Question 1

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

Accepted Answer

A)  existentialists 
B)  social democrats 
C)  communists 
D)  anarchists

Question 2

Democracy is a form of government that prohibits opposing political parties.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act?

Accepted Answer

A)  Making and performance of commercial contracts in international trade. 
B)  Preventing bribery and unethical acts in the conduct of international business. 
C)  Establishing a set of safety standards to which a new product must adhere. 
D)  Controlling the mafia activity that hinders trade in Russia, Japan, and the U.S.

Question 4

The _____ associated with doing business in a country are a function of that country's political, economic, and legal systems.

Accepted Answer

A)  ethical considerations 
B)  profitability 
C)  simplicity and ease 
D)  benefits, costs, and risks

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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 _____.

Accepted Answer

A)  copyright 
B)  patent 
C)  trademark 
D)  certification

Question 8

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

Accepted Answer

A)  a common law system is based on religious teachings, while a civil law system is based on cultural traditions. 
B)  a common law system is very rigid, while a civil law system tends to be more flexible. 
C)  in a common law system a judge relies on legal codes to make rulings, while in a civil law system a judge relies on his intuition and moral reasoning to make judgments. 
D)  in a common law system a judge has the power to interpret the law, while in a civil law system a judge has the power only to apply the law.

Question 9

Which of the following is a reason that command economies tend to stagnate?

Accepted Answer

A)  Costs are tightly controlled and business are forced to be efficient rather than dynamic and innovative. 
B)  The abolition of private ownership means there is no incentive for individuals to look for better ways to serve consumer needs. 
C)  All economic resources are mobilized for the public good. 
D)  Individuals in command economy countries lack the skills to be innovative.

Question 10

Systems that emphasize collectivism tend toward _____.

Accepted Answer

A)  totalitarianism 
B)  capitalism 
C)  democracy 
D)  privatization

Question 11

The term _____ stresses that the political, economic, and legal systems of a country are interdependent.

Accepted Answer

A)  political economy 
B)  common law 
C)  socialism 
D)  collectivism

Question 12

Which of the following is true of criminal liability laws?

Accepted Answer

A)  Calls for the payment of monetary damages 
B)  They are more extensive in Western Europe than in any other region of the world 
C)  Results in fines or imprisonment 
D)  They are less impactful if the product does not conform to the required safety standards

Question 13

Compare and contrast the four forms of totalitarianism.

Accepted Answer

The answer of Compare and contrast the four forms of...

Question 14

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

Accepted Answer

The answer of Discuss individualism. Explain the key positions of...

Question 15

A _____ grants the inventor of a new product or process exclusive rights for a defined period of time to the manufacture, use, or sale of that invention.

Accepted Answer

A)  copyright 
B)  trademark 
C)  contract 
D)  patent

Question 16

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?

Accepted Answer

A)  Tribal totalitarianism 
B)  Right-wing totalitarianism 
C)  Democratic totalitarianism 
D)  Theocratic totalitarianism

Question 17

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?

Accepted Answer

A)  Market economies 
B)  Laissez-faire economies 
C)  Liberal economies 
D)  Mixed economies

Question 18

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

Accepted Answer

A)  theocratic law system 
B)  civil law system 
C)  contract law system 
D)  common law system

Question 19

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

Accepted Answer

A)  totalitarianism 
B)  collectivism 
C)  capitalism 
D)  egalitarianism

Question 20

Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring expensive licenses or permits from property holders is called _____.

Accepted Answer

A)  private action 
B)  collective action 
C)  public action 
D)  copyright violation

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

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

Democracy is a form of government that prohibits opposing political parties.

Which of the following areas of international trade is regulated by the Foreign Corrupt Practices Act?

The _____ associated with doing business in a country are a function of that country's political, economic, and legal systems.

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

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

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

Which of the following is a reason that command economies tend to stagnate?

Systems that emphasize collectivism tend toward _____.

The term _____ stresses that the political, economic, and legal systems of a country are interdependent.

Which of the following is true of criminal liability laws?

Compare and contrast the four forms of totalitarianism.

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

A _____ grants the inventor of a new product or process exclusive rights for a defined period of time to the manufacture, use, or sale of that invention.

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 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?

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

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

Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring expensive licenses or permits from property holders is called _____.