CBA 300 - CH 2

A common feature of many right-wing dictatorships is that they support socialist or communist ideas.

False

In a command economy, certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.

False

Since the demise of communism in the late 1980s, the number of command economies has risen dramatically.

False

In a market economy, a supply restriction occurs when a single firm monopolizes a market.

True

In the early twentieth century, the socialist ideology split into two broad camps: communists and social democrats.

True

Which of the following philosophies can be traced back to the ancient Greek philosopher Plato? a) Collectivism b) Nihilism c) Hedonism d) Socialism

a) Collectivism

Which of the following statements is true about trademarks? a) Trademarks are designs and names by which businesses differentiate their products. b) Trademarks are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit. c) Trademarks grant the inventor of a new product or process exclusive rights for a defined period to the manufacture, use, or sale of that invention. d) Trademarks are certain safety standards to which a product must adhere.

a) Trademarks are designs and names by which businesses differentiate their products.

In a pure command economy a) all businesses are owned by the state. b) there is free and fair competition between private producers. c) the goods and services that a country produces are not planned by anyone. d) prices are determined by market forces.

a) all businesses are owned by the state.

The role of the government in a market economy involves a) encouraging free and fair competition among private producers. b) mobilizing massive economic resources of the country for public good. c) determining the prices at which the goods and services will be sold. d) planning the types and quantities of goods and services to be produced.

a) encouraging free and fair competition among private producers.

Contracts drafted under a common law framework tend to be a) very detailed with contingencies spelled out. b) very short and general in scope. c) inexpensive to draw up between two parties. d) inflexible and difficult to adjudicate.

a) very detailed with contingencies spelled out.

Historically, command economies were found in _____, where collectivist goals were given priority over individual goals. a) democratic countries b) communist countries c) libertarian countries d) free-market countries

b) communist countries

The common law system a) lacks the flexibility that other systems have. b) is based on tradition, precedent, and custom. c) gives judges the power only to apply the law. d) is based on a detailed set of laws organized into codes.

b) is based on tradition, precedent, and custom

The _____ committed themselves to achieving socialism without resorting to violent revolution and dictatorship. a) communists b) social democrats c) Maoists d) anarchists

b) social democrats

A legal system based on religious teachings is called a _____. a) civil law system b) traditional law system c) theocratic law system d) common law system

c) theocratic law system

____ refers to a philosophy that a person should have freedom in his or her economic and political pursuits. a) Collectivism b) Totalitarianism c) Socialism d) Individualism

d) Individualism