International business - Chapter 2

Karl Marx would agree that

Capitalist take the value created by workers for their own use

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

Select the accurate description of a common law system. Judges in a common law system have the power only to apply the law but not to interpret it. Common law system has a degree of flexibility that other legal systems lack. The common law framework tends to be much shorter and less specific than a civil law system. Hey common law system tends to be less adversarial than a civil law system.

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

A(n) _____ is a document that Specifies the conditions under which in exchange is to occur, detailing the rights and obligations of the involved parties.

Contract

Compared to contracts drafted in a common law system, contracts in civil law system

tend to be much shorter and less specific

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

Basic civil liberties are denied to citizens

A businesses' property consist of which three things?

Buildings, land, equipment

Theocratic Totalitarianism is Described as a political system

In which rulers govern based on religious rules and principles.

_______ 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

Nations adopting the pure form of democracy would

Directly involve citizens in the decision making of the country.

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

Foreign corrupt practices act

In a pure ______ economy, all productive activities our own privately - not by the state.

Market

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

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 _____, which dates to 1883.

Paris convention for the protection of industrial property

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

Patent

What are two ways property rights can be violated? Private action, public action, religious intent, educational attainment

Private action and public action

_____ set Certain safety standards which a commodity must meet.

Product safety laws

The law in a _____ System is based on religious teachings.

Theocratic law

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

Trademark

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

civil