IBI101_National difference in political economy

Modern socialism has been popularized largely through the work of _

• Adam Smith
• Karl Marx
• David Hume
• Thomas Hobbes

In several Western democracies, the poor performance of state-owned enterprises, because of protection from competition and guaranteed government financial support, led to _____.

• privatization
• nationalization
• liberalization
• socialization of production

Which of the following philosophies can be traced back to the ancient Greek philosopher Aristotle?

• Socialism
• Individualism
• Collectivism
• Anarchism

Which of the following is a feature of a democracy?

• Exercise of absolute control by one person or political party.
• Governance by people or elected representatives.
• Prohibition of entry to opposing political parties.
• Complete restriction of individual political freedom.

Which system of government generally permits some individual economic freedom but restricts individual political freedom, frequently on the grounds that it would lead to the rise of communism?

• Tribal totalitarianism
• Right-wing totalitarianism
• Democratic totalitarianism
• Theocratic totalitarianism

Antitrust laws in the United States are designed to:

• restrict agricultural subsidies
• increase trade barriers.
• outlaw monopolies.
• restrict privatization.

In a(n) _____ 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.

• market
• open economy
• laissez-faire
• command

In which of the following economies would the government be most likely to take into state ownership troubled firms whose continued operation is thought to be vital to national interests?

• market economies
• open economy
• laissez-faire economies
• mixed economies

Which of the following statements about the legal systems of countries is true?

• They can affect the attractiveness of a country as an investment site or market.
• They are not influenced by the prevailing political system of the country
• They are almost the same for all countries.
• They are of little importance to international business

A civil law system tends to be less adversarial than a common law system because the:

• judges' decisions are based on detailed legal codes
• judges have the freedom to interpret laws based on the situation.
• judges' decisions are based on religious teachings
• judges are guided by interpretations made in prior legal cases