Mana Ch. 6

Different economic ideologies-such as communism, socialism, and capitalism- impact how business is conducted in different locales around the world. Like many nations, Ghana has a mixed economic system, which includes some private freedom combined with some centralized planning and government regulation. Which economic ideology places the strongest emphasis on individual ownership and economic freedom?

Capitalism

The majority of businesses in Singapore can be characterized as being privately held and focused on making a profit. There is little interference from the government in the economy. What type of economic ideology does Singapore follow?

Capitalism

Although the country of Ghana allows local tribal chiefs in the form of kings and queens, Ghana is considered a representative democracy. Which of the following best describes a representative democracy as a political system?

Citizens vote to elect given individuals to serve as their representatives for a certain period of time

Which type of legal system allows little room for judges to interpret the law as they see fit?

Civil

To further discourage corruption and to establish consistent standards across the country, a public procurement law was passed in Ghana in January 2004. This legislation seeks to standardize public procurement guidelines and bring public procurement into conformity with World Trade Organization standards. The law also aims to improve accountability, value for money, transparency, and efficiency in the use of public resources. This piece of legislation is related to which type of legal system?

Civil law

Under which economic ideology are labor unions controlled by the state?

Communism

A drug manufacturer that develops a new cure for cancer would seek what type of intellectual property protection for the formula?

patent

What type of democracy does the US have?

representative democracy

Copyright infringement remains a worldwide issue for which industry in particular?

Computer software and technology

Which type of law includes incarceration as a possible punishment for breaking the law?

Criminal

Which country boasts some of the highest labor union membership and participation rates in the world?

Finland

Imagine that a U.S. company was looking to build a new store in Country X. However, the building and permit process was taking longer than expected, leading to a higher level of unplanned expense. The contractors in country X suggest the process could be sped up by offering certain government officials an "expedition fee." The contractors state it is a common business practice in Country X. What law should the executives in the U.S.-based company be concerned about in this situation?

Foreign Corrupt Practices Act (FCPA)

Google has become so well known it is now used to describe an internet search function. What concept does this illustrate?

Genericized trademark

The Russian's mafia ability to extort protection money from businesses in Russia without fear of government authorities is an example of what type of business corruption?

Private

Even though corruption in Ghana is relatively low when compared to other countries in Africa, businesses frequently quote corruption as an obstacle for doing business in the country. Corruption in Ghana often occurs at the local level, with companies being pressured to engage in bribery. If an individual citizen in Ghana demanded monetary "favors" in return for facilitating business transactions on behalf of your firm, what would you be engaging in?

Private corruption

Company ABC in the United States and Company XYZ in Germany have a contract dispute but would prefer to settle the matter outside of court. Which of the following offers an alternative means to settle the dispute?

Arbitration

All fo the following countries have constiutional monarchies except for which nation?

Mexico

A country threatening to nationalize all foreign-owned companies within its borders is an example of what type of risk?

Micropolitical

Why would a country with a totalitarian government potentially be viewed as more "stable" than a democracy?

Totalitarian states offer more political stability because a dictator is likely to be in power for decades