Question 1

Which of the following applies to most totalitarian states?

Accepted Answer

A)  Free and fair elections are not denied to the citizens.
B)  There is free access to state information.
C)  All the basic civil liberties are granted to the citizens.
D)  The right to freedom of expression and organization is not curbed.
E)  Media are heavily censored.F) All of the above
G) A) and D)

Question 2

In comparison to market economies, command economies lack:

Accepted Answer

A)  government interference in allocation of resources.
B)  dynamism and innovation.
C)  concern for the interests of the nation.
D)  commitment to communism.
E)  any opposition to private ownership.F) A) and C)
G) A) and B)

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

How do international businesses respond to violations of their intellectual property?

Accepted Answer

International businesses have a number o...

Question 5

In the country of Normian Republic, an individual's right to own land is restricted to a large extent on the basis that it runs counter to "the common good." In this context, which of the following is most likely to be the political system adopted by Normian Republic?

Accepted Answer

A)  Individualism
B)  Democracy
C)  Collectivism
D)  Capitalism
E)  ProtectionismF) C) and D)
G) D) and E)

Question 6

Which of the following statements is true about the difference between contracts in common law and civil law systems?

Accepted Answer

A)  Contracts drafted under a common law system tend to be longer than those drafted under a civil law system.
B)  Contracts drafted under a civil law system tend to be more specific than those drafted under a civil law system.
C)  It is more expensive to draw up contracts in a civil law system than in a common law system.
D)  Resolving contract disputes tends to be less adversarial in common law systems than in civil law systems.
E)  Civil law systems have the advantage of greater flexibility and allow for judges to interpret a contract dispute in light of the prevailing situation but this feature is absent in common law systems.F) A) and B)
G) A) and E)

Question 7

Which of the following grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention?

Accepted Answer

A)  Copyright
B)  Trademark
C)  Patent
D)  Warranty
E)  Service markF) A) and B)
G) B) and D)

Question 8

The philosophy behind intellectual property laws is to:

Accepted Answer

A)  reward the originator of a new invention, book, musical record, and the like for his or her idea and effort.
B)  protect consumers from being subjected to business malpractice.
C)  safeguard a firm and its officers from being responsible for injury, death, or damage caused by the firm's product.
D)  eliminate monopoly in international trade.
E)  ensure that the rights to manufacture, use, or sell an invention are made available to the whole society.F) A) and C)
G) A) and E)

Question 9

Which of the following was advocated by Karl Marx?

Accepted Answer

A)  Capitalist society
B)  Individualism
C)  Selling state-owned enterprises to private investors
D)  Socialism
E)  Private profit over public goodF) D) and E)
G) A) and D)

Question 10

In the context of "knowledge" economy of the twenty-first century, which of the following statements is true about intellectual property?

Accepted Answer

A)  Intellectual property has become an increasingly important source of economic value for businesses.
B)  Protecting intellectual property has become increasingly easy in the twenty-first century.
C)  Intellectual property laws limit the creativity and the ability of people to search for novel ways of doing things.
D)  Firms always choose to stay out of countries where intellectual property laws are strict.
E)  Companies in a country are more likely to commit themselves to extensive basic research if the country prohibits the use of patents.F) C) and E)
G) D) and E)

Question 11

Which of the following is a law system based on a detailed set of laws organized into codes?

Accepted Answer

A)  Civil
B)  Theocratic
C)  Common
D)  Traditional
E)  PrecedentF) A) and B)
G) A) and C)

Question 12

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) A) and B)
G) B) and C)

Question 13

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is true about political systems?

Accepted Answer

A)  The political system of a country is independent of its economic and legal systems.
B)  The political system of a country is of no importance to international business.
C)  It is not possible to have democratic societies that emphasize a mix of collectivism and individualism.
D)  It is possible to have totalitarian societies that are not collectivist.
E)  The societal culture of a country does not influence its political system.F) B) and D)
G) All of the above

Question 15

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

Question 16

Liability laws are typically the least extensive in highly developed nations.

Accepted Answer

A) True 
 B)False

Question 17

By adopting the Contracts for the International Sale of Goods (CIGS), a nation signals to other adopters that it will treat the convention's rules as part of its law.

