IB Chapter 2

Collectivism refers to a political system that generally supports a pure market economy and privately-owned enterprises. generally emphasizes individual freedom and self-expression. restricts an individual's right to do something on the grounds that it runs counter to the "good of society." stresses that the welfare of the society is best served by letting people pursue their own economic self-interest.

restricts an individual's right to do something on the grounds that it runs counter to the "good of society."

______ refers to a political system that values the needs of society over that of an individual. Multiple choice question. Collectivism Plutocracy Individualism Monarchy

Collectivism

Until recently, what was the most common form of totalitarianism in the world? Multiple choice question. Tribal Right-wing Communist Theocratic

Communist

______ law is the body of law that governs the written agreements specifying the conditions under which an exchange is to occur. Multiple choice question. Tribal Civil Contract Theocratic

Contract

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 theocratic public

private

In a ______ economy, both private enterprise and state ownership co-exist. market mixed command planned

Mixed

______ set certain safety standards to which a manufactured good must meet. Public action Intellectual property laws Product safety laws Private action

Product safety laws

Political systems that emphasize individualism tend to promote _____. Multiple choice question. democracy a planned economy state-run businesses totalitarianism

democracy

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. common civil intellectual theocratic

intellectual

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

market

What is the objective of a pure command economy? Abolition of state ownership Privatization of state-owned enterprises Allotment of resources for the overall good of society Diversification of private-sector enterprises

Allotment of resources for the overall good of society

______ refers to a political system in which the citizens exercise power directly or elect representatives to form a governing body. Multiple choice question. Totalitarianism Monarchy Oligarchy Democracy

Democracy

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

False

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

False

______ refers to a philosophy that promotes the free exercise of one's goals and desires in economic and political pursuits. Multiple choice question. Communism Collectivism Individualism Totalitarianism

Individualism

Which of the following are examples of private action and a violation of property rights? Required permits Blackmail Excess taxation Theft

Theft Blackmail

Which characteristic is typical within a totalitarian country? There is no questioning of the ruler's decisions. An individual is given the right to freedom of expression. There are no restrictions on media. The leaders have limited terms in office.

There is no questioning of the ruler's decisions.

Select all that apply Which of the following are ways in which property rights can be violated? Through religious intent Through foreign direct investment Through private action Through public action

Through private action Through public action

______ 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. Industrial Private Commercial Intellectual

Intellectual

In a country governed by a totalitarian system, you would find that state bureaucracy is not influenced by politics. the country has a nonpolitical armed service. free and fair elections are conducted regularly. basic civil liberties are denied to citizens.

basic civil liberties are denied to citizens

The ______ system of a country refers to the rules, or laws that regulate behavior along with the system that enforces them. Multiple choice question. civil contract political legal

legal

A ______ grants an inventor exclusive rights for a defined period to the manufacture, use, or sale of his or her invention. Multiple choice question. trademark patent watermark copyright

patent

In a command economy, businesses are owned by _____. individuals the state foreign investors conglomerates

the state

Social democrats advocate for _____. achieving socialism by emphasizing individual interests over societal goals private-ownership of the basic means of production, distribution, and exchange achieving socialism through non-violent means the idea of establishing a totalitarian dictatorship

achieving socialism through non-violent means

A nation that fosters individualism would advocate that communal property is more productive than private property and thus stimulates progress. stress that the interests of the people are more important than the interests of the state. tend to support a totalitarian political system in order to achieve the needs of the society as a whole. restrict a person's right to do something on the grounds that it runs counter to "the common good."

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

The system of government in a nation is called the _____ system. social economic parliamentary political

political

The term ______ refers to the interconnection of the political, economic, and legal systems of a country. economic development cultural values political economy correct transnational

political economy

In the early 20th century, communists differed from social democrats in that communists believed in commitment to democratic means. establishment of a non-totalitarian society. encouraging individual freedom. a strategy of revolutionary action.

a strategy of revolutionary action

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. patent copyright trademark disclaimer

copyright

Several years ago, a customer brought a lawsuit against McDonald's because the coffee she purchased at the drive-thru window was hot when she spilled it on herself in her car. This lawsuit was based on _____. facilitating payments criminal intent public action product liability

product liability

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 it has a weak economy that is easy to infiltrate a planned economy disallows monopolies the central planning board encourages foreign investment in domestic industries

the nation is moving toward a market-based system

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

trademark

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 trademark. copyright. watermark. patent.

patent

The production of goods in a pure market economy is determined by supply and demand. the political system. state-owned institutions. the collective good.

supply and demand.

Select the accurate description of a common law system. A common law framework tends to be much shorter and less specific than a civil law system. A common law system does not allow existing laws to be amended. A common law system has a degree of flexibility that other legal systems lack. Judges in a common law system have the power only to apply the law but not interpret it.

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

Select all that apply Which of the following factors would make a country desirable to do business with? A totalitarian political system A market-based economy A planned economy Democratic political institutions

A market-based economy Democratic political institutions

What should Stephen, the CEO of an athletic clothing company, obtain to prevent competitors from copying the company logo? A patent An abridgment A trademark A copyright

A trademark

Which statement BEST describes a totalitarian system? Multiple choice question. It refers to a political system that typically asserts the primacy of individual economic and political freedom over societal goals. 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. It refers to a political system in which government is by the people, exercised either directly or through elected representatives. It is a form of government that typically aims to achieve socialism by democratic means rather than violent revolution or dictatorship.

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.

Who among the following should apply for a copyright? Multiple choice question. Jude, a musician, who is composing his maiden album Sun-Jun, a scientist, who is formulating a new pharmaceutical drug Manuel, an engineer, who is building a supersonic jet Amanda, an entrepreneur, who owns a chain of department stores

Jude, a musician, who is composing his maiden album

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? Federalism Privatization Isolationism Totalitarianism

Privitization

______ refers to the process of selling state-owned enterprises to private investors. Customization Depersonalization Privatization Commercialization

Privitization

______ rights determine how a resource or economic good is owned and used. Common law Intellectual Theocratic Property

Property

In a(n) ______ democracy, elected individuals represent the citizens and make decisions on behalf of the electorate. Multiple choice question. common representative totalitarianism elite

Representative

Under Vladimir Putin, the government of Russia is becoming increasingly _____. democratic theocratic individualistic totalitarian

Totalitarian

Karl Marx would agree that _____. state-owned enterprises pay workers lower wages individual capitalists rather than state-owned enterprises benefit the society as a whole in a capitalist society, many people benefit at the expense of a few capitalists take the value created by workers for their own use

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 civil tribal

common

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. bill of lading invoice contract subpoena

contract

Nations adopting the pure form of democracy would directly involve citizens in the decision making of the country. foster political repression and a planned economy. assign a governing body to oversee economic matters. deny civil liberties to citizens.

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. Multiple choice question. education social business legal

legal