Question 1

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

Accepted Answer

The answer of Discuss why there is inefficiency in a...

Question 2

Which of the following is a feature of a democracy?

Accepted Answer

A)  Exercise of absolute control by one person or political party. 
B)  Governance by people or elected representatives. 
C)  Prohibition of entry to opposing political parties. 
D)  Complete restriction of individual political freedom.

Question 3

_____ are established through patents, copyrights, and trademarks.

Accepted Answer

A)  Digital signatures 
B)  Ownership rights over private property 
C)  Origination fees and tributes 
D)  Ownership rights over intellectual property

Question 4

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

Accepted Answer

The answer of Compare and contrast a pure democracy and...

Question 5

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?

Accepted Answer

A)  Patent 
B)  Copyright 
C)  Trademark 
D)  License

Question 6

Most modern democratic states practice representative democracy.

Accepted Answer

A) True 
 B)False

Question 7

In response to increased demand, what is a monopolist likely to do?

Accepted Answer

A)  Restrict output to drive prices down. 
B)  Increase output to drive prices down. 
C)  Restrict output and let prices rise. 
D)  Increase output and let prices rise.

Question 8

Design and names by which merchants or manufacturers designate and differentiate their products are known as _____.

Accepted Answer

A)  trademarks 
B)  copyrights 
C)  patents 
D)  licenses

Question 9

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  safety certifications. 
B)  contract laws. 
C)  product safety laws. 
D)  product liability laws.

Question 11

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

Accepted Answer

A)  administrative agenda. 
B)  socioeconomic fabric. 
C)  cultural environment. 
D)  political economy.

Question 12

Who was the author of The Wealth of Nations in which it is stated that an individual who intends his own gain is led by an invisible hand to promote an end that was not part of his intention?

Accepted Answer

A)  David Hume 
B)  Adam Smith 
C)  Karl Marx 
D)  John Stuart Mill

Question 13

In a(n) _____ society, the welfare of society is best served by letting people pursue their own economic self-interest.

Accepted Answer

A)  individualist 
B)  capitalist 
C)  democratic 
D)  totalitarian

Question 14

Patents discourage companies from committing themselves to extensive basic research.

Accepted Answer

A) True 
 B)False

Question 15

When _____ is emphasized, an individual's right to do something may be restricted on the grounds that it runs counter to "the good of society."

Accepted Answer

A)  individualism 
B)  totalitarianism 
C)  collectivism 
D)  theocracy

Question 16

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

Accepted Answer

A)  Representative democracy 
B)  Theocratic totalitarianism 
C)  Tribal anarchism 
D)  Monotheistic communism

Question 17

Explain the differences between common law and civil law systems by the approach of each to contract law.

Accepted Answer

The answer of Explain the differences between common law and...

Question 18

Plato _____; he believed that society should be stratified into classes, with those best suited to rule.

Accepted Answer

A)  equated individualism with equality 
B)  equated collectivism with equality 
C)  promoted representative democracy 
D)  did not equate collectivism with equality

Question 19

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

Accepted Answer

A)  Adam Smith 
B)  Karl Marx 
C)  David Hume 
D)  Thomas Hobbes

Question 20

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

Accepted Answer

A) True 
 B)False

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

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

Which of the following is a feature of a democracy?

_____ are established through patents, copyrights, and trademarks.

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

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?

Most modern democratic states practice representative democracy.

In response to increased demand, what is a monopolist likely to do?

Design and names by which merchants or manufacturers designate and differentiate their products are known as _____.

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

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

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

Who was the author of The Wealth of Nations in which it is stated that an individual who intends his own gain is led by an invisible hand to promote an end that was not part of his intention?

In a(n) _____ society, the welfare of society is best served by letting people pursue their own economic self-interest.

Patents discourage companies from committing themselves to extensive basic research.

When _____ is emphasized, an individual's right to do something may be restricted on the grounds that it runs counter to "the good of society."

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

Explain the differences between common law and civil law systems by the approach of each to contract law.

Plato _____; he believed that society should be stratified into classes, with those best suited to rule.

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

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