IB Chapter 2: National Differences in Political, economic, and legal systems

Select the accurate description of a common law system.

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

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

Individualism

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

Individualism

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

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

basic civil liberties are denied to citizens.

Karl Marx would agree that _____.

capitalists take the value created by workers for their own use

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

common

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

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

democracy

Nations adopting the pure form of democracy would

directly involve citizens in the decision making of the country.

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

mixed

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

patent

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

political

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.

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 _____ action.

private

______ 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

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

subjected to various forms of protection from country to country.

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

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

trademark

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

tribal

Which of the following factors would make a country desirable to do business with?

-Democratic political institutions -market-based economy

In which of these situations is Mercury Fiber Inc. using a grease payment?

Mercury Fiber Inc. made a small payment of $35 to speed up some paperwork related to tax returns in a less-developed country.

Which of the following are examples of private action and a violation of property rights?

blackmail, theft

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

bribery

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

contract

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

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

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

public

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

false

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

market

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

Collectivism