INTB 3080: Chapter 2 Quiz

A nation that fosters individualism would

stress that the interests of the people are more important than the interests of the state.

What is the objective of a pure command economy?

Allotment of resources for the overall good of society

______ refers to a political system that values the needs of society over that of an individual.

Collectivism

______ law is the body of law that governs the written agreements specifying the conditions under which an exchange is to occur.

Contract

True or False: According to Karl Marx, the pay of workers in a capitalist society reflects the full value of their labor.

False

True or False: Unlike the economic system of a country, the legal system is NOT influenced by the prevailing political system.

False

______ refers to a philosophy that promotes the free exercise of one's goals and desires in economic and political pursuits.

Individualism

______ property refers to property that is the product of any innovative activity, such as a screenplay, a music score, or the chemical formula for a new drug.

Intellectual

In the early 20th century, communists differed from social democrats in that communists believed in

a strategy of revolutionary action.

Social democrats advocate for _____.

achieving socialism through non-violent means.

The production of goods in a pure market economy is determined by

supply and demand.

Even though there are many state-owned businesses in China, many Western businesses feel that they should still invest in the country because ______.

the nation is moving toward a market-based system

In a command economy, businesses are owned by _____.

the state

Under Vladimir Putin, the government of Russia is becoming increasingly _____.

totalitarian

A(n) ______ is a recognizable sign, design or name, often officially registered, that identifies products or services from a particular source.

trademark

In a country governed by a totalitarian system, you would find that

basic civil liberties are denied to citizens.

A country that bases its laws on the traditions within the country's legal history operates under a _____ law legal system.

common

A(n) ______ is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

contract

A ______ refers to a legal right that enables the creator of an original work the right to publish and distribute their work as they see fit.

copyright

Political systems that emphasize individualism tend to promote _____.

democracy

Nations adopting the pure form of democracy would

directly involve citizens in the decision making of the country.

The Declaration of Independence is an ideal example of the tenets of _____, which emphasize the importance of individual freedoms.

individualism

Jenner is obtaining a patent for the new diet drink formulation he created. He hopes that Coca Cola and other companies will be interested in licensing his formula. Jenner is protecting his _____ property with the patent.

intellectual

The political economy of a country refers to the interaction of the political, economic, and _____ systems of a country.

legal

Product ______ is the area of law that holds a firm and its officers responsible for injuries caused by their product.

liability

In a pure ______ economy, all productive activities are owned privately—not by the state.

market

In a ______ economy, both private enterprise and state ownership co-exist.

mixed

Millie, a research associate at an information technology firm, develops a program that allows more than six parties to interface at the same time. In order to prevent the competition from duplicating her invention, the company should apply for a

patent.

The term ______ refers to the interconnection of the political, economic, and legal systems of a country.

political economy

______ refers to a political system in which the citizens exercise power directly or elect representatives to form a governing body.

Democracy

Several years ago, a customer brought a lawsuit against McDonald's because the coffee she purchased at the drive-thru window was hot when she spilled it on herself in her car. This lawsuit was based on _____.

product liability

The newspaper story said that the city council was corrupt and had recently taken over three businesses without compensating the owners for them. This type of corruption is an example of _____.

public action

Select the accurate description of a common law system.

A common law system has a degree of flexibility that other legal systems lack.

What should Stephen, the CEO of an athletic clothing company, obtain to prevent competitors from copying the company logo?

A trademark

Levying excessive taxes or requiring expensive permits from property holders are both examples of ______ action.

public

Which statement BEST describes a totalitarian system?

It is a form of government in which the state recognizes no limits to its authority and strives to regulate all aspects of public and private life.

Collectivism refers to a political system that

restricts an individual's right to do something on the grounds that it runs counter to the "good of society".

Which of the following factors would make a country desirable to do business with? (Check all that apply.)

-A market-based economy -Democratic political institutions

Which of the following are examples of private action and a violation of property rights? (Check all that apply.)

-Blackmail -Theft

Which of the following are ways in which property rights can be violated? (Check all that apply.)

-Through public action -Through private action

Who among the following should apply for a copyright?

Jude, a musician, who is composing his maiden album

In the last half of the twentieth century, Britain's Conservative Party sold state-owned enterprises to individual investors in order to create a free market economy. What process was Britain using to create this economy?

Privatization

______ refers to the process of selling state-owned enterprises to private investors.

Privatization

Which characteristic is typical within a totalitarian country?

There is no questioning of the ruler's decisions.

______ totalitarianism occurs when a political party that represents the interests of a particular tribe monopolizes power.

Tribal