The communists believed that socialism could be achieved by democratic means and turned their backs on violent revolution and dictatorship.

Some believe the Cold War was simply about nuclear proliferation, but in many respects, it was a war between collectivism and individualism.

Most modern democratic states practice representative democracy.

Democracy is a form of government that prohibits opposing political parties.

In a totalitarian country, there are safeguards to protect an individual's right to freedom of expression, opinion, and organization.

The number of command economies has fallen dramatically since the demise of communism in the late 1980s.

The Republic of Elbow has a command economy, and as such, its objective is to encourage free and fair competition between private producers.

In mixed economies, governments tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests.

A nation's legal system is usually of very little interest to international business managers, because international businesses are headquartered in different countries.

Judge Michaels operates in a country with a civil law system. This system has more flexibility than a common law system.

A theocratic law system is one in which the law is based on religious teachings.

The parties to an agreement normally resort to contract law when one party feels the other has violated either the letter or the spirit of an agreement.

Contracts under a civil law system tend to be very detailed with all contingencies spelled out.

Many of the world's larger trading nations, including India and the United Kingdom, have not ratified the United Nations Convention on Contracts for the International Sale of Goods (CISG).

To facilitate international business, property rights are defined in a consistent way across countries.

Property rights can be violated in two ways-through private action and through public action.

The Foreign Corrupt Practices Act does not allow for grease payments.

Fred wanted to protect his novel from piracy, so he copyrighted it. Patents, copyrights, and trademarks establish ownership rights over intellectual property.

Patents discourage companies from committing themselves to extensive basic research.

The Trade-Related Aspects of Intellectual Property Rights agreement attempts to reduce intellectual property protections to enhance trade.

Product liability sets certain safety standards to which a product must adhere.

Product liability can be much lower if a product does not conform to required safety standards.

The political systems of a country raise ethical issues that have implications for the practice of international business.

When Penelope returned home from vacation, she found her store had been robbed and her most valuable merchandise was gone. This violation of property rights is considered private action.

_______ occurs when a political party that represents the interests of a particular tribe (and not always the majority tribe) monopolizes power.

Who was the author of The Wealth of Nations in which he stated that 'an individual who intends his own gain is led by an invisible hand to promote an end that was no part of his intention...'?

The term ________ stresses that the political, economic, and legal systems of a country are interdependent.

Modern socialists trace their intellectual roots to ________, although socialist thought clearly predates this individual.

Manchu believed that socialism could be achieved only through violent revolution and totalitarian dictatorship. Manchu was likely a

Plato ________; he believed that society should be stratified into classes, with those best suited to rule administering society for the benefit of all.

When ________ is emphasized, an individual's right to do something may be restricted on the grounds that it runs counter to 'the good of society.'

What term is used to describe a state in which authoritarian elements have captured some or much of the machinery of state and use this in an attempt to deny basic political and civil liberties?

________ generally permits some individual economic freedom but restricts individual political freedom, frequently on the grounds that it would lead to the rise of communism.

________ argued that individual diversity and private ownership are desirable.

In a(n) ________ society, the welfare of society is best served by letting people pursue their own economic self-interest.

Systems that emphasize collectivism tend toward

Interdependent political, economic, and legal systems of a country make up its

A political system that prioritizes the needs of the society over individual freedoms is called

Modern socialism has been popularized largely through the work of

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

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

The tenet of ________ is that the welfare of society is best served by letting people pursue their own economic self-interest.

Which of the following statements about individualism is true?

Which of the following is a safeguard that representative democracies use to ensure that their elected officials are held responsible for their actions?

Which of the following is a feature of a democracy?

Totalitarianism

People's right to protest on issues of accountability in public expenditure would be possible in a ________ political setup.

________ refers to a state where political power is monopolized by a party, group, or individual that governs according to religious principles.

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?

In a pure market economy,

The abolition of ________ in a command economy means there is no incentive for individuals to look for better ways to serve consumer needs.

The local grocery in a small southern city is the only option for the residents, so it has a monopoly on the grocery business there. When the population of the city grows and demand for groceries increases, what is the grocery store most likely to do?

In a ________, if demand for a product exceeds supply, prices will rise, signaling to producers to produce more.

In 2008, the U.S. government took an 80 percent stake in AIG to stop that financial institution from collapsing, the theory being that if AIG did collapse, it would have very serious consequences for the entire financial system. What type of economy is this an example of?

An economy in which the interaction of supply and demand determines the quantity in which goods and services are produced is called a

Which of the following is a reason that command economies tend to stagnate?

Which of the following is a reason that command economies tend to stagnate?

Antitrust laws in the United States are designed to

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.

In a ________ 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.

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?

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

One key component of a country's legal system is

Under the ________, cases are judged with reference to three characteristics: tradition, precedent, and custom.

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

A common law system is different from a civil law system because

A ________ law system is based on a very detailed set of laws organized into codes.

A theocratic law system is one in which the law is based on

Which of the following is the most widely practiced theocratic legal system in the world today?

In Russia, in the chaotic period following the collapse of communism, an outdated legal system, coupled with a weak police force and judicial system, allowed the Russian Mafia to demand "protection money" from business owners. Any business owner who rebelled had to face violent retribution. This violation of property rights exemplifies

Violation of property rights done through legal mechanisms such as levying excessive taxation and requiring expensive licenses or permits from property holders is called

Which of the following area of international trade is regulated by the Foreign Corrupt Practices Act?

Which of the following is an example of intellectual property?

A ________ grants the inventor of a new product or process exclusive rights for a defined period of time to the manufacture, use, or sale of that invention.

Designs and names by which merchants or manufacturers designate and differentiate their products are known as

The research and development division of a company has recently designed a new coffee vending machine that is likely to sell very well in the market. It is compact, user-friendly, and provides unprecedented efficiency in terms of cost per cup. Consequently, the company fears that its competitors would soon mimic the design of its product. To protect its product, the company is now seeking a

Which of the following provides exclusive legal rights to authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit?

The TRIPS agreement was designed to

Which of the following statements about the Trade-Related Aspects of Intellectual Property Rights (or TRIPS) agreement is true?

Safety standards to which a product must adhere are set by

Private action refers to

The ________ establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers that have their places of business in different nations.

The ________ makes it illegal for American companies to bribe a foreign government official in order to obtain or maintain business over which that foreign official has authority, and requires all publicly traded companies to keep detailed records that would reveal whether a violation of the act has occurred.

________ are established through patents, copyrights, and trademarks.

In common law, ________ refers to cases that have come before the courts in the past.

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

The most widely practiced theocratic legal system in the modern world is

In the 1970s, the United States ________, which requires all publicly traded companies, whether or not they are involved in international trade, to keep detailed records that would reveal whether a violation of the act has occurred.

A law system that is based on a detailed set of laws organized into codes is

Although many countries have stringent intellectual property regulations on their books, the enforcement of these regulations has often been lax. This has been the case even among many of the 185 countries that are now members of the ________, all of which have signed international treaties designed to protect intellectual property.

The ________ associated with doing business in a country are a function of that country's political, economic, and legal systems.

A U.S. investment firm set up a customer service call center in India to take advantage of lower labor costs. This is called