geb4361 chp 2 STB

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

Until recently, what was the most common form of totalitarianism in the world?

Communist

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

Contract

What is a feature of contracts drafted under a common law system?

Contracts drafted under a common law system allow judges to interpret a dispute based on the prevailing situation.

______ 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

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

Islamic

Which statement best describes the United Nations Convention on Contracts for the International Sales of Goods (CISG)?

It governs international commercial contracts for the sale of goods.

Identify the accurate statement about individualism.

It stresses that society should be based on individual economic and political freedoms.

Who among the following should apply for a copyright?

Jude, a musician, who is composing his maiden album

Up until the 1980s, companies wishing to pursue business opportunities in Sweden would find that while some industries are privately owned, others are state-controlled. What type of economy does this represent?

Mixed

How are monopolies viewed in a market economy?

Monopolies are considered a negative force as they can restrict output and increase prices.

In the late 1970s, the communist version of socialism was at its highest point. This has declined dramatically today with old-style communism found most notably in only Blank______.

North Korea

The members of the World Intellectual Property Organization have signed international treaties designed to protect intellectual property, including the oldest such treaty known as the Blank______, which dates to 1883.

Paris Convention for the Protection of Industrial Property

Which Greek philosopher is credited with advocating the origins of collectivism?

Plato

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

Privatization

______ set certain safety standards to which a manufactured good must meet.

Product safety laws

______ rights determine how a resource or economic good is owned and used.

Property

By the end of the 1970s in Great Britain, state-owned companies monopolized the telecommunications, gas, railway, electric, and shipbuilding industries. This was a reflection of which political system in place at the time?

Social democracy

What is one of the tenets of individualism?

The welfare of society is best served by allowing individuals to follow their own economic self-interest.

Select all that apply Which of the following are ways in which property rights can be violated? (More than one answer may be correct.)

Through private action Through public action

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

Tribal

Command economies do not make innovation a priority and, therefore, tend to stagnate.

True Reason: Command economies do not allow private ownership that diminishes the motivation for innovation and entrepreneurial activities.

Russia, as it is today, is an example of a pseudo-democracy.

True Reason: Under Vladimir Putin, Russia limits the political and civil liberties of opposition groups, yet voices opposing his rule are still heard.

What condition paves the way for an ideal representative democracy?

Universal adult suffrage

Select an accurate description of a civil law system.

Unlike a common law system, a civil law system relies on detailed codes.

Social democrats advocate for Blank______.

achieving socialism through non-violent means

What is the objective of a pure command economy?

allotment of resources for the overall good of society

The United States passed the Foreign Corrupt Practices Act in response to Blank______ issues between U.S. companies and foreign countries.

bribery

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

civil

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

common

China and Vietnam have experienced greater individual freedom in the economic sphere; however, this is not a reflection of the presence of a(n) Blank______.

democracy

Political systems that emphasize individualism tend to promote Blank______.

democracy

Nations adopting the pure form of democracy would

directly involve citizens in the decision making of the country.

In a market economy, the government's role is to

encourage free and fair competition and minimize restrictive business practices.

The purpose of a(n) Blank______ payment is to facilitate the performance of duties that a government has already obligated itself to do.

grease

Theocratic totalitarianism is described as a political system

in which rulers govern based on religious rules and principles.

In 1994, the TRIPS agreement was extended to include Blank______.

intellectual property

Along the continuum between democracy and totalitarianism, it can be said that

it is possible to have a democratic state in which some degree of collectivism exists.

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

market

The Blank______ often back(s) right-wing totalitarianism governments.

military

A Blank______ grants an inventor exclusive rights for a defined period to the manufacture, use, or sale of his or her invention.

patent

Plato would have agreed that society should be stratified into classes and Blank______ were best suited to rule society

philosophers and soldiers

The system of government in a nation is called the Blank______ system.

political

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

political economy

In a nation where right-wing totalitarianism is present, you would find that

political freedom is restricted, frequently on the grounds that it would lead to the rise of communism.

