Exam 2: National Differences in Political Economy

Which of the following philosophies can be traced back to the ancient Greek philosopher Aristotle?

It is possible to have a totalitarian state that is hostile to collectivism and where some degree of individualism is encouraged.

In a totalitarian country, there are safeguards to protect an individual's right to freedom of expression, opinion, and organization.

The tenet of _____ is that the welfare of society is best served by letting people pursue their own economic self-interest.

A common law system is different from a civil law system because:

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

Why did Karl Marx criticize capitalism? Describe how he planned to correct those shortcomings.

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

Which system of government generally permits some individual economic freedom but restricts individual political freedom, frequently on the grounds that it would lead to the rise of communism?

Why do command economies tend to stagnate?

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

In the 1970s, the United States passed the Foreign Corrupt Practices Act which requires all publicly traded companies, whether or not they are involved in international trade, to keep detailed records that would reveal whether a violation of the act has occurred.

Which of the following is the most widely practiced theocratic legal system in the world today?

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.

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

Which of the following statements about the Trade Related Aspects of Intellectual Property Rights (or TRIPS) agreement is NOT true?

Product liability can be much lower if a product does not conform to required safety standards.

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

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

Judges under a civil law system have more flexibility than those under a common law system.