Question 1

In practical terms,individualism translates into an advocacy for democratic political systems and market economics.

Accepted Answer

A) True 
 B)False

Question 2

In practical terms,_____ translates into an advocacy for democratic political systems and free market economics,which in general creates the most favorable environment for international businesses to operate in.

Accepted Answer

A)   collectivism
B)   totalitarianism
C)   individualism
D)   communism
E)   socialismF) All of the above
G) A) and E)

Question 3

Which of the following is true about grease payments?

Accepted Answer

A)   Grease payments are more offensive than bribes.
B)   Grease payments facilitate performance of duties that the recipients are not obligated to perform.
C)   A grease payment is a form of penalty.
D)   Both the U.S. law and OECD convention include language that opposes grease payments.
E)   Grease payments are technically bribes, however they are distinguishable from bribes.F) A) 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) B) and C)
G) A) and E)

Question 5

Strong enforcement of intellectual property laws:

Accepted Answer

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

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

In a representative democracy,elected representatives who fail to perform their job adequately cannot be voted out of office at the next election.

Accepted Answer

A) True 
 B)False

Question 8

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) B) and E)
G) A) and E)

Question 9

All right-wing dictatorships display an affinity toward socialist or communist ideas.

Accepted Answer

A) True 
 B)False

Question 10

The Cold War was in many respects a war between collectivism,championed by the former Soviet Union,and individualism,championed by the United States.

Accepted Answer

A) True 
 B)False

Question 11

A common law system tends to be less adversarial than a civil law system.

Accepted Answer

A) True 
 B)False

Question 12

_____ argued that private property is more highly productive than communal property and will thus stimulate progress.

Accepted Answer

A)   Aristotle
B)   Friedrich Engels
C)   Plato
D)   Karl Marx
E)   Charles DarwinF) B) and D)
G) A) and B)

Question 13

As a result of _____ protection,the Nike "Swoosh" logo is protected from being used by any other shoe manufacturer.

Accepted Answer

A)   trademark
B)   affidavit
C)   patent
D)   warrant
E)   writF) C) and D)
G) A) and B)

Question 14

Democracy,in its purest form,is based on the belief that:

Accepted Answer

A)   citizens should be directly involved in decision making.
B)   political freedom of the citizens should be limited.
C)   citizens are responsible for their own economic health and thus need no government.
D)   individual freedom in the economic sphere should be restricted.
E)   one person should have an absolute control over all the citizens of a nation.F) B) and E)
G) B) and D)

Question 15

In the early twentieth century,the socialist ideology split into two broad camps and the people who believed that socialism could be achieved only through violent revolution and totalitarian dictatorship were referred to as:

Accepted Answer

A)   communists.
B)   capitalists.
C)   democrats.
D)   individualists.
E)   anarchists.F) A) and B)
G) C) and E)

Question 16

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 in less developed countries.F) A) and D)
G) D) and E)

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Describe in brief the different forms of totalitarianism.

Accepted Answer

Four major forms of totalitarianism exis...

Question 19

Bribes are legal payments meant to facilitate performance of duties that the recipients are already obligated to perform.

Accepted Answer

A) True 
 B)False

Question 20

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

Exam 2: National Differences in Political Economy

In the early twentieth century,the socialist ideology split into two broad camps and the people who believed that socialism could be achieved only through violent revolution and totalitarian dictatorship were referred to as:

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

Describe in brief the different forms of totalitarianism.

Correct AnswerverifiedFour major forms of totalitarianism exis...View AnswerShow Answer

In practical terms,_____ translates into an advocacy for democratic political systems and free market economics,which in general creates the most favorable environment for international businesses to operate in.

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 is most likely to be advocated by individualism?

Correct AnswerverifiedShow Answer

Democracy,in its purest form,is based on the belief that:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

All right-wing dictatorships display an affinity toward socialist or communist ideas.

Correct AnswerverifiedShow Answer

A common law system tends to be less adversarial than a civil law system.

Correct AnswerverifiedShow Answer

In practical terms,individualism translates into an advocacy for democratic political systems and market economics.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Strong enforcement of intellectual property laws:

Correct AnswerverifiedShow Answer

Bribes are legal payments meant to facilitate performance of duties that the recipients are already obligated to perform.

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

_____ argued that private property is more highly productive than communal property and will thus stimulate progress.

Correct AnswerverifiedShow Answer

As a result of _____ protection,the Nike "Swoosh" logo is protected from being used by any other shoe manufacturer.

Correct AnswerverifiedShow Answer

The Cold War was in many respects a war between collectivism,championed by the former Soviet Union,and individualism,championed by the United States.

Correct AnswerverifiedShow Answer

In a representative democracy,elected representatives who fail to perform their job adequately cannot be voted out of office at the next election.

Correct AnswerverifiedShow Answer

Which of the following is true about grease payments?

Correct AnswerverifiedShow Answer

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Four major forms of totalitarianism exis...
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