CH2

If you were asked to provide a fact about a common law system, what should you say?

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

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

Democracy

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

False

______ property refers to property such as a screenplay, a music score, or the chemical formula for a new drug.

Intellectual

Kent needs to describe theocratic totalitarianism to his classmates. Which of these statements should he use?

It is a political system in which rulers govern based on religious rules and principles.

Which one of these individuals should apply for a copyright?

Jude, a musician who is composing his maiden album

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

Privatization

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

Representative

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

a strategy of revolutionary action.

Which of these intellectual property protections should Juliet, the CEO of a fast food restaurant chain, apply for to prevent competitors from copying her restaurant logo?

a trademark

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

If you adhered to the concept of individualism, you would say that individualism

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

Public action to violate property rights exists when _____ is responsible for the action.

the government

Carrie's professor asked her to describe democracy. Which of these statements should she use?

The pure form of democracy believes that laws and policies should be made directly by citizens.

True or false: Communism is in decline worldwide.

True

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

common

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

legal

Organized crime, such as the "Russian Mafia" that existed following the collapse of communism in Russia and extorted money from businesses is an example of _____ action.

private

Property rights violation that occurs through theft or piracy is an example of _____ action.

private

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

trademark

History shows that state ownership of the means of production never ran counter to the public interest.

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

What 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.

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

Political

The term ______ is used to stress that the political, economic, and legal systems of a country are connected.

Political Economy

What three systems make up the political economy of a country?

Political, legal, economic

What statement characterizes social democrats of the early 20th century?

They believed in achieving socialism through non-violent means.

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

Tribal

Which of the following statements about political systems is TRUE?

Typically, political systems that place a high emphasis on individualism tend to be democratic.

What is the objective of a pure command economy?

allotment of resources for the overall good of society

A country under totalitarian rule would experience which two of these situations?

censored media, denial of civil liberties

A government plans the quantity of goods and services produced as well as the prices at which they are sold in a pure _____ economy.

command

The body of law that governs oral and written agreements associated with the exchange of goods, services, money, and property is known as ____ law.

contract

Samuel wrote a screenplay and he is traveling to Los Angeles next week to pitch his idea to a movie studio. The screenplay is an example of _____ property.

intellectual

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

What are the three broad types of economic systems?

market, mixed, command

Shondra's company developed a new method for sealing medication bottles and has decided to license their patented method to the leading drug manufacturers in the United States. Shondra's company has the legal right to do this based on the _____ rights they have for this method.

property

The legal rights regarding the use of a resource by a business or individual are known as _____ rights.

property

Governments that levy excessive taxes or require expensive permits from property holders are both examples of ______ action to violate property rights.

public

A country that is ruled based on theocratic totalitarianism is governed based on

religious principles

In a pure market economy, production of goods is determined by

the interaction of supply and demand.

In a totalitarian country, you would find that

the ruler's decisions are not questioned by individuals.

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

mixed

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".

During the economic downturn of 2008-2009, the U.S. government "bailed out" AIG to prevent that financial institution from collapsing because it felt that if AIG collapsed, it would lead to serious consequences for the entire U.S. financial system. By helping out this troubled firm because it appeared vital to national interests, the U.S. government was acting as a ____ economy.

mixed

Corner Coffee Inc. makes coffee pots. Last year, thirty people received serious burns when water leaked down the side of the carafe of a Corner Coffeemaker while the coffee was brewing. Even though Corner Coffee pulled this coffee pot from production, all thirty people who were injured have filed a criminal case against the company. These customers can hold the company responsible based on ______ law.

product liability

Which continent has experienced tribal totalitarianism rule?

Africa

What is an accurate depiction of Karl Marx's arguments on socialism?

Capitalists take the value created by workers for their own use.

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

Collectivism

Based on the political party beliefs of the governments of China and North Korea, these countries practice ______ totalitarianism.

Communist

Natalia, a research associate at a biotechnology firm, develops a diagnostic kit for the rapid detection of malaria. In order to prevent competitors from duplicating her invention, Natalia should apply for a

patent