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Collectively, we refer to political, economic, and legal systems as constituting the _____ economy of a country.
Political systems can be assessed according to
D. the degree to which they emphasize collectivism opposed to individualism and the degree to which they are democratic.
When _____ is practiced, the needs of society as a whole are generally viewed as being more important than individual freedoms.
Under _____, the idea is to manage a state-owned enterprise to benefit society as a whole, rather than individual capitalists.
The group that believed socialism could be achieved only through violent revolution and totalitarian dictatorship was referred to as:
Followers who commit themselves to achieving socialism through democratic reforms are
B. social democrats.
In the 1970s, which of the following countries was NOT communist?
The Labor Party that won control of the government in Great Britain in 1997 is considered a(n):
D. social democracy.
Which of the following can be traced to an ancient Greek philosopher, Aristotle?
_____ stresses that the interests of the individual should take precedence over the interests of the state
Which of the following individuals argued that private property is more highly productive than communal property and will thus stimulate progress?
Which of the following is NOT a central tenet of individualism?
B. Establishing laws that promote society's best interests.
The pro-business and pro-free trade values of _____ create a favorable environment within which international business can thrive.
Which of the following is the political system in which government is by the people, exercised either directly or through elected representatives?
_____ is a form of government in which one person or political party exercises absolute control over all spheres of human life, and opposing political parties are prohibited.
A political system in which citizens periodically elect individuals to represent them is referred to as a:
C. representative democracy.
To guarantee that elected representatives can be held accountable for their actions by the electorate, an ideal representative democracy has a number of safeguards. Which of the following is NOT an example of a safeguard in an ideal representative democracy?
D. Unlimited terms for elected representatives.
In a totalitarian country:
A. free and fair elections are inhibited.
_____ is a form of totalitarianism that advocates achieving socialism through totalitarian dictatorship.
C. Communist totalitarianism
All of the following are forms of totalitarianism EXCEPT:
Which of the following countries would most likely adhere to tribal totalitarianism?
_____ totalitarianism generally permits individual economic freedom, but restricts individual political freedom on the grounds that it would lead to a rise of communism.
The fascist regimes that ruled Germany and Italy in the 1930s and 1940s were:
A. right-wing totalitarian.
In which countries are we likely to find free market economies?
B. Where individual goals are given primacy over collective goals
In what kind of economy is production determined by the interaction of supply and demand and signaled to producers through the price system?
C. Market economy
Which of the following is an advantage of private ownership?
D. It ensures that entrepreneurs have a right to the profits generated by their own efforts.
In a _____ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while in other sectors there is significant state ownership and government planning.
What kind of economies were once very common throughout much of the world, although they are becoming less so?
The _____ of a country defines the legal framework within which firms do business.
The _____ of a country refers to the rules that regulate behavior, along with the processes by which the laws of a country are enforced and through which redress for grievances is obtained.
D. legal system
Common law is based on all of the following EXCEPT:
A _____ law system is based on a very detailed set of laws organized into codes.
Judges in a(n) _____ law system have the power to interpret the law.
A law system that is based primarily on religious teachings refers to a:
B. theocratic law system.
The most widely practiced theocratic legal system in the modern world is:
B. Islamic law.
The parties to an agreement normally resort to _____ when one party feels the other has violated either the letter or the spirit of the agreement.
D. contract law
The body of law that governs contract enforcement is called:
D. contract law.
The _____ establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers.
A. United Nations Convention on Contracts for the International Sale of Goods
When firms do not wish to accept the rules of the Convention on Contracts for the International Sale of Goods, they usually rely on _____ to settle contract disputes.
The bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived form that resource are called _____ rights.
The theft, piracy, or blackmail by private individuals or groups violating property rights refers to:
D. private action
After the collapse of communism in Russia, successful business owners often had to pay "protection money" to the Mafia or face violent retribution. This is an example of:
C. private action.
When public officials such as politicians and government bureaucrats extort income or resources from property holders, this can be described as a:
B. public action.
According to Transparency International, which country is the most corrupt?
Economic evidence suggests that high levels of _____ significantly reduce the foreign direct investment, level of international trade, and economic growth rate in a country.
In the United States, the Foreign Corrupt Practices Act was passed during the _____ following revelations that U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.
Which of the following does the U.S. law and OECD convention allow as an exception?
C. To allow grease payments.
Suppose 3-M Corporation develops a new type of adhesive tape. 3-M can protect its invention for a defined period to the manufacture, use, or sale of that invention through what kind of protection?
A composer is able to protect an original musical score from being copied and sold by someone else through _____ protection.
As a result of _____ protection, the Nike "swoosh" logo is protected from being used by any other shoe manufacturer.
Patents, copyrights, and trademarks are examples of _____ property laws.
According to Business Software Alliance, which region had the highest piracy rates in 2006?
C. Eastern Europe
_____ set certain safety standards to which a product must adhere
C. Product safety laws
Which country has the most extensive civil and criminal liability laws?
Which of the following describes a council that was provided to oversee enforcement of much stricter intellectual property regulations?
_____ is regarded as a yardstick for the economic activity of a country, and it measures the total annual income received by residents of a nation.
____ allows for a more direct comparison of living standards in different countries.
The base for adjustment of purchasing power parity is the cost of living in:
D. the United States.
Which of the following countries had the highest GNI per capita in 2006?
The United Nations _____ index is based on life expectancy, literacy rates, and whether average incomes are sufficient to meet the basic needs of life in a country.
A. Human Development
There is fairly wide agreement that _____ is the engine of long-run economic growth.
It has been argued that the economic freedom associated with a _____ economy creates greater incentives for innovation.
Which of the following is an advantage of a market economy?
A. Any individual who has an innovative idea is free to try to make money out of that idea by starting a business.
A study of 102 countries found that the more _____ a country had between 1975 and 1995, the more economic growth it achieved and the richer its citizens became.
B. economic freedom
The influential Peruvian economist Hernando de Soto has argued that much of the developing world will fail to reap the benefits of _____ until property rights are better defined and protected.
Which of the following is NOT one of the five fastest growing economies in the past 30 years?
According to economist Jeffrey Sachs, which type of nation-state is most likely to support market institutions?
A. Coastal state
Since the late 1980s, which of the following trends has emerged in the political economies of many of the world's national states?
C. A wave of democratic revolutions has swept the world.
Freedom House classified some _____ countries as free in 2007, accounting for some 47 percent of the world's population.
What accounts for the spread of democracy?
A. Many totalitarian regimes failed to deliver economic progress to the vast bulk of their populations.
Which of the following theories was propounded by Fukuyama?
A. The future is a world dominated by a universal civilization characterized by democratic regimes and free market capitalism.
Which of the following is the world's freest economy according to the 2008 Heritage Foundation index?
A. Hong Kong
Which country among the following cannot be considered as a politically free country?
Which of the following involves removing legal restrictions to the free play of markets, the establishment of private enterprises, and the manner in which private enterprises operate?
____ transfers the ownership of state property into the hands of private individuals.
Which of the following ways can make privatization work?
D. By a more general deregulation and opening of the economy.
The advantages that accrue to early entrants into a business market referred to as:
B. first-mover advantages.
Handicaps suffered by late entrants into a business market are referred to as:
A. late-mover disadvantages.
____ is the likelihood that economic mismanagement will cause drastic changes in a country's business environment that adversely affect the profit and other goals of a business enterprise.
D. Economic risk
The likelihood that a trading partner will opportunistically break a contract or expropriate property rights is called:
D. legal risk
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