Joanna is a lawyer defending a client accused of arson. During the trial, she refers to a similar case that came before the Supreme Court several years ago. The case Joanna references is an example of Blank______.

precedent

As used in the text, the term Blank______" refers to a resource that an individual or business legally owns.

property

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".

While a pure command economy is thought to be based on the collective good of a society, it often results in

state-owned enterprises that have fewer reasons to control costs.

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

supply and demand.

In a command economy, businesses are owned by Blank______.

the state

The law in a Blank______ system is based on religious teachings.

theocratic law

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

totalitarian

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

trademark

Within a common law system, a country's legal history is known as Blank______.

tradition

International laws on intellectual property are being strengthened by agreements like TRIPS.

true Reason: Several agreements have provided stronger international laws on intellectual property.

Select all that apply Which of the following are examples of private action and a violation of property rights?

Theft Blackmail

Which characteristic is typical within a totalitarian country?

There is no questioning of the ruler's decisions.

When firms do not wish to accept the United Nations Convention on Contracts for the International Sales of Goods (CISG), they often opt for arbitration by a recognized arbitration court to settle contract disputes.

True Reason: When firms do not wish to accept the United Nations Convention on Contracts for the International Sales of Goods (CIGS), they often opt for arbitration by a recognized arbitration court to settle contract disputes.

Weak enforcement of laws encourages the infringement of intellectual property.

True Reason: Without laws to protect intellectual property, this property is more likely to be stolen.

The Blank______ is an example of an industry that has weak enforcement of intellectual property rights.

computer software industry

A(n) Blank______ 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 Blank______ 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

The philosopher Aristotle argued in favor of individualism when he said that

diversity and private ownership are beneficial to society.

The Declaration of Independence is an ideal example of the tenets of Blank______, 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 Blank______ property with the patent.

intellectual

The Blank______ system of a country refers to the rules, or laws that regulate behavior along with the system that enforces them.

legal

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

legal

To guarantee that elected representatives can be held accountable for their actions by the electorate, an ideal representative democracy has a number of safeguards that include

limited terms in office.

In a Blank______ 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.

An energy company based in Houston often deals with piracy issues when exporting fuel in tankers to parts of Africa. This piracy is a form of Blank______ action.

private

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 Blank______.

product liability

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

public

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 Blank______.

public action

High levels of corruption in a country would tend to Blank______.

reduce foreign direct investment

When there is evidence of corruption in a country, it will Blank______.

reduce the return on investment of a business

In a(n) Blank______ democracy, elected individuals represent the citizens and make decisions on behalf of the electorate.

representative

Intellectual property laws are said to

stimulate innovation and creative work.

A nation that fosters individualism would

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

When describing intellectual property rights, it can be said that they are

subjected to various forms of protection from country to country.

A pseudo-democracy is the term given to a nation in which

the government is in control of the machinery of the state and uses this power to deny political and civil liberties.

A society that is based on collectivism would agree that

the welfare of the society is best served by a governing body dictating what is in the society's best interest.

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

Democracy

Select all that apply Which of the following factors would make a country desirable to do business with?

Democratic political institutions A market-based economy

Which law makes it illegal to bribe a foreign government official to obtain or maintain business over which that foreign official has authority?

FCPA

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

False Reason: According to Marx, the pay of workers in a capitalist society does not reflect the full value of their labor.

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

False Reason: Like the economic system of a country, the legal system is influenced by the prevailing political system.

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.

Which of these statements would Aristotle agree with based on his arguments for individualism?

Private property receives greater care compared to communal property.

Which of these statements shows a difference between the contracts drafted in a common law framework and those in a civil law system?

Resolving contract disputes in a common law system tends to be more adversarial than in civil law systems.

Karl Marx would agree that Blank______.

capitalists take the value created by workers for their own use

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

a strategy of revolutionary action.

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

basic civil liberties are denied to citizens.

Grease payments are considered an acceptable form of a Blank______. Multiple choice question.

bribe