Exam 2: National Differences in Political Economy

Modern socialism has been popularized largely through the work of _____.

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

_____ 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.

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

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.

Aristotle argued that individual diversity and private ownership are undesirable.

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

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

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

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

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

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

Plato,to whom the advocacy of collectivism is traced back,did not equate collectivism with equality.

What are the factors that contribute to the attractiveness of a country as a market or investment site?

A nation's legal system is usually of very little interest to international business managers,because international businesses are headquartered in different countries.

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

In mixed economies,governments also tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.

In Russia in the chaotic period following the collapse of communism,an outdated legal system,coupled with a weak police force and judicial system,allowed the Russian Mafia to demand "protection money" from business owners.Any business owner who rebelled had to face violent retribution.This violation of property rights exemplifies _____.