Question 1

Explain the differences between common law and civil law systems by the approach of each to contract law.

Accepted Answer

Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out. In contrast, contracts in a civil law system tend to be much shorter and less specific because many of the issues typically covered in a common law contract are already covered in a civil code.

Question 2

In 2008, the U.S. government took an 80 percent stake in AIG to stop that financial institution from collapsing, the theory being that if AIG did collapse, it would have very serious consequences for the entire financial system. What type of economy is this an example of?

Accepted Answer

A)  command 
B)  mixed 
C)  capitalistic 
D)  market 
A)  command 
B)  mixed 
C)  capitalistic 
D)  market B

Question 3

Under the ________, cases are judged with reference to three characteristics: tradition, precedent, and custom.

Accepted Answer

A)  theocratic law system 
B)  civil law system 
C)  contract law system 
D)  common law system 
A)  theocratic law system 
B)  civil law system 
C)  contract law system 
D)  common law system D

Question 4

Discuss collectivism. What ideals does the philosophy support? Where did the philosophy start? How does collectivism exist in the modern world?

Accepted Answer

A collectivist political system is one t

Question 5

Which of the following statements about the Trade-Related Aspects of Intellectual Property Rights (or TRIPS) agreement is true?

Accepted Answer

A)  It was designed to oversee the loosening of intellectual property regulations, beginning in 1995. 
B)  It obliged WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years. 
C)  It directed rich countries to comply with its rules of intellectual property protection within five years. 
D)  It provided the very poorest countries amnesty from complying with its rules of intellectual property protection. 
A)  It was designed to oversee the loosening of intellectual property regulations, beginning in 1995. 
B)  It obliged WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years. 
C)  It directed rich countries to comply with its rules of intellectual property protection within five years. 
D)  It provided the very poorest countries amnesty from complying with its rules of intellectual property protection.

Question 6

Most modern democratic states practice representative democracy.

Accepted Answer

A) True 
 B)False

Question 7

Systems that emphasize collectivism tend toward

Accepted Answer

A)  totalitarianism. 
B)  capitalism. 
C)  democracy. 
D)  privatization. 
A)  totalitarianism. 
B)  capitalism. 
C)  democracy. 
D)  privatization.

Question 8

The local grocery in a small southern city is the only option for the residents, so it has a monopoly on the grocery business there. When the population of the city grows and demand for groceries increases, what is the grocery store most likely to do?

Accepted Answer

A)  Restrict output to drive prices down. 
B)  Increase output to drive prices down. 
C)  Restrict output and let prices rise. 
D)  Increase output and let prices rise. 
A)  Restrict output to drive prices down. 
B)  Increase output to drive prices down. 
C)  Restrict output and let prices rise. 
D)  Increase output and let prices rise.

Question 9

Interdependent political, economic, and legal systems of a country make up its

Accepted Answer

A)  administrative agenda. 
B)  socioeconomic fabric. 
C)  cultural environment. 
D)  political economy. 
A)  administrative agenda. 
B)  socioeconomic fabric. 
C)  cultural environment. 
D)  political economy.

Question 10

________ rights refer to the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

Accepted Answer

A)  Trade 
B)  Property 
C)  Positive 
D)  Common 
A)  Trade 
B)  Property 
C)  Positive 
D)  Common

Question 11

Discuss individualism. Explain the key positions of the philosophy, it roots, and its role in the modern economy.

Accepted Answer

Individualism refers to a philosophy tha

Question 12

What term is used to describe a state in which authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil liberties?

Accepted Answer

A)  authoritarian dictatorship 
B)  right-wing democracies 
C)  representative totalitarianism 
D)  pseudo-democracies 
A)  authoritarian dictatorship 
B)  right-wing democracies 
C)  representative totalitarianism 
D)  pseudo-democracies

Question 13

Manchu believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. Manchu was likely a

Accepted Answer

A)  libertarian. 
B)  communist. 
C)  collectivist. 
D)  social democrat. 
A)  libertarian. 
B)  communist. 
C)  collectivist. 
D)  social democrat.

Question 14

Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why?

Accepted Answer

The pure form of democracy is based on a

Question 15

A political system that prioritizes the needs of the society over individual freedoms is called

Accepted Answer

A)  totalitarianism. 
B)  collectivism. 
C)  capitalism. 
D)  egalitarianism. 
A)  totalitarianism. 
B)  collectivism. 
C)  capitalism. 
D)  egalitarianism.

Question 16

The abolition of ________ in a command economy means there is no incentive for individuals to look for better ways to serve consumer needs.

Accepted Answer

A)  private ownership 
B)  public ownership 
C)  government-owned businesses 
D)  co-operatives 
A)  private ownership 
B)  public ownership 
C)  government-owned businesses 
D)  co-operatives

Question 17

Which of the following is an example of intellectual property?

