Question 1

The Foreign Corrupt Practices Act allows for grease payments.

Accepted Answer

A) True 
 B)False

Question 2

Discuss the different ways to protect intellectual property.

Accepted Answer

Ownership rights over intellectual prope...

Question 3

The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based.

Accepted Answer

A) True 
 B)False

Question 4

The TRIPS agreement was designed to:

Accepted Answer

A)  exclude China from all intellectual property agreements.
B)  oversee a much stricter enforcement of intellectual property regulations.
C)  lobby for more lax intellectual property rights for poor countries.
D)  support traded software and recorded property among developed markets.E) C) and D)
F) A) and D)

Question 5

Which of the following statements about the trade-related aspects of intellectual property rights agreement is false?

Accepted Answer

A)  It was designed to oversee enforcement of much stricter intellectual property regulations,beginning in 1995.
B)  It obliged WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years.
C)  It directed rich countries to comply with its rules of intellectual property protection within five years.
D)  It provided the very poorest countries 10 years to comply with its rules of intellectual property protection.E) B) and C)
F) A) and B)

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

What are the three main types of legal systems in use around the world?

Accepted Answer

The three types of legal systems in use ...

Question 8

A state where political power is monopolized by a party,group,or individual that governs according to religious principles is best described as following:

Accepted Answer

A)  theocratic totalitarianism.
B)  tribal totalitarianism.
C)  right-wing totalitarianism.
D)  communist totalitarianism.E) B) and C)
F) B) and D)

Question 9

Which of the following refers to the 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?

Accepted Answer

A)  Theocratic right
B)  Property right
C)  Trade right
D)  Financial rightE) C) and D)
F) A) and B)

Question 10

Explain the differences between common law and civil law systems by the approach of each to contract law.

Accepted Answer

Contracts drafted under a common law fra...

Question 11

A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved is BEST known as a:

Accepted Answer

A)  contract.
B)  business letter.
C)  memorandum.
D)  civil code.E) A) and B)
F) All of the above

Question 12

Deregulation involves removing legal restrictions to the free play of markets,the establishment of private enterprises,and the manner in which private enterprises operate.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements about the legal systems of countries is false?

Accepted Answer

A)  They can affect the attractiveness of a country as an investment site or market.
B)  They are influenced by the prevailing political system of the country.
C)  They are almost the same for all countries.
D)  They are of immense importance to international business.E) A) and B)
F) A) and C)

Question 14

Identify the United Nations body that establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations.

Accepted Answer

A)  IMF
B)  GATT
C)  WTO
D)  CIGSE) A) and B)
F) A) and C)

Question 15

Contracts under a civil law system tend to be very detailed with all contingencies spelled out.

Accepted Answer

A) True 
 B)False

Question 16

The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

Accepted Answer

A) True 
 B)False

Question 17

Discuss why there is inefficiency in a monopoly situation.

Accepted Answer

In a monopoly situation,a firm has no co...

Question 18

What is deregulation?

Accepted Answer

Deregulation is one step in the shift to...

Question 19

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)  market
B)  private
C)  command
D)  mixedE) A) and B)
F) All of the above

Question 20

Which of the following statements about socialism is false?

Accepted Answer

A)  Modern socialists' intellectual roots can be traced to Karl Marx.
B)  Elements of socialist thought can be traced to Plato.
C)  Socialist ideology is split into two camps-communists and individualists.
D)  Socialism advocates for state ownership of the means of production.E) A) and B)
F) C) and D)

Exam 2: National Differences in Political Economy

A state where political power is monopolized by a party,group,or individual that governs according to religious principles is best described as following:

Correct AnswerverifiedShow Answer

Which of the following statements about socialism is false?

Correct AnswerverifiedShow Answer

Identify the United Nations body that establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations.

Correct AnswerverifiedShow Answer

Contracts under a civil law system tend to be very detailed with all contingencies spelled out.

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

Deregulation involves removing legal restrictions to the free play of markets,the establishment of private enterprises,and the manner in which private enterprises operate.

Correct AnswerverifiedShow Answer

What are the three main types of legal systems in use around the world?

Correct AnswerverifiedThe three types of legal systems in use ...View AnswerShow Answer

Discuss why there is inefficiency in a monopoly situation.

Correct AnswerverifiedIn a monopoly situation,a firm has no co...View AnswerShow Answer

The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following refers to the 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?

Correct AnswerverifiedShow Answer

Discuss the different ways to protect intellectual property.

Correct AnswerverifiedOwnership rights over intellectual prope...View AnswerShow Answer

Which of the following statements about the trade-related aspects of intellectual property rights agreement is false?

Correct AnswerverifiedShow Answer

Which of the following statements about the legal systems of countries is false?

Correct AnswerverifiedShow Answer

The TRIPS agreement was designed to:

Correct AnswerverifiedShow Answer

A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved is BEST known as a:

Correct AnswerverifiedShow Answer

What is deregulation?

Correct AnswerverifiedDeregulation is one step in the shift to...View AnswerShow Answer

The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based.

Correct AnswerverifiedShow Answer

Explain the differences between common law and civil law systems by the approach of each to contract law.

Correct AnswerverifiedContracts drafted under a common law fra...View AnswerShow Answer

The Foreign Corrupt Practices Act allows for grease payments.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The three types of legal systems in use ...
View Answer

Correct Answer
verified
In a monopoly situation,a firm has no co...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Ownership rights over intellectual prope...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Deregulation is one step in the shift to...
View Answer

Correct Answer
verified

Correct Answer
verified
Contracts drafted under a common law fra...
View Answer

Correct Answer
verified