Question 1

Which of the following is true about communism?

Accepted Answer

A)  Communism propagates the idea of "private profit rather than public good."
B)  By the mid-1990s communism started rising worldwide.
C)  China has moved sharply away from strict adherence to communist ideology in the economic sphere.
D)  Communists committed themselves to achieving socialism by turning their backs on violent revolution and dictatorship.
E)  Communism stresses that the interests of the individual should take precedence over the interests of the state.F) None of the above
G) B) and C)

Question 2

By the mid-1990s,communism was rising worldwide.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following does the U.S.law and OECD convention allow as an exception?

Accepted Answer

A)  bribing a foreign government official to obtain a contract
B)  failure to keep records that would reveal if a violation of the Foreign Corrupt Practices Act has occurred
C)  grease payments or speed money
D)  private action
E)  breach of the rule of lawF) C) and E)
G) C) and D)

Question 4

Which of the following is most likely to be advocated by individualism?

Accepted Answer

A)  Communal property is more highly productive than private property.
B)  Public good should be preferred over private profit.
C)  State-owned companies should monopolize certain industries.
D)  The welfare of society is best served by some collective body such as government.
E)  Free market ideologies should be followed for achieving better standards of living.F) C) and D)
G) A) and C)

Question 5

In which countries are we likely to find free market economies?

Accepted Answer

A)  countries where the good of the society has precedence over private profit
B)  countries where individual goals are given primacy over collective goals
C)  countries where state-owned enterprises have a monopoly in certain industries
D)  countries that have adopted communism as their political system
E)  countries where the government plans the goods and services producedF) B) and D)
G) C) and E)

Question 6

Judges under a civil law system have less flexibility than those under a common law system.

Accepted Answer

A) True 
 B)False

Question 7

Describe the Foreign Corrupt Practices Act.

Accepted Answer

In the 1970s,the United States passed th...

Question 8

How does corruption affect the economic growth rate in a country?

Accepted Answer

Economic evidence suggests that high lev...

Question 9

Describe the significance of Contracts for the International Sale of Goods (CIGS).

Accepted Answer

When contract disputes arise in internat...

Question 10

Compared to a common law system,it is more expensive to draw up contracts in a civil law jurisdiction.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following legal systems is most likely to be based on tradition,precedent,and custom?

Accepted Answer

A)  common law
B)  civil law
C)  autocracy law
D)  monarchy law
E)  universal lawF) B) and E)
G) A) and C)

Question 12

Which of the following statements is most likely to be true regarding private ownership?

Accepted Answer

A)  It reduces a nation's dynamism and its investments in innovation and creativity.
B)  It is most commonly found in command economies.
C)  It eliminates competitors and reduces pressure to lower production costs.
D)  It gives entrepreneurs an incentive to search for better ways of serving consumer needs.
E)  It is based on the philosophy that "the good of society is more important than the interests of an individual."F) B) and E)
G) A) and B)

Question 13

States that limit the freedom of religious expression with laws based on religious principles most likely follow the political system of

Accepted Answer

A)  theocratic totalitarianism.
B)  communist totalitarianism.
C)  right-wing totalitarianism.
D)  pure democracy.
E)  representative democracy.F) All of the above
G) B) and D)

Question 14

Modern socialism traces its intellectual roots to

Accepted Answer

A)  Aristotle.
B)  David Hume.
C)  Karl Marx.
D)  Adam Smith.
E)  Milton Friedman.F) A) and D)
G) A) and B)

Question 15

Which of the following protects the Nike "swoosh" logo from being used by any other shoe manufacturer?

Accepted Answer

A)  trademark
B)  affidavit
C)  patent
D)  warrant
E)  writF) None of the above
G) A) and B)

Question 16

Which of the following is a form of totalitarianism which advocates that socialism can be achieved only through a totalitarian dictatorship?

Accepted Answer

A)  tribal totalitarianism
B)  democratic totalitarianism
C)  communist totalitarianism
D)  theocratic totalitarianism
E)  right-wing totalitarianismF) All of the above
G) A) and B)

Question 17

When firms do not wish to accept the rules of the CIGS,what do they often opt for to settle contract disputes?

Accepted Answer

A)  UN involvement
B)  arbitration
C)  collective bargaining
D)  common law system of the United States
E)  Islamic lawF) B) and D)
G) C) and D)

Question 18

Which of the following is a form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties?

Accepted Answer

A)  capitalism
B)  totalitarianism
C)  pure democracy
D)  republicanism
E)  representative democracyF) D) and E)
G) B) and E)

Question 19

In most democratic states,those who question the right of the rulers to rule find themselves imprisoned,or worse.

Accepted Answer

A) True 
 B)False

Question 20

In what economies,do governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests?

Accepted Answer

A)  command
B)  centrally planned
C)  pure market
D)  mixed
E)  laissez-faireF) A) and B)
G) None of the above

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

Describe the Foreign Corrupt Practices Act.

Correct AnswerverifiedIn the 1970s,the United States passed th...View AnswerShow Answer

Which of the following legal systems is most likely to be based on tradition,precedent,and custom?

Correct AnswerverifiedShow Answer

By the mid-1990s,communism was rising worldwide.

Correct AnswerverifiedShow Answer

States that limit the freedom of religious expression with laws based on religious principles most likely follow the political system of

Correct AnswerverifiedShow Answer

Which of the following is most likely to be advocated by individualism?

Correct AnswerverifiedShow Answer

In most democratic states,those who question the right of the rulers to rule find themselves imprisoned,or worse.

Correct AnswerverifiedShow Answer

Which of the following protects the Nike "swoosh" logo from being used by any other shoe manufacturer?

Correct AnswerverifiedShow Answer

Judges under a civil law system have less flexibility than those under a common law system.

Correct AnswerverifiedShow Answer

When firms do not wish to accept the rules of the CIGS,what do they often opt for to settle contract disputes?

Correct AnswerverifiedShow Answer

In what economies,do governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests?

Correct AnswerverifiedShow Answer

Which of the following is a form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties?

Correct AnswerverifiedShow Answer

Which of the following does the U.S.law and OECD convention allow as an exception?

Correct AnswerverifiedShow Answer

Which of the following is true about communism?

Correct AnswerverifiedShow Answer

Which of the following is a form of totalitarianism which advocates that socialism can be achieved only through a totalitarian dictatorship?

Correct AnswerverifiedShow Answer

Which of the following statements is most likely to be true regarding private ownership?

Correct AnswerverifiedShow Answer

Modern socialism traces its intellectual roots to

Correct AnswerverifiedShow Answer

In which countries are we likely to find free market economies?

Correct AnswerverifiedShow Answer

How does corruption affect the economic growth rate in a country?

Correct AnswerverifiedEconomic evidence suggests that high lev...View AnswerShow Answer

Compared to a common law system,it is more expensive to draw up contracts in a civil law jurisdiction.

Correct AnswerverifiedShow Answer

Describe the significance of Contracts for the International Sale of Goods (CIGS).

Correct AnswerverifiedWhen contract disputes arise in internat...View AnswerShow Answer

Correct Answer
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In the 1970s,the United States passed th...
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Economic evidence suggests that high lev...
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Correct Answer
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When contract disputes arise in internat...
View Answer