Accepted Answer

A)  a music score 
B)  a laser-tag game 
C)  a software business 
D)  a theater 
A)  a music score 
B)  a laser-tag game 
C)  a software business 
D)  a theater

Question 18

Which of the following is a safeguard that representative democracies use to ensure that their elected officials are held responsible for their actions?

Accepted Answer

A)  unlimited terms for elected representatives 
B)  a court system that is integrated with the political system 
C)  an individual's right to freedom of expression, opinion, and organization 
D)  a political police force and armed service 
A)  unlimited terms for elected representatives 
B)  a court system that is integrated with the political system 
C)  an individual's right to freedom of expression, opinion, and organization 
D)  a political police force and armed service

Question 19

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

Accepted Answer

A)  municipal. 
B)  contract. 
C)  civil. 
D)  common 
A)  municipal. 
B)  contract. 
C)  civil. 
D)  common

Question 20

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Accepted Answer

A) True 
 B)False

Explain the differences between common law and civil law systems by the approach of each to contract law.

In 2008, the U.S. government took an 80 percent stake in AIG to stop that financial institution from collapsing, the theory being that if AIG did collapse, it would have very serious consequences for the entire financial system. What type of economy is this an example of?

Under the ________, cases are judged with reference to three characteristics: tradition, precedent, and custom.

Discuss collectivism. What ideals does the philosophy support? Where did the philosophy start? How does collectivism exist in the modern world?

Which of the following statements about the Trade-Related Aspects of Intellectual Property Rights (or TRIPS) agreement is true?

Most modern democratic states practice representative democracy.

Systems that emphasize collectivism tend toward

The local grocery in a small southern city is the only option for the residents, so it has a monopoly on the grocery business there. When the population of the city grows and demand for groceries increases, what is the grocery store most likely to do?

Interdependent political, economic, and legal systems of a country make up its

________ rights refer to the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

Discuss individualism. Explain the key positions of the philosophy, it roots, and its role in the modern economy.

What term is used to describe a state in which authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil liberties?

Manchu believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. Manchu was likely a

Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why?

A political system that prioritizes the needs of the society over individual freedoms is called

The abolition of ________ in a command economy means there is no incentive for individuals to look for better ways to serve consumer needs.

Which of the following is an example of intellectual property?

Which of the following is a safeguard that representative democracies use to ensure that their elected officials are held responsible for their actions?

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

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Globalization

National Differences in Economic Development

Differences in Culture

Ethics, Corporate Social Responsibility, and Sustainability

International Trade Theory

Government Policy and International Trade

Foreign Direct Investment

Regional Economic Integration

The Foreign Exchange Market

The International Monetary System

The Global Capital Market

The Strategy of International Business

The Organization of International Business

Entry Strategy and Strategic Alliances

Exporting, Importing, and Countertrade

Global Production and Supply Chain Management

Global Marketing and R&D

Global Human Resource Management

Accounting and Finance in the International Business

Filters

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

Explain the differences between common law and civil law systems by the approach of each to contract law.

In 2008, the U.S. government took an 80 percent stake in AIG to stop that financial institution from collapsing, the theory being that if AIG did collapse, it would have very serious consequences for the entire financial system. What type of economy is this an example of?

Under the ________, cases are judged with reference to three characteristics: tradition, precedent, and custom.

Discuss collectivism. What ideals does the philosophy support? Where did the philosophy start? How does collectivism exist in the modern world?

Which of the following statements about the Trade-Related Aspects of Intellectual Property Rights (or TRIPS) agreement is true?

Most modern democratic states practice representative democracy.

Systems that emphasize collectivism tend toward

The local grocery in a small southern city is the only option for the residents, so it has a monopoly on the grocery business there. When the population of the city grows and demand for groceries increases, what is the grocery store most likely to do?

Interdependent political, economic, and legal systems of a country make up its

________ rights refer to the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

Discuss individualism. Explain the key positions of the philosophy, it roots, and its role in the modern economy.

What term is used to describe a state in which authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil liberties?

Manchu believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. Manchu was likely a

Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why?

A political system that prioritizes the needs of the society over individual freedoms is called

The abolition of ________ in a command economy means there is no incentive for individuals to look for better ways to serve consumer needs.

Which of the following is an example of intellectual property?

Which of the following is a safeguard that representative democracies use to ensure that their elected officials are held responsible for their actions?

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

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Globalization

National Differences in Economic Development

Differences in Culture

Ethics, Corporate Social Responsibility, and Sustainability

International Trade Theory

Government Policy and International Trade

Foreign Direct Investment

Regional Economic Integration

The Foreign Exchange Market

The International Monetary System

The Global Capital Market

The Strategy of International Business

The Organization of International Business

Entry Strategy and Strategic Alliances

Exporting, Importing, and Countertrade

Global Production and Supply Chain Management

Global Marketing and R&D

Global Human Resource Management

Accounting and Finance in the International Business

Filters