Exam 2: Understanding Formal Institutions: Politics, laws, and Economics

The _____ view focuses on the dynamic interactions between the laws,cultures and ethics of a country and a firm,and considers firm behaviors as the outcome of such an interaction.

Trademarks are legal rights awarded by government authorities to inventors of new products or processes.

Proposition 1 of the institution-based view specifically concerns bounded rationality.

Totalitarian countries have less political risk than democratic ones.

Theocratic totalitarianism refers to the monopolization of political power in the hands of one religious party.

Which of the following is true of private ownership? 

Intellectual property rights are enforced though the informal institution system.

A copyright is an example of an intellectual property.

The TRIPS system was designed to _____.

For which of the following types of economies would the factors of production depend on the relative distribution of market forces versus command forces? 

All Western countries practice the absolute laissez-faire philosophy in trade.

Which of the following is true of the civil law system? 

Which of the following is true of a pure market economy? 

Compare and contrast civil law,common law,and theocratic law.

Which of the following is true of the Washington Consensus? 

In which of the following ways do formal institutions regulate trade? 

In the United States,only 1% of the land is formally registered.

Which of the following is an example of an intellectual property? 

Describe the differences among the three economic systems.

Private ownership differs from state ownership in that in private ownership _____.