Question 1

Identify the three types of economic systems. How do these three types of economic systems differ from each other? How are they the same?

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Question 2

Company Zee has been found guilty of manufacturing a product that caused harm to its users, violating criminal liability laws. Which of the following is the most likely outcome for Company Zee?

Accepted Answer

Product liability involves holding a firm and its officers responsible when a product causes injury, death, or damage. Product liability can be much greater if a product does not conform to required safety standards. Both civil and criminal product liability laws exist. Civil laws call for payment and monetary damages. Criminal liability laws result in fines or imprisonment. Both civil and criminal liability laws are probably more extensive in the United States than in any other country, although many other Western nations also have comprehensive liability laws. Liability laws are typically least extensive in less developed nations.

Question 3

In the 1970s, the United States ________, which requires all publicly traded companies, whether or not they are involved in international trade, to keep detailed records that would reveal whether a violation of the act has occurred.

Accepted Answer

The Foreign Corrupt Practices Act requires all publicly traded companies (whether or not they are involved in international trade) to keep detailed records that would reveal whether a violation of the act has occurred.

Question 4

What are state-owned companies? Why do they usually perform poorly?

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Question 5

Compare and contrast the four forms of totalitarianism.

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Question 6

Although many countries have stringent intellectual property regulations on their books, the enforcement of these regulations has often been lax. This has been the case even among many of the 185 countries that are now members of the ________, all of which have signed international treaties designed to protect intellectual property.

Accepted Answer

Although many countries have stringent intellectual property regulations on their books, the enforcement of these regulations has often been lax. This has been the case even among many of the 185 countries that are now members of the World Intellectual Property Organization, all of which have signed international treaties designed to protect intellectual property, including the oldest such treaty, the Paris Convention for the Protection of Industrial Property, which dates to 1883 and has been signed by more than 170 nations.

Question 7

The ________ associated with doing business in a country are a function of that country's political, economic, and legal systems.

Accepted Answer

The political, economic, and legal environments of a country clearly influence the attractiveness of that country as a market or investment site. The benefits, costs, and risks associated with doing business in a country are a function of that country's political, economic, and legal systems.

Question 8

Private action refers to

Accepted Answer

Private action refers to theft, piracy, blackmail, and the like by private individuals or groups. Although theft occurs in all countries, a weak legal system allows for a much higher level of criminal action in some than in others.

Question 9

The most widely practiced theocratic legal system in the modern world is

Accepted Answer

Islamic law is the most widely practiced theocratic system in the modern world, although usage of both Hindu and Jewish law persisted into the twentieth century.

Question 10

Safety standards to which a product must adhere are set by

Accepted Answer

Product safety laws set certain safety standards to which a product must adhere. Product liability involves holding a firm and its officers responsible when a product causes injury, death, or damage.

Question 11

A law system that is based on a detailed set of laws organized into codes is

Accepted Answer

A civil law system is based on a detailed set of laws organized into codes. When law courts interpret civil law, they do so with regard to these codes.

Question 12

In common law, ________ refers to cases that have come before the courts in the past.

Accepted Answer

Common law is based on tradition, precedent, and custom. Tradition refers to a country's legal history, precedent to cases that have come before the courts in the past, and custom to the ways in which laws are applied in specific situations. When law courts interpret common law, they do so with regard to these characteristics.

Question 13

The ________ makes it illegal for American companies to bribe a foreign government official in order to obtain or maintain business over which that foreign official has authority, and requires all publicly traded companies to keep detailed records that would reveal whether a violation of the act has occurred.

Accepted Answer

The Foreign Corrupt Practices Act was passed during the 1970s by the United States. The law makes it illegal for American companies to bribe a foreign government official in order to obtain or maintain business over which that foreign official has authority, and it requires all publicly traded companies to keep detailed records that would reveal whether a violation of the act has occurred.

Question 14

________ are established through patents, copyrights, and trademarks.

Accepted Answer

Ownership rights over intellectual property are established through patents, copyrights, and trademarks. A patent grants the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention. Copyrights are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit. Trademarks are designs and names, officially registered, by which merchants or manufacturers designate and differentiate their products.

Question 15

Compare and contrast a pure democracy and a representative democracy. Which type of democracy is more common today? Why?

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Question 16

Discuss individualism. Explain the key positions of the philosophy, it roots, and its role in the modern economy.

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Question 17

Why did Karl Marx criticize capitalism? Describe how he planned to correct those shortcomings.

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Question 18

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

Accepted Answer

When contract disputes arise in international trade, there is always the question of which country's laws to apply. To resolve this issue, a number of countries, including the United States, have ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG). The CISG establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers that have their places of business in different nations. By adopting the CISG, a nation signals to other adopters that it will treat the convention's rules as part of its law. The CISG applies automatically to all contracts for the sale of goods between different firms based in countries that have ratified the convention, unless the parties to the contract explicitly opt out.

Question 19

Judges in a(n) ________ system have the power to interpret the law so that it applies to the unique circumstances of an individual case.

Accepted Answer

Common law is based on tradition, precedent, and custom. Judges in a common law system have the power to interpret the law so that it applies to the unique circumstances of an individual case.

Question 20

Discuss collectivism. What ideals does the philosophy support? Where did the philosophy start? How does collectivism exist in the modern world?

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