Question 1

When comparing the three broad types of economic systems, it can be said that

Accepted Answer

A)   for a pure market economy to function efficiently, product supply must be restricted.
B)   in a command economy, state-owned enterprises have little incentive to control costs and be efficient.
C)   the sole role of government in a command economy is to encourage vigorous free and fair competition between private producers.
D)   mixed economies were once uncommon throughout much of the world, although they are becoming more popular now.
E)   production in command economies is determined by the interaction of supply and demand and signaled to producers through the price system.F) A) and E)
G) A) and B)

Question 2

Karl Marx promoted the idea of a(n)  ________ society in which the state owned the means of production, distribution, and exchange.

Accepted Answer

A)   socialist
B)   capitalist
C)   individualist
D)   monarchist
E)   feudalistF) None of the above
G) A) and C)

Question 3

The Cold War can be thought of as a war between collectivism, championed by the former Soviet Union, and individualism, championed by the United States.

Accepted Answer

A) True 
 B)False

Question 4

Kendra has red patches on her face after using a protein-based lotion manufactured by Today's Skin Research Lab. 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 standards will address Kendra'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) C) and E)
G) C) and D)

Question 5

Nathan works for a major automobile manufacturing company. His company is being sued by hundreds of customers who have been injured when the steering wheel airbags exploded upon a low-impact collision. The customers are demanding monetary damages. This lawsuit is based on

Accepted Answer

A)   facilitating payments.
B)   intellectual property rights.
C)   criminal law.
D)   product liability.
E)   patent violations.F) C) and E)
G) A) and B)

Question 6

Under a civil law system, it is the responsibility of a judge only to ________ the law.

Accepted Answer

A)   create
B)   apply
C)   assess
D)   interpret
E)   changeF) B) and D)
G) A) and B)

Question 7

Which of these items can be protected by a copyright?

Accepted Answer

A)   new manufacturing process invented in a company
B)   newly invented telecommunication device
C)   tangible property like land and building
D)   movies produced and directed by a person
E)   new type of car invented by an automobile companyF) A) and B)
G) A) and C)

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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 10

One identifier of a democratic state is a free media.

Accepted Answer

A) True 
 B)False

Question 11

What is one characteristic of a representative democracy?

Accepted Answer

A)   all enterprises are state-owned
B)   a single-house legislature
C)   a lack of intellectual property laws
D)   a court system that is linked to the political system
E)   citizens periodically elect individuals to act on their behalfF) B) and C)
G) A) and E)

Question 12

Nations that limit the freedom of religious expression with laws based on religious principles follow the political system of

Accepted Answer

A)   theocratic totalitarianism.
B)   communist totalitarianism.
C)   right-wing totalitarianism.
D)   pure democracy.
E)   representative democracy.F) All of the above
G) A) and D)

Question 13

Which scenario is an example of private action?

Accepted Answer

A)   The government of Mexico levying excessive taxes.
B)   The U.S. government requiring expensive licenses or state permits from private property holders.
C)   A communist government taking assets into state ownership without compensating the owners.
D)   Government bureaucrats demanding bribes from businesses in return for the rights to operate manufacturing facilities in a country.
E)   Business owners in the cell phone industry stealing their competitors' trade secrets and intellectual properties.F) C) and D)
G) A) and B)

Question 14

Discuss why command economies tend to stagnate.

Accepted Answer

While the objective of a command economy...

Question 15

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

Question 16

In order for a market economy to work, it is important that supply of a product must not be restricted by a producer. In other words, ________ must be banned.

Accepted Answer

A)   tariffs
B)   start-ups
C)   monopolies
D)   globalization
E)   nationalismF) A) and E)
G) None of the above

Question 17

When considering the violation of property rights, blackmail is a form of public action.

