Question 1

A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance.Many business executives argue that this

Accepted Answer

A)  makes American businesses less competitive in the global marketplace.
B)  offers American businesses greater protection from foreign competitors.
C)  exposes consumers to greater product risks.
D)  eventually makes it cheaper for foreign companies to do business in the United States.
E)  discourages American companies from outsourcing jobs to less developed countries.F) A) and C)
G) A) and B)

Question 2

The strong enforcement of intellectual property laws helps to

Accepted Answer

A)  reduce the piracy (theft) of intellectual property.
B)  reduce the attractiveness of a country as a market or investment site.
C)  reduce the investments made by companies on basic research.
D)  limit creativity and innovation among people.
E)  prohibit a company from having a monopoly over its breakthrough inventions.F) D) and E)
G) B) and C)

Question 3

Briefly discuss product safety and liability laws.

Accepted Answer

Product safety laws set certain safety s...

Question 4

Which of the following nations is most likely to be unappealing as a place for doing business?

Accepted Answer

A)  a nation that has a market-based economic system
B)  a nation that has a strong legal system
C)  a nation that has a democratic political institution
D)  a nation that enforces strong property rights
E)  a nation that has a totalitarian political systemF) All of the above
G) C) and D)

Question 5

Command economies provide a more favorable environment for innovation and entrepreneurs than market economies.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Which of the following terms best defines the relationship between the level of corruption and economic growth rate in a country?

Accepted Answer

A)  directly proportional
B)  inversely proportional
C)  independent
D)  positive correlation
E)  zero correlationF) A) and D)
G) A) and C)

Question 8

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 from that resource are called what type of rights?

Accepted Answer

A)  civil
B)  political
C)  shareholder
D)  property
E)  publicF) B) and E)
G) B) and D)

Question 9

Which of the following is true about the three main types of legal systems?

Accepted Answer

A)  Judges under a civil law system have more flexibility than those under a common law system.
B)  The common law system evolved in the United States over hundreds of years.
C)  Although Islamic law is primarily concerned with moral behavior,it has been extended to cover certain commercial activities.
D)  A theocratic law system is based on a detailed set of laws organized into codes.
E)  Common law cannot be altered,clarified,or amended to deal with new situations.F) B) and D)
G) A) and D)

Question 10

When firms do not wish to accept the Contracts for the International Sale of Goods,they often opt for arbitration by a recognized arbitration court to settle contract disputes.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following generally permits individual economic freedom,but restricts individual political freedom on the grounds that it would lead to the rise of communism?

Accepted Answer

A)  pure democracy
B)  right-wing totalitarianism
C)  free market capitalism
D)  representative democracy
E)  communist totalitarianismF) B) and D)
G) A) and B)

Question 12

Which of the following is inconsistent with Marxist philosophy?

Accepted Answer

A)  concern over public good rather than private profit
B)  monopoly of state-owned companies in certain industries
C)  opposing the ideologies of capitalist societies
D)  substantial limits on individual political freedom
E)  selling state-owned enterprises to private investorsF) B) and E)
G) None of the above

Question 13

Political systems that emphasize collectivism tend to be democratic,while political systems that place a high value on individualism tend to be totalitarian.

Accepted Answer

A) True 
 B)False

Question 14

A composer can protect an original musical score from being copied and sold by someone else by acquiring for the score a(n)

Accepted Answer

A)  patent.
B)  warrant.
C)  trademark.
D)  copyright.
E)  affidavit.F) All of the above
G) D) and E)

Question 15

The term "patent" refers to the exclusive legal rights of authors,composers,playwrights,artists,and publishers to publish and disperse their work as they see fit.

Accepted Answer

A) True 
 B)False

Question 16

In the context of common law,which of the following terms refers to the ways in which laws are applied in specific situations?

Accepted Answer

A)  tradition
B)  precedent
C)  custom
D)  interpretation
E)  cultureF) A) and C)
G) A) and B)

Question 17

The fascist regimes that ruled Germany and Italy in the 1930s and 1940s had adopted

Accepted Answer

A)  right-wing totalitarianism.
B)  theocratic totalitarianism.
C)  representative democracy.
D)  pure democracy.
E)  totalitarian democracy.F) A) and B)
G) A) and D)

Question 18

Which of the following is a feature of representative democracy?

Accepted Answer

A)  Restrictions on an individual's right to freedom of expression,opinion,and organization
B)  Inability of the citizens to vote out elected representatives who fail to perform their job adequately at the next election
C)  An unlimited term for elected representatives
D)  A court system that is linked to the political system
E)  A nonpolitical police force and armed serviceF) B) and E)
G) B) and C)

Question 19

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

Accepted Answer

A) True 
 B)False

Question 20

What are the two ways through which property rights can be violated?

Accepted Answer

Property rights can be violated in two w...

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

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

Correct AnswerverifiedShow Answer

The fascist regimes that ruled Germany and Italy in the 1930s and 1940s had adopted

Correct AnswerverifiedShow Answer

What are the two ways through which property rights can be violated?

Correct AnswerverifiedProperty rights can be violated in two w...View AnswerShow Answer

Which of the following is a feature of representative democracy?

Correct AnswerverifiedShow Answer

In the context of common law,which of the following terms refers to the ways in which laws are applied in specific situations?

Correct AnswerverifiedShow Answer

Briefly discuss product safety and liability laws.

Correct AnswerverifiedProduct safety laws set certain safety s...View AnswerShow Answer

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

Correct AnswerverifiedShow Answer

Political systems that emphasize collectivism tend to be democratic,while political systems that place a high value on individualism tend to be totalitarian.

Correct AnswerverifiedShow Answer

A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance.Many business executives argue that this

Correct AnswerverifiedShow Answer

Which of the following terms best defines the relationship between the level of corruption and economic growth rate in a country?

Correct AnswerverifiedShow Answer

Command economies provide a more favorable environment for innovation and entrepreneurs than market economies.

Correct AnswerverifiedShow Answer

Which of the following is inconsistent with Marxist philosophy?

Correct AnswerverifiedShow Answer

Which of the following is true about the three main types of legal systems?

Correct AnswerverifiedShow Answer

When firms do not wish to accept the Contracts for the International Sale of Goods,they often opt for arbitration by a recognized arbitration court to settle contract disputes.

Correct AnswerverifiedShow Answer

Which of the following generally permits individual economic freedom,but restricts individual political freedom on the grounds that it would lead to the rise of communism?

Correct AnswerverifiedShow Answer

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 from that resource are called what type of rights?

Correct AnswerverifiedShow Answer

The strong enforcement of intellectual property laws helps to

Correct AnswerverifiedShow Answer

A composer can protect an original musical score from being copied and sold by someone else by acquiring for the score a(n)

Correct AnswerverifiedShow Answer

The term "patent" refers to the exclusive legal rights of authors,composers,playwrights,artists,and publishers to publish and disperse their work as they see fit.

Correct AnswerverifiedShow Answer

Which of the following nations is most likely to be unappealing as a place for doing business?

Correct AnswerverifiedShow Answer

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Property rights can be violated in two w...
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Product safety laws set certain safety s...
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