Question 1

Since the late 1980s,which of the following trends has emerged in the political economies of many of the world's nation-states?

Accepted Answer

A)  A wave of communist revolutions has swept the world.
B)  Capitalist ideology has been in retreat.
C)  A wave of democratic revolutions has swept the world.
D)  A strong move toward centrally planned and mixed economies has been in evidence.

Question 2

According to Karl Marx,what is the relationship shared by capitalists and workers in a capitalist society?

Accepted Answer

A)  Workers have as much opportunity to advance themselves socially as the capitalist owners.
B)  Workers and capitalists are both responsible for improving the economic conditions of the society.
C)  Capitalists discriminate amongst workers on the basis of religion and education.
D)  Capitalists expropriate for their own use the value created by workers,while paying workers only subsistence wages in return.

Question 3

Why are innovation and entrepreneurial activity identified as the engines of long-run economic growth?

Accepted Answer

There is substantial agreement among eco...

Question 4

In which countries are we likely to find free market economies?

Accepted Answer

A)  Countries where the good of the society has precedence over individual rights
B)  Countries where individual goals are given primacy over collective goals
C)  Countries where the state has taken control over many enterprises
D)  Countries where property laws are weak

Question 5

The Gross National Income (GNI) and Purchasing Power Parity (PPP) of a nation are static indicators of economic development.Which of the following statements best support the above claim?

Accepted Answer

A)  They are too statistical in approach and lack human perception.
B)  They are ill-defined and can be easily confused with other indicators of economic development.
C)  They tell us if a country is poorer than another,and do not indicate the changing economic dynamics between the two.
D)  They are dependent on factors like geography,natural resources,and population and thereby inconsistent.

Question 6

Which country has the most extensive civil and criminal liability laws?

Accepted Answer

A)  Australia
B)  India
C)  USA
D)  Finland

Question 7

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprise,whereas the laws enacted by governments in democratic states where individualism is the dominant political philosophy tend to be pro-private enterprise and pro-consumer.This indicates how:

Accepted Answer

A)  the economic system of a country can be undermined by its legal system.
B)  the legal system of a country is influenced by the prevailing political system.
C)  the political system of a country is insulated from its legal system.
D)  the legal system of a country can shape its economic system.

Question 8

Which of the following does the U.S.law and OECD convention allow as an exception?

Accepted Answer

A)  Bribing a foreign government official
B)  Failure to keep records that would reveal if a violation of the act has occurred
C)  Grease payments or speed money
D)  Suppressing records that would indicate whether a breach of the act has taken place

Question 9

Most right-wing dictatorships display an affinity towards socialist or communist ideas.

Accepted Answer

A) True 
 B)False

Question 10

In a pure _____ economy,the government plans the goods and services that a country produces,the quantity in which they are produced,and the prices at which they are sold.

Accepted Answer

A)  command
B)  market
C)  trade
D)  civic

Question 11

Judges in a common law system have the power to interpret the law so that it applies to the unique circumstances of an individual case.

Accepted Answer

A) True 
 B)False

Question 12

_____ laws hold a firm and its officers responsible when a product causes injury,death,or damage.

Accepted Answer

A)  Product violation
B)  Product safety
C)  Product liability
D)  Contract liability

Question 13

Which of the following is the political system in which government is by the people,exercised either directly or through elected representatives?

Accepted Answer

A)  Despotism
B)  Democracy
C)  Totalitarianism
D)  Collectivism

Question 14

In the United States,the Foreign Corrupt Practices Act was passed during the 1970s following revelations:

Accepted Answer

A)  from the Watergate scandal.
B)  that foreign companies had bribed U.S.government officials in an attempt to win lucrative contracts.
C)  that U.S.companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.
D)  that U.S.companies were involved in bribing U.S.government officials in cases related to tax evasion.

Question 15

A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.

Accepted Answer

A)  mixed
B)  command
C)  market
D)  trade

Question 16

_____ stresses that the interests of the individual should take precedence over the interests of the state.

Accepted Answer

A)  Totalitarianism
B)  Socialism
C)  Individualism
D)  Humanism

Question 17

Which of the following involves removing legal restrictions to the free play of markets,the establishment of private enterprises,and the manner in which private enterprises operate?

Accepted Answer

A)  Privatization
B)  Disinvestment
C)  Deregulation
D)  Subsidization

Question 18

Which of the following countries achieved the highest GDP growth rate between 1999 and 2008?

Accepted Answer

A)  Germany
B)  The United States
C)  China
D)  Brazil

Question 19

Patents,copyrights,and trademarks establish ownership rights over _____ property.

Accepted Answer

A)  intellectual
B)  non-economic
C)  financial
D)  creative

Question 20

Describe in brief the different forms of totalitarianism?

Accepted Answer

Four major forms of totalitarianism exis...

Exam 2: National Differences in Political Economy

Which of the following does the U.S.law and OECD convention allow as an exception?

Correct AnswerverifiedShow Answer

Which of the following is the political system in which government is by the people,exercised either directly or through elected representatives?

Correct AnswerverifiedShow Answer

Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprise,whereas the laws enacted by governments in democratic states where individualism is the dominant political philosophy tend to be pro-private enterprise and pro-consumer.This indicates how:

Correct AnswerverifiedShow Answer

Which of the following countries achieved the highest GDP growth rate between 1999 and 2008?

Correct AnswerverifiedShow Answer

Describe in brief the different forms of totalitarianism?

Correct AnswerverifiedFour major forms of totalitarianism exis...View AnswerShow Answer

_____ laws hold a firm and its officers responsible when a product causes injury,death,or damage.

Correct AnswerverifiedShow Answer

In a pure _____ economy,the government plans the goods and services that a country produces,the quantity in which they are produced,and the prices at which they are sold.

Correct AnswerverifiedShow Answer

Since the late 1980s,which of the following trends has emerged in the political economies of many of the world's nation-states?

Correct AnswerverifiedShow Answer

Patents,copyrights,and trademarks establish ownership rights over _____ property.

Correct AnswerverifiedShow Answer

Which of the following involves removing legal restrictions to the free play of markets,the establishment of private enterprises,and the manner in which private enterprises operate?

Correct AnswerverifiedShow Answer

Most right-wing dictatorships display an affinity towards socialist or communist ideas.

Correct AnswerverifiedShow Answer

A _____ economy is an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced.

Correct AnswerverifiedShow Answer

Which country has the most extensive civil and criminal liability laws?

Correct AnswerverifiedShow Answer

Judges in a common law system have the power to interpret the law so that it applies to the unique circumstances of an individual case.

Correct AnswerverifiedShow Answer

Why are innovation and entrepreneurial activity identified as the engines of long-run economic growth?

Correct AnswerverifiedThere is substantial agreement among eco...View AnswerShow Answer

According to Karl Marx,what is the relationship shared by capitalists and workers in a capitalist society?

Correct AnswerverifiedShow Answer

_____ stresses that the interests of the individual should take precedence over the interests of the state.

Correct AnswerverifiedShow Answer

In the United States,the Foreign Corrupt Practices Act was passed during the 1970s following revelations:

Correct AnswerverifiedShow Answer

The Gross National Income (GNI) and Purchasing Power Parity (PPP) of a nation are static indicators of economic development.Which of the following statements best support the above claim?

Correct AnswerverifiedShow Answer

In which countries are we likely to find free market economies?

Correct AnswerverifiedShow Answer

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Four major forms of totalitarianism exis...
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There is substantial agreement among eco...
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