Question 1

The governments of China, Vietnam, and Laos are communist nations, but they have adopted wide-ranging, market-based economic reforms.

Accepted Answer

A) True 
 B)False

Question 2

In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.

Accepted Answer

A)   command
B)   pure market
C)   mixed
D)   centrally planned
E)   laissez-faireF) A) and E)
G) B) and D)

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

For centuries, Somariya was a capitalist country where the rich became richer and the poor became poorer. A group calling itself the "Change Brotherhood" sought to convert Somariya into a socialist country by democratic means. The "Change Brotherhood" is an example of

Accepted Answer

A)   communists.
B)   democrats.
C)   republicans.
D)   social democrats.
E)   ideological democrats.F) All of the above
G) A) and D)

Question 5

Product safety and product liability laws are enforced to protect

Accepted Answer

A)   intellectual property rights.
B)   companies from their domestic competitors.
C)   companies from their foreign competitors.
D)   consumers.
E)   product inventors.F) B) and D)
G) A) and B)

Question 6

Contracts in a common law system tend to be shorter and less detailed than those created in a civil law system.

Accepted Answer

A) True 
 B)False

Question 7

By the mid-1990s, communism had reached its highest point in history.

Accepted Answer

A) True 
 B)False

Question 8

Plato did not equate collectivism with equality.

Accepted Answer

A) True 
 B)False

Question 9

In which of these situations is Copper Coil Inc. using a grease payment?

Accepted Answer

A)   Copper Coil Inc. paid a fine of $2500 for violating the labor laws in a foreign country.
B)   Copper Coil Inc. made a small payment of $20 to speed up some paperwork related to tax returns in a less developed country.
C)   The proprietor of Copper Coil Inc. made payments to the Mafia as a protection against violent retribution.
D)   Copper Coil Inc. gave gift vouchers to all its product wholesalers in order to promote the product.
E)   Copper Coil Inc. made an unrecorded payment to one of its accountants in return for window dressing the company's accounts.F) B) and C)
G) None of the above

Question 10

In a common law system, judges base decisions on detailed legal codes.

Accepted Answer

A) True 
 B)False

Question 11

Modern socialism traces its intellectual roots to

Accepted Answer

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

Question 12

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises, while laws enacted by governments in democratic states, where individualism is the dominant political philosophy, tend to be pro-private enterprise and pro-consumer. This indicates that

Accepted Answer

A)   the economic system of a country is independent of its legal system.
B)   the legal system of a country is not influenced by the prevailing political system.
C)   the legal system does not affect the attractiveness of a country as an investment site or market.
D)   all countries have the same legal environments.
E)   the legal framework of a country reflects the rulers' dominant political ideology.F) A) and E)
G) B) and E)

Question 13

In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that

Accepted Answer

A)   U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.
B)   U.S. companies were involved in bribing U.S. government officials in cases related to major corporate and accounting scandals.
C)   U.S. government bureaucrats demanded bribes from U.S. companies in return for a permit to operate in a foreign country.
D)   several companies were selling their products at lower prices in foreign countries than in the United States.
E)   successful business owners in the United States often had to pay "protection money" to the Mafia or face violent retribution.F) A) and D)
G) A) and C)

Question 14

Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute

Accepted Answer

A)   assets which receive no protection under law.
B)   non-performing assets.
C)   tangible assets.
D)   intellectual property.
E)   real property.F) A) and B)
G) A) and E)

Question 15

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

Accepted Answer

A)   patent
B)   warrant
C)   trademark
D)   copyright
E)   affidavitF) C) and D)
G) A) and D)

Question 16

Brett Robertson is a playwright and in order to protect his intellectual property should secure a ________ on all of his plays.

Accepted Answer

A)   patent
B)   trademark
C)   grease payment
D)   permit
E)   copyrightF) None of the above
G) C) and D)

Question 17

Today, communism, which includes state control over all economic activity, is the political norm mainly found in

Accepted Answer

A)   countries throughout Europe and Asia.
B)   small pockets of the United States and Japan.
C)   small fringe nations.
D)   eastern Europe.
E)   large Westernized countries.F) B) and D)
G) None of the above

Question 18

Discuss a market economy and describe the role of a consumer in this type.

Accepted Answer

In the archetypal pure market economy, a...

Question 19

A common feature of many right-wing dictatorships is

Accepted Answer

A)   total restriction on individual economic freedom.
B)   strong commitment to socialist or communist ideas.
C)   governments that are made up of military officers.
D)   politicians from a particular tribe dominating the political system.
E)   the direct involvement of the citizens in decision making.F) B) and E)
G) A) and C)

Question 20

The term political economy is used to stress the fact that the political, economic, and legal systems of a country are independent of each other and do not influence one another.

Accepted Answer

A) True 
 B)False

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

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

Correct AnswerverifiedShow Answer

Plato did not equate collectivism with equality.

Correct AnswerverifiedShow Answer

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises, while laws enacted by governments in democratic states, where individualism is the dominant political philosophy, tend to be pro-private enterprise and pro-consumer. This indicates that

Correct AnswerverifiedShow Answer

A common feature of many right-wing dictatorships is

Correct AnswerverifiedShow Answer

For centuries, Somariya was a capitalist country where the rich became richer and the poor became poorer. A group calling itself the "Change Brotherhood" sought to convert Somariya into a socialist country by democratic means. The "Change Brotherhood" is an example of

Correct AnswerverifiedShow Answer

Discuss a market economy and describe the role of a consumer in this type.

Correct AnswerverifiedIn the archetypal pure market economy, a...View AnswerShow Answer

Contracts in a common law system tend to be shorter and less detailed than those created in a civil law system.

Correct AnswerverifiedShow Answer

Modern socialism traces its intellectual roots to

Correct AnswerverifiedShow Answer

Today, communism, which includes state control over all economic activity, is the political norm mainly found in

Correct AnswerverifiedShow Answer

In a common law system, judges base decisions on detailed legal codes.

Correct AnswerverifiedShow Answer

Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute

Correct AnswerverifiedShow Answer

In a ________ economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.

Correct AnswerverifiedShow Answer

Product safety and product liability laws are enforced to protect

Correct AnswerverifiedShow Answer

The governments of China, Vietnam, and Laos are communist nations, but they have adopted wide-ranging, market-based economic reforms.

Correct AnswerverifiedShow Answer

The term political economy is used to stress the fact that the political, economic, and legal systems of a country are independent of each other and do not influence one another.

Correct AnswerverifiedShow Answer

Brett Robertson is a playwright and in order to protect his intellectual property should secure a ________ on all of his plays.

Correct AnswerverifiedShow Answer

By the mid-1990s, communism had reached its highest point in history.

Correct AnswerverifiedShow Answer

In which of these situations is Copper Coil Inc. using a grease payment?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that

Correct AnswerverifiedShow Answer

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In the archetypal pure market economy, a...
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