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

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

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

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

Most modern democratic states practice representative democracy.

What is a country's legal system? Why is it important to international businesses?

In practical terms,individualism translates into an advocacy for democratic political systems and market economics.

Modern socialists trace their intellectual roots to Karl Marx (1818-83),although socialist thought clearly predates Marx.

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

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

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

Which of the following provides exclusive legal rights to authors,composers,playwrights,artists,and publishers to publish and disperse their work as they see fit?

The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

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

In which of the following economies would the government be most likely to take into state ownership troubled firms whose continued operation is thought to be vital to national interests?

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?

In a(n)_____ economy the government plans the goods and services that a country produces,the quantity in which they are produced,and the prices at which they are sold.

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

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

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."

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