)   monocracyF) B) and C)
G) A) and B)

Question 20

A composer can protect an original musical score from being copied and sold by someone else by acquiring a(n) _____ for the score.

Accepted Answer

A)   patent
B)   warrant
C)   trademark
D)   copyright
E)   affidavitF) None of the above
G) All of the above

Exam 2: National Differences in Political Economy

In comparison to contracts in a civil law system,contracts drafted under a common law framework tend to be:

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A _____ grants the inventor of a new product or process exclusive rights for a defined period to the manufacture,use,or sale of that invention.

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Which of the following terms best represents the system of government in a nation?

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A(n) _____ is a person who believes in public ownership of the means of production for the common good of nation.

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Which of the following is true about communism?

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_____ are documents that specify the conditions under which an exchange is to occur and details the rights and obligations of the parties involved.

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Which of the following is true about the three main types of legal systems?

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A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.

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A(n) _____ is built upon the ideals of an individual's right to freedom of expression and organization,a free media,and regular elections.

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Which of the following terms best defines the relationship between the level of corruption and economic growth rate in a country?

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In mixed economies,governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.Once a government takes into state ownership such troubled firms,they are said to be _____.

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Which of the following statements is true about political systems?

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How do patents,copyrights,and trademarks differ from each other?

Correct AnswerverifiedPatents,copyrights,and trademarks establ...View AnswerShow Answer

A legal system which is based primarily on religious teachings is referred to as the:

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A composer can protect an original musical score from being copied and sold by someone else by acquiring a(n) _____ for the score.

Correct AnswerverifiedShow Answer

A totalitarian political system in which a party,group,or individual that represents the interests of a particular ethnic group monopolizes political power is referred to as:

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

In the United States,the Foreign Corrupt Practices Act was passed during the 1970s following revelations that:

Correct AnswerverifiedShow Answer

Karl Marx advocated state ownership of the basic means of production,distribution,and exchange (i.e.,businesses).

Correct AnswerverifiedShow Answer

Small legally acceptable payment made to speed up the issuance of permits or licenses,or process paperwork is typically referred to as a(n) :

Correct AnswerverifiedShow Answer

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Patents,copyrights,and trademarks establ...
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