Accepted Answer

A) True 
 B)False

Question 18

Veronica had been getting red patches on her face after using a protein-based lotion manufactured by Nature Life Research Lab. On consulting a dermatologist, she learned that the lotion's steroid levels were beyond the standard levels permitted by the government and the damage caused by the lotion was irreversible. Which of the following will address Veronica's grievances?

Accepted Answer

A)  Laws related to property rights
B)  Product liability laws
C)  Intellectual property laws
D)  Foreign Corrupt Practices Act
E)  Sarbanes-Oxley ActF) B) and E)
G) All of the above

Question 19

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) C) and E)
G) A) and E)

Question 20

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) C) and E)
G) B) and E)

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

Correct Answer
verified

In the country of Normian Republic, an individual's right to own land is restricted to a large extent on the basis that it runs counter to "the common good." In this context, which of the following is most likely to be the political system adopted by Normian Republic?

Correct Answer
verified

Which of the following is a law system based on a detailed set of laws organized into codes?

Correct Answer
verified

By adopting the Contracts for the International Sale of Goods (CIGS), a nation signals to other adopters that it will treat the convention's rules as part of its law.

Correct Answer
verified

Which of the following is inconsistent with Marxist philosophy?

Correct Answer
verified

The philosophy behind intellectual property laws is to:

Correct Answer
verified

Which of the following is true about communism?

Correct Answer
verified

Which of the following grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention?

Correct Answer
verified

Which of the following statements is true about the difference between contracts in common law and civil law systems?

Correct Answer
verified

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 Answer
verified

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

Correct Answer
verified

In comparison to market economies, command economies lack:

Correct Answer
verified

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Correct Answer
verified

Which of the following applies to most totalitarian states?

Correct Answer
verified

Which of the following statements is true about political systems?

Correct Answer
verified

In the context of "knowledge" economy of the twenty-first century, which of the following statements is true about intellectual property?

Correct Answer
verified

Liability laws are typically the least extensive in highly developed nations.

Correct Answer
verified

Which of the following was advocated by Karl Marx?

Correct Answer
verified

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

Correct Answer
verified

How do international businesses respond to violations of their intellectual property?

Correct Answer
verified
International businesses have a number o...
View Answer

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

Correct AnswerverifiedShow Answer

In the country of Normian Republic, an individual's right to own land is restricted to a large extent on the basis that it runs counter to "the common good." In this context, which of the following is most likely to be the political system adopted by Normian Republic?

Correct AnswerverifiedShow Answer

Which of the following is a law system based on a detailed set of laws organized into codes?

Correct AnswerverifiedShow Answer

By adopting the Contracts for the International Sale of Goods (CIGS), a nation signals to other adopters that it will treat the convention's rules as part of its law.

Correct AnswerverifiedShow Answer

Which of the following is inconsistent with Marxist philosophy?

Correct AnswerverifiedShow Answer

The philosophy behind intellectual property laws is to:

Correct AnswerverifiedShow Answer

Which of the following is true about communism?

Correct AnswerverifiedShow Answer

Which of the following grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention?

Correct AnswerverifiedShow Answer

Which of the following statements is true about the difference between contracts in common law and civil law systems?

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

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

Correct AnswerverifiedShow Answer

In comparison to market economies, command economies lack:

Correct AnswerverifiedShow Answer

In a pure command economy, the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold are all dictated by the interaction of demand and supply.

Correct AnswerverifiedShow Answer

Which of the following applies to most totalitarian states?

Correct AnswerverifiedShow Answer

Which of the following statements is true about political systems?

Correct AnswerverifiedShow Answer

In the context of "knowledge" economy of the twenty-first century, which of the following statements is true about intellectual property?

Correct AnswerverifiedShow Answer

Liability laws are typically the least extensive in highly developed nations.

Correct AnswerverifiedShow Answer

Which of the following was advocated by Karl Marx?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

How do international businesses respond to violations of their intellectual property?

Correct AnswerverifiedInternational businesses have a number o...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
verified
International businesses have a number o...
View Answer