Question 1

In a pure market economy:

Accepted Answer

A)  all productive activities are owned by the state. 
B)  production is determined by the interaction of supply and demand. 
C)  collectivist goals are given priority over individual goals. 
D)  the prices at which goods are sold is determined by the government. 
A)  all productive activities are owned by the state. 
B)  production is determined by the interaction of supply and demand. 
C)  collectivist goals are given priority over individual goals. 
D)  the prices at which goods are sold is determined by the government.

Question 2

Property 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) True 
 B)False

Question 3

Totalitarianism:

Accepted Answer

A)  refers to a political system in which government is by the people, exercised either directly or through elected representatives. 
B)  is based on a belief that citizens should be directly involved in decision making. 
C)  is a form of government in which one person or political party exercises absolute control over all spheres of human life. 
D)  is based on the idea that the welfare of society is best served by letting people pursue their own economic self-interests. 
A)  refers to a political system in which government is by the people, exercised either directly or through elected representatives. 
B)  is based on a belief that citizens should be directly involved in decision making. 
C)  is a form of government in which one person or political party exercises absolute control over all spheres of human life. 
D)  is based on the idea that the welfare of society is best served by letting people pursue their own economic self-interests.

Question 4

When law courts interpret common law, they do so with regard to tradition, precedent, and custom.

Accepted Answer

A) True 
 B)False

Question 5

The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship.

Accepted Answer

A) True 
 B)False

Question 6

_____ refers to a state where political power is monopolized by a party, group, or individual that governs according to religious principles.

Accepted Answer

A)  Representative democracy 
B)  Theocratic totalitarianism 
C)  Tribal anarchism 
D)  Monotheistic communism 
A)  Representative democracy 
B)  Theocratic totalitarianism 
C)  Tribal anarchism 
D)  Monotheistic communism

Question 7

The parties to an agreement normally resort to contract law when one party feels the other has violated either the letter or the spirit of an agreement.

Accepted Answer

A) True 
 B)False

Question 8

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 9

Aristotle argued that individual diversity and private ownership are undesirable.

Accepted Answer

A) True 
 B)False

Question 10

What is private action?

Accepted Answer

Private action refers to theft, piracy,

Question 11

Democracy is a form of government that prohibits opposing political parties.

Accepted Answer

A) True 
 B)False

Question 12

The political, economic, and legal environments of a country influence the attractiveness of that country as a market or investment site.

Accepted Answer

A) True 
 B)False

Question 13

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 14

In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following statements about the legal systems of countries is NOT true?

Accepted Answer

A)  They can affect the attractiveness of a country as an investment site or market. 
B)  They are influenced by the prevailing political system of the country. 
C)  They are almost the same for all countries. 
D)  They are of immense importance to international business. 
A)  They can affect the attractiveness of a country as an investment site or market. 
B)  They are influenced by the prevailing political system of the country. 
C)  They are almost the same for all countries. 
D)  They are of immense importance to international business.

Question 16

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

Accepted Answer

A)  traditional law 
B)  theocratic law 
C)  civil law 
D)  common law 
A)  traditional law 
B)  theocratic law 
C)  civil law 
D)  common law

Question 17

The Research and Development division of a company has recently designed a new coffee vending machine that is likely to sell very well in the market. It is compact, user-friendly, and provides unprecedented efficiency in terms of cost per cup. Consequently, the company fears that its competitors would soon mimic the design of their product and to protect its product, it is now seeking a _____ for the same.

Accepted Answer

A)  copyright 
B)  patent 
C)  trademark 
D)  certification 
A)  copyright 
B)  patent 
C)  trademark 
D)  certification

Question 18

The ________ believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.

Accepted Answer

A)  existentialists 
B)  social democrats 
C)  communists 
D)  anarchists 
A)  existentialists 
B)  social democrats 
C)  communists 
D)  anarchists

Question 19

Which of the following is NOT an example of intellectual property?

Accepted Answer

A)  A music score 
B)  A video game 
C)  A software business 
D)  A screenplay 
A)  A music score 
B)  A video game 
C)  A software business 
D)  A screenplay

Question 20

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

Accepted Answer

Private ownership encourages vigorous co

In a pure market economy:

Property 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.

Totalitarianism:

When law courts interpret common law, they do so with regard to tradition, precedent, and custom.

The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship.

_____ refers to a state where political power is monopolized by a party, group, or individual that governs according to religious principles.

The parties to an agreement normally resort to contract law when one party feels the other has violated either the letter or the spirit of an agreement.

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

Aristotle argued that individual diversity and private ownership are undesirable.

What is private action?

Democracy is a form of government that prohibits opposing political parties.

The political, economic, and legal environments of a country influence the attractiveness of that country as a market or investment site.

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

In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.

Which of the following statements about the legal systems of countries is NOT true?

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

The ________ believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.

Which of the following is NOT an example of intellectual property?

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

Globalization

Political Economy and Economic Development

Differences in Culture

Ethics in International Business

International Trade Theory

The Political Economy of 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, Outsourcing, and Logistics

Global Marketing and RD

Global Human Resource Management

Accounting and Finance in the International Business

Filters

Exam 2: National Differences in Political Economy

In a pure market economy:

Property 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.

Totalitarianism:

When law courts interpret common law, they do so with regard to tradition, precedent, and custom.

The communists believed that socialism could be achieved by democratic means, and turned their backs on violent revolution and dictatorship.

_____ refers to a state where political power is monopolized by a party, group, or individual that governs according to religious principles.

The parties to an agreement normally resort to contract law when one party feels the other has violated either the letter or the spirit of an agreement.

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

Aristotle argued that individual diversity and private ownership are undesirable.

What is private action?

Democracy is a form of government that prohibits opposing political parties.

The political, economic, and legal environments of a country influence the attractiveness of that country as a market or investment site.

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

In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.

Which of the following statements about the legal systems of countries is NOT true?

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

The ________ believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.

Which of the following is NOT an example of intellectual property?

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

Globalization

Political Economy and Economic Development

Differences in Culture

Ethics in International Business

International Trade Theory

The Political Economy of 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, Outsourcing, and Logistics

Global Marketing and RD

Global Human Resource Management

Accounting and Finance in the International Business

Filters