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

_____ argued that individual diversity and private ownership are undesirable.

The Foreign Corrupt Practices Act does not allow for grease payments.

Judges in a(n) _____ have the power to interpret the law so that it applies to the unique circumstances of an individual case.

A theocratic law system is one in which the law is based on:

_____ is the collective term for the legal rights relating to the use to which a resource is put and over the use made of any income that may be derived from that resource.

The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based.

The political systems of a country raise ethical issues that have implications for the practice of international business.

In common law, _____ refers to cases that have come before the courts in the past.

One key components of a country's legal system is:

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.

In mixed economies, governments also tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.

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

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

In a _____ economy, certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning.

Modern socialists trace their intellectual roots to _____, although socialist thought clearly predates this individual.

Discuss the effects of private ownership of production in a market economy.

Identify the three types of economic systems. How do these three types of economic systems differ from each other? How are they the same?

The objective of the government in a command economy is to encourage free and fair competition between private producers.

Contracts under a civil law system tend to be very detailed with all contingencies spelled out.