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

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

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

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

How do countries with representative democracies ensure that their elected officials are held responsible for their actions?

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.

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

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).

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

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

To facilitate international business,property rights are defined in a consistent way across countries.

In a pure market economy:

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

Patents,copyrights,and trademarks establish ownership rights over intellectual property.

Patents discourage companies from committing themselves to extensive basic research.

Discuss the Foreign Corrupt Practices Act.

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

It is possible to have a democratic political system that emphasizes a mix of collectivism and individualism.

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

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

_____ 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.