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Global Business Today Study Set 7

Business

Quiz 2 :

National Differences in Political, Economic, and Legal Systems

Quiz 2 :

National Differences in Political, Economic, and Legal Systems

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A common law system is based on tradition and precedent.
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True

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One way to assess a political system is by understanding the emphasis on individualism or collectivism.
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True

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By the mid-1990s, communism had reached its highest point in history.
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False

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The term political economy is used to stress the fact that the political, economic, and legal systems of a country are independent of each other and do not influence one another.
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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.
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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.
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The social democrats believed that socialism could be achieved only through violent revolution and totalitarian dictatorship.
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Command economies provide a more favorable environment for innovation and entrepreneurs than market economies.
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Plato did not equate collectivism with equality.
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Judges under a civil law system have less flexibility than those under a common law system.
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Under the tenets of individualism, citizens should have freedom to choose their own economic and political pursuits.
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In a totalitarian country, all the constitutional guarantees on which representative democracies are built-an individual's right to freedom of expression and organization, a free media, and regular elections-are denied to the citizens.
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By adopting the Contracts for the International Sale of Goods (CISG), a nation signals to other adopters that it will treat the convention's rules as part of its law.
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The most common form of theocratic totalitarianism is Christianity.
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One identifier of a democratic state is a free media.
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Karl Marx believed that in a capitalist society, the few benefit at the expense of the many.
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Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.
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Contracts in a common law system tend to be shorter and less detailed than those created in a civil law system.
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In a common law system, judges base decisions on detailed legal codes.
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The governments of China, Vietnam, and Laos are communist nations, but they have adopted wide-ranging, market-based economic reforms.
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