Exam 2: National Differences in Political Economy

In an individualist society, the welfare of society is best served by letting people pursue their own economic self-interest.

Judges in a common law system 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:

The Cold War was a war between collectivism and individualism.

Safety standards to which a product must adhere are set by:

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

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

Jewish law is the most widely practiced theocratic legal system in the world today.

Which of the following is a feature of a democracy?

Discuss the different ways to protect intellectual property.

A theocratic law system is one in which the law is based on religious teachings.

Discuss the ways in which public action to violate property rights can occur.

Discuss why there is inefficiency in a monopoly situation. What is the role of the government in such a situation?

The two dimensions, according to which the political systems can be assessed, collectivism-individualism and democratic-totalitarian are independent of each other.

What are state-owned companies? Why do they usually perform poorly?

When collectivism is emphasized, an individual's right to do something may be restricted on the grounds that it runs counter to "the good of society."

The TRIPS agreement was designed to:

Which of the following statements about individualism is NOT true?

Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act?

Patents discourage companies from committing themselves to extensive basic research.