MKT 310 Smartbook Ch 2

Select all that apply Which two factors would make a country desirable to do business with?

-Democratic political institutions -A market-based economy

As of 1995, WTO members were obliged to grant and enforce patents that lasted at least _____.

20 years

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

Democracy

Identify the accurate statement about individualism.

It stresses that society should be based on individual economic and political freedoms.

Who among the following should apply for a copyright?

Jude, a musician who is composing his maiden album

How are monopolies viewed in a market economy?

Monopolies are considered a negative force as they can restrict output and increase prices.

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

What is one of the tenets of individualism?

The welfare of society is best served by allowing individuals to follow their own economic self-interest.

Which characteristic is typical within a totalitarian country?

There is no questioning of the ruler's decisions.

Until recently, what was the most common form of totalitarianism in the world?

communist

The ____ is an example of an industry that has weak enforcement of intellectual property rights.

computer software industry

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

To guarantee that elected representatives can be held accountable for their actions by the electorate, an ideal representative democracy has a number of safeguards that include

limited terms in office.

Companies wishing to pursue business opportunities in Sweden would find that while some industries are privately owned, others are state-controlled. What type of economy does this represent?

mixed

Intellectual property laws are said to

stimulate innovation and creative work.

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

Tribal

True or false: Russia, as it is today, is an example of a pseudo-democracy

True

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

basic civil liberties are denied to citizens.

The _____ often back(s) right-wing totalitarianism governments.

military

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

mixed

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.

In the last half of the twentieth century, Britain's Conservative Party sold state-owned enterprises to individual investors in order to create a free market economy. What process was Britain using to create this economy?

privatization

A nation that fosters individualism would

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

A pseudo-democracy is the term given to a nation in which

the government is in control of the machinery of the state and uses this power to deny political and civil liberties.

In a command economy, businesses are owned by _____.

the state

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

trademark

Select the accurate statement about intellectual property laws.

Intellectual property laws reward creativity and provide an incentive for people to search for novel ways of doing things.

True or false: Weak enforcement of laws encourages the infringement of intellectual property.

True

Political systems that emphasize individualism tend to promote _____.

democracy

______ 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

In the late 1970s, the communist version of socialism was at its highest point. This has declined dramatically today with old-style communism found most notably in only _____.

North Korea

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

Privatization

True or false: Command economies do not make innovation a priority and, therefore, tend to stagnate.

True

Social democrats advocate for

achieving socialism through non-violent means.

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

Theocratic totalitarianism is described as a political system

in which rulers govern based on religious rules and principles.

Along the continuum between democracy and totalitarianism, it can be said that

it is possible to have a democratic state in which some degree of collectivism exists.

Product ______ is the area of law that that holds a firm and its officers responsible for injuries caused by their product

liability

Plato would have agreed that society should be stratified into classes and ______ were best suited to rule society.

philosophers and soldiers

The term ______ refers to the interconnection of the political, economic, and legal systems of a country.

political economy

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".

While a pure command economy is thought to be based on the collective good of a society, it often results in

state-owned enterprises that have fewer reasons to control costs.

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

subjected to various forms of protection from country to country.

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.

Under Vladimir Putin, the government of Russia has becoming increasingly _____.

totalitarian

By the end of the 1970s in Great Britain, state-owned companies monopolized the telecommunications, gas, railway, electric, and shipbuilding industries. This was a reflection of which political system in place at the time?

social democracy

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

A trademark

What condition paves the way for an ideal representative democracy?

Universal adult suffrage

China and Vietnam have experienced greater individual freedom in the economic sphere; however, this is not a reflection of the presence of a(n) _____.

democracy

In a market economy, the government's role is to

encourage free and fair competition and minimize restrictive business practices.

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

individualism

In 1994, the TRIPS agreement was extended to include _____.

intellectual property

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.

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

representative

The production of goods in a pure market economy are determined by

supply and demand.

Which 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.

Which Greek philosopher is credited with advocating the origins of collectivism?

Plato

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

Individualism

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

Collectivism

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

False

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

a strategy of revolutionary action.

What is the objective of a pure command economy?

allotment of resources for the overall good of society

A society that is based on collectivism would agree that

the welfare of the society is best served by a governing body dictating what is in the society's best interest.

______ set certain safety standards which a manufactured good must meet.

Product safety laws

Karl Marx would agree that

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

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

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

market

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

patent