Quiz 3 IBC

Which type of law is based on tradition, precedent, and custom?

common law

based on tradition, precedent, and custom (US)

common law

believe(s) that socialism can only be achieved through a violent revolution and totalitarian dictatorship.

communists

Civil Law System

contracts tend to be much shorter and less specific because many issues are already covered in the civil code.

Theocratic System

contracts tend to be much shorter as well because many issues are already covered in religious teachings

Common Law System

contracts tend to be very detailed with all contingencies spelled out.

Why is it important for international companies to be familiar with the legal system in countries where they operate?

each legal system approaches the enforcement of contracts in a different way.

Tribal Totalitarianism

found in states where a political party that represents the interests of a particular tribe monopolizes power

Theocratic Totalitarianism

found in states where political power is monopolized by a party, group, or individual that governs according to religious principles

Communist Totalitarianism

found in states where the communist party monopolizes power

all productive activities are privately owned and production is determined by the interaction of supply and demand

market economies

In which type of economic system are all productive activities privately owned?

market economy

In which type of economic system are all productive activities privately owned? a) a mixed economy b) a command economy c) a representative economy d) a market economy

market economy

certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning

mixed economies

Individualism

refers to philosophy that an individual should have freedom in his own economic and political pursuits

Monogamy

1 husband and wife North and South America, Europe

Polygyny

1 man, many wives) Arab countries/Islamic believers

Polyandry

1 woman many husbands Polynesian nations

Which market is considered the most attractive for a company who wants to do business abroad?

Attractive markets exist in countries where there are democratic political institutions, market-based economies, and strong legal systems that protect rights and limit corruption.

5 communist countries

China, North Korea, Vietnam, Laos, Cuba

Which of the following statements related to the Japanese family system is incorrect? A. The father is the bread winner, but the mother runs the home. B. The divorce rate is low. C. Marriages are mainly monogamous. D. Most marriages are arranged.

D. Most marriages are arranged.

TRUE OR FALSE: A country's political economy and culture are independent of each other.

FALSE

TRUE OR FALSE: The Foreign Corrupt Practices Act allows for grease payments.

FALSE

TRUE OR FALSE: The central message of collectivism is that individual economic and political freedoms are the ground rules on which a society should be based

FALSE

TRUE OR FALSE:The family system in Germany is matriarchal.

FALSE

TRUE OR FALSE:The family systems in the United States and Japan are the same

FALSE

TRUE OR FALSE:The rule of law minimizes corruption in all countries.

FALSE

TRUE OR FALSE: The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

TRUE

Which country is not among the most corrupt countries in the world? a)Russia b) Indonesia c) Japan d) Nigeria

Indonesia

TRUE OR FALSE:Family ties are more important in Mexico than in the United States.

TRUE

Cultural Systems

Political Systems Economic Systems Legal Systems Marriage and Family Systems

TRUE OR FALSE: In a market economy, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.

TRUE

privatization

Selling state-owned enterprises to private investors who will run them more efficiently.

TRUE OR FALSE: High levels of corruption significantly reduce the foreign direct investment, level of international trade, and economic growth rate in a country.

TRUE

Which of the following statements related to marriage and family systems is incorrect? A. The word family has different connotations in different cultures. B. The concept of family in the United States includes second- and third-generation relationships. C. Family affiliation is extremely important in Italy.

The concept of family in the United States includes second- and third-generation relationships.

. Which of the following statements related to the Japanese family system is incorrect? A. The father is the bread winner, but the mother runs the home. B. The divorce rate is low. C. Marriages are mainly monogamous. D. Most marriages are arranged.

The divorce rate is low.

government plans the goods and services that a country produces, the quantity that is produced, and the prices as which they are sold

command economies

based on detailed set of laws organized into codes (Judges only have the power to apply the existing law, not interpret the law(UK)

civil law

A political system that stresses the primacy of collective goals over individual goals is called

collectivism

Contract

is a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved

Totalitarianism

is a form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties.

Contract Law

is the body of law that governs contract enforcement

of a country refers to the rules that regulate behavior along with the processes by which the laws are enforced .

legal system

law is based on religious teachings (Saudi Arabia)

theocratic law

Right-Wing Totalitarianism

permits some individual economic freedom, but restricts individual political freedom

corruption

reduce foreign investments, the level of international trade, and the economic growth rate in a country.

Democracy

refers to a political system in which government is by the people, exercised either directly or through elected representatives

Collectivism

refers to a system that stresses the primacy of collective goals over individual goals

Communism

socialism can only be achieved through violent revolution and totalitarian dictatorship

Social Democrats

socialism is achieved through democratic means

is found in states where political power is monopolized by a party according to religious principles.

theocratic totalitarianism

A form of government in which one person or political party exercises complete control overall spheres of human life and prohibits opposing political parties is

totalitarianism