Accepted Answer

A) True 
 B)False

Question 18

Those who attempt to achieve the same ideologies as that of the communists without violent revolution and totalitarian dictatorship are called

Accepted Answer

A)   pure capitalists.
B)   social democrats.
C)   individualists.
D)   anarchists.
E)   aristocrats.F) A) and C)
G) A) and B)

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

A political system that promotes activity "for the good of society" is based on

Accepted Answer

A)   democratic principles.
B)   individualism.
C)   public action.
D)   collectivism.
E)   private action.F) C) and D)
G) B) and E)

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

Those who attempt to achieve the same ideologies as that of the communists without violent revolution and totalitarian dictatorship are called

Correct Answer
verified

Karl Marx promoted the idea of a(n) ________ society in which the state owned the means of production, distribution, and exchange.

Correct Answer
verified

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

Correct Answer
verified

What is one characteristic of a representative democracy?

Correct Answer
verified

Correct Answer
verified

A political system that promotes activity "for the good of society" is based on

Correct Answer
verified

Under a civil law system, it is the responsibility of a judge only to ________ the law.

Correct Answer
verified

Which of these items can be protected by a copyright?

Correct Answer
verified

Nations that limit the freedom of religious expression with laws based on religious principles follow the political system of

Correct Answer
verified

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

Correct Answer
verified

Discuss why command economies tend to stagnate.

Correct Answer
verified
While the objective of a command economy...
View Answer

The Cold War can be thought of as a war between collectivism, championed by the former Soviet Union, and individualism, championed by the United States.

Correct Answer
verified

When considering the violation of property rights, blackmail is a form of public action.

Correct Answer
verified

One identifier of a democratic state is a free media.

Correct Answer
verified

Nathan works for a major automobile manufacturing company. His company is being sued by hundreds of customers who have been injured when the steering wheel airbags exploded upon a low-impact collision. The customers are demanding monetary damages. This lawsuit is based on

Correct Answer
verified

In order for a market economy to work, it is important that supply of a product must not be restricted by a producer. In other words, ________ must be banned.

Correct Answer
verified

In comparison to market economies, command economies lack

Correct Answer
verified

When comparing the three broad types of economic systems, it can be said that

Correct Answer
verified

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 Answer
verified

Which scenario is an example of private action?

Correct Answer
verified

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

Those who attempt to achieve the same ideologies as that of the communists without violent revolution and totalitarian dictatorship are called

Correct AnswerverifiedShow Answer

Karl Marx promoted the idea of a(n) ________ society in which the state owned the means of production, distribution, and exchange.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is one characteristic of a representative democracy?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A political system that promotes activity "for the good of society" is based on

Correct AnswerverifiedShow Answer

Under a civil law system, it is the responsibility of a judge only to ________ the law.

Correct AnswerverifiedShow Answer

Which of these items can be protected by a copyright?

Correct AnswerverifiedShow Answer

Nations that limit the freedom of religious expression with laws based on religious principles follow the political system of

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Discuss why command economies tend to stagnate.

Correct AnswerverifiedWhile the objective of a command economy...View AnswerShow Answer

The Cold War can be thought of as a war between collectivism, championed by the former Soviet Union, and individualism, championed by the United States.

Correct AnswerverifiedShow Answer

When considering the violation of property rights, blackmail is a form of public action.

Correct AnswerverifiedShow Answer

One identifier of a democratic state is a free media.

Correct AnswerverifiedShow Answer

Nathan works for a major automobile manufacturing company. His company is being sued by hundreds of customers who have been injured when the steering wheel airbags exploded upon a low-impact collision. The customers are demanding monetary damages. This lawsuit is based on

Correct AnswerverifiedShow Answer

In order for a market economy to work, it is important that supply of a product must not be restricted by a producer. In other words, ________ must be banned.

Correct AnswerverifiedShow Answer

In comparison to market economies, command economies lack

Correct AnswerverifiedShow Answer

When comparing the three broad types of economic systems, it can be said that

Correct AnswerverifiedShow Answer

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

Which scenario is an example of private action?

Correct AnswerverifiedShow Answer

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While the objective of a command economy...
View Answer

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