HTM Exam (Ch 2)

TimeForce, a U.S.-based company, is planning to expand operations to a foreign country. Considering the factors that make a country attractive as a place in which to do business, which country should TimeForce consider for entry?

Country D, which has democratic institutions and a market-based economic system.

As a judge in France, Maurice is not allowed to interpret the law but relies on a strict set of codes to determine the outcome of a case. Which type of law is in place in France?

civil law system

An individual's right to do something may be restricted on the grounds that it runs counter to "the good of society" when the political system emphasizes

collectivism

A ________ economy follows the principles of collectivism as resources are allocated based on "the common good."

command

In the country of Doran, all businesses are owned by the state. The government plans production, fixes commodity prices, and also directs investments to ensure they benefit the nation as a whole and not only a few individuals. What type of economy has the country of Doran adopted?

command

Members of the legal profession would refer to tradition, precedent, and custom in a(n) ________ law system.

common

What political system has a government that is by the people, exercised either directly or through elected representatives?

democracy

A country that has lax intellectual property laws will find that

firms will be reluctant to enter into such a country.

In a pure command economy, the prices at which goods and services are sold are planned by the

government.

A payment made to expedite or to secure the performance of a routine governmental action is called a

grease payment.

When Aristotle said that private property is more highly productive than communal property, he was advocating for

individualism

James is the warehouse supply manager for a major tool corporation. It is his job to take inventory of the tools the company has available and send orders to make more tools when supplies run low. This supply and demand form of production is an example of a ________ economy.

market

HealthWise Corporation has developed a new diet supplement to assist with weight loss. Which type of legal protection grants HealthWise Corporation exclusive rights for a defined period to the manufacture, use, or sale of this new diet supplement?

patent

Marietta told the management team that the company would have to find a new way to produce the vitamin because the Food and Drug Administration had recently banned "nofon," the key ingredient in their product. The standard set by the FDA is a type of

product safety law.

The state senator was found guilty of ________ when she tried to extort money from an international business that wanted to open a manufacturing plant in her state.

public action

In the United States, citizens have the right to elect officials who make decisions on behalf of the public. This practice is the reason the United States is a

representative democracy.

The United Nations Convention on Contracts for the International Sale of Goods (CISG) was introduced to

resolve disputes that arise in international trade regarding which country's laws to apply.

A form of government in which political power is monopolized by a party, group, or individual that governs according to religious principles is called what type of totalitarianism?

theocratic

AllSpice Incorporated plans to do business with a company located in the Leone Republic, a common law country. The companies have agreed to draft the business contract in the Leone Republic. Since the contract will be drafted under a common law framework, what best characterizes the contract?

very detailed with all contingencies spelled out

Communists believed that socialism could only be achieved through

violent revolution.