The communists believed that socialism could be achieved by democratic m/eans and turned their backs on violent revolution and dictatorship.
*True
*False
F
The central message of collectivism is that individual economic and political/freedoms are th ground rules on which a society should be based.
False
GDP allows a more direct comparison of living standards in different countries than other measures.
*T
*F
GDP is one of the measures used by the Human Development Index (HDI) to measure the quality of human life in different nations.
Most modern democatic states practice representative democracy.
T
Democracy is a form of government that prohibits opposing political parties
In a totalitarian country, there are safeguards to protect an individual's right to freedom of expression, opinion, and organization.
The Foreign Corrupt Practices Act does not allow for grease payments.
If a country's economy is to sustain long-term economic growth, the business environment must be conducive to innovations and
entrepreneurial activity.
Product liability sets certain safety standards to which a product must adhere.
Product safety laws set certain safety standards to which a product must adhere. Product liability involves holding a rm and its ocers responsible when a product causes injury, death, or damage.
In mixed economies, governments tend to take into state ownership troubled/firms whose continued operation is thought to be vital to national interests
A theocratic law system is one in which the law is based on religious teachings
The parties to an agreement normally resort to contract law when one partyfeels the other h violated either the letter or the spirit of an agreement.
Most property in poor countries is owned legally by investors.
Contracts under a civil law system tend to be very detailed with all contingencies spelled out.
Because common law tends to be relatively ill specied, contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out. In civil law systems, however, contracts tend to be much shorter and less specic because many of the issues are already covered in a civil code
Tofacilitateinternationalbusiness,propertyrightsaredefinedinaconsistent wayacross countries.
A country's economic system and property rights regime are reasonably good predictors of economic prospects.
New information and communication technologies have enabled the spread of democratic ideals.
In mixed economies, in certain sectors the state sets prices, owns businesses, limits private enterprise, restricts investment by foreigners, and restricts international trade.
Property rights can be violated in two ways—through private action and through public action
The political systems of a country raise ethical issues that have implications for the practice international business.
When communism collapsed, many of the communist countries lacked the legal structure required to protect property rights because all the property was earlier held by the state.
________ per person figures can be misleading because they don't consider differences in the cost of living.
A) Gross domestic product (GDP)
B) Gross national income (GNI)
C) Purchasing power parity (PPP)
D) Human Development Index (HDI)
B
The ________ adjustment allows for a more direct comparison of living standards in different countries
A) gross domestic product
B) value added
C) gross national income (GNI)
D) purchasing power parity (PPP)
D
In a ________, the state owns all means of production.
A) mixed economy
B) planned economy
C) market economy
D) totalitarian state
n a planned economy, the state owns all means of production. Consequently, entrepreneurial individuals have few economic incentives to develop valuable new innovations, because it is the state, rather than the individual, that captures most of the
gains.
Which of the following are more conducive to economic growth?
A) democratic regimes
B) totalitarian regimes
C) dictatorships
D) benevolent monarchies
A'
In some countries, the official GNI per capita measured at PPP data does not reflect the actual total annual income because
A) it doesn't consider differences in the cost of living.
B) it gives a static picture of development.
C) it fails to include income earned from other countries in the form of dividends.
D) large amounts of economic activity may be in the form of barter agreements.
Which of the following was developed by the United Nations to measure the quality of life in different nations?
A) gross national income
B) Human Development Index
C) purchasing power parity
D) gross domestic product
Which of the following statements pertaining to innovation and entrepreneurship is true?
A) They are the engines of growth.
B) They require strong legal systems.
C) They require state ownership of means of production.
D) They require a mixed economy.
A
A market economy encourages innovation because
A) state ownership of enterprises reduces risks of innovation.
B) economic freedom leads to greater incentives for innovation.
C) government-owned and funded research centers become hubs of innovation.
D) the prices of goods and services, including new products, are xed by government.
Stagnation can occur in planned economies because
A) entrepreneurial individuals have few economic incentives for innovation.
B) private ownership of means of production leads to exploitation of workers.
C) prices of goods and services are xed by market forces of supply and demand.
D) lack of barriers to trade results in increased competition for domestic producers.
A free market economy in which property rights are protected leads to subsequent economic growth that often leads to the establishment of
A) a democratic regime.
B) a planned economy.
C) government-owned enterprises.
D) a socialist economy.
To improve airport security following a major terrorist attack, the government of a country takes over the airport security industries This is an example of privatization.
True
Product liability can be much lower if a product does not conform to required safety standard
A market with a large number of consumers with low living standards will have a relatively large market when measured in economic terms.
________ occurs when a political party that represents the interests of a particular tribe (and not always the majority tribe) monopolizes power.
A. Tribal dictatorship
B. Communist totalitarianism
C. Tribal totalitarianism
D. Privatization
C
Who was the author of The Wealth of Nations in which he stated that "an individual who intends his own gain is led by an invisible hand to promote an end that was no part of his intention..."?
A. David Hume
B. Adam Smith
C. Karl Marx
D. John Stuart Mill
The term ________ stresses that the political, economic, and legal systems o1f/a1 country are interdependent.
A. political economy
B. common law
C. socialism
D. collectivism
Peter believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. Peter was likely a
A. libertarian.
B. communist.
C. collectivist.
D. social democrat.
When ________ is emphasized, an individual's right to do something may be restricted on the grounds that it runs counter to "the good of society."
A. individualism
B. totalitarianism
C. collectivism
D. theocracy
What term is used to describe a state in which authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil libe
A. authoritarian dictatorship
B. right-wing democracies
C.representative totalitarianism
D. pseudo-democracies
Many of the world's nations are neither pure democracies nor iron-clad totalitarian states.
Rather they lie between pure democracies and complete totalitarian systems of government. They might be described as imperfect or pseudo-democracies, where authoritarian elements have captured some or much of the machinery of state and use
this in an attempt to deny basic political and civil liberties.
In a(n) ________ society, the welfare of society is best served by letting peoplepursue their own economic self-interest
A. individualist
B.capitalist
C. democratic
D. totalitarian
Systems that emphasize collectivism tend toward
A.totalitarianism.
B. capitalism.
C. democracy.
D. privatization.
Interdependent political, economic, and legal systems of a country make upits
A. administrative agenda.
B. socioeconomic fabric.
C. cultural environment.
D. political economy
A political system that prioritizes the needs of the society over individual freedoms is called
A. totalitarianism.
B. collectivism.
C. capitalism.
D. egalitarianism.
The tenet of ________ is that the welfare of society is best served by letting people pursue thei own economic self-interest.
A. socialism
B. communism
C. anarchism
D. individualism
________rightsrefertothelegalrightsovertheusetowhicharesourceisputandovertheus made of any income that may be derived from that resource.
A. Trade
B. Property
C. Positive
D. Common
________ are established through patents, copyrights, and trademarks.
A. Digital signatures
B. Ownership rights over private property
C. Origination fees and tributes
D. Ownership rights over intellectual propert
SaSafety standards to which a product must adhere are set by
A. safety certications.
B. contract laws.
C. product safety laws.
D. product liability laws
roduct safety laws set certain safety standards to which a product must adhere. Product
liability involves holding a rm and its ocers responsible when a product causes injury,
death, or damage.
Which of the following provides exclusive legal rights to authors, composers,playwrights, artists, and publishers to publish and disperse their work as they see fit?
A. patent
B. copyright
C. Trademark
D. license
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