Exam 2: National Differences in Political Economy

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?

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

Property rights can be violated in two ways-through private action and through public action.

Patents discourage companies from committing themselves to extensive basic research.

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 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.

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

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

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

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

The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based.

What is the United Nations Convention on Contracts for the International Sale of Goods (CIGS)?

Discuss the Foreign Corrupt Practices Act.

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

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

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.

Contracts under a civil law system tend to be very detailed with all contingencies spelled out.

Most modern democratic states practice representative democracy.

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

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