Political Economy and Systems Quiz
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Questions and Answers

Which type of democracy is characterized by citizens electing individuals to represent them?

  • Pseudo-democracy
  • Totalitarian democracy
  • Representative democracy (correct)
  • Direct democracy

    • Which type of totalitarianism is based on religious principles?

  • Theocratic totalitarianism (correct)
  • Right-wing totalitarianism
  • Tribal totalitarianism
  • Communist totalitarianism

    • In which economic system are all productive activities privately owned and production is determined by supply and demand?

  • Market economy (correct)
  • Mixed economy
  • Command economy
  • Socialist economy

    • Which legal system is based on tradition, precedent, and custom?

    <p>Common law</p> Signup and view all the answers

    Under which legal system are contracts very detailed with all contingencies spelled out?

    <p>Common law</p> Signup and view all the answers

    What is the body of law that governs contract enforcement?

    <p>Contract law</p> Signup and view all the answers

    Which type of action involves theft, piracy, and blackmail by private individuals or groups?

    <p>Private action</p> Signup and view all the answers

    Which type of action involves public officials extorting income, resources, or property?

    <p>Public action</p> Signup and view all the answers

    Which act makes it illegal to bribe a foreign government official to obtain or maintain business?

    <p>Foreign Corrupt Practices Act (FCPA)</p> Signup and view all the answers

    What is the term for property that is the product of intellectual activity?

    <p>Intellectual property</p> Signup and view all the answers

    Which organization is responsible for protecting intellectual property internationally?

    <p>World Intellectual Property Organization</p> Signup and view all the answers

    What are trademarks used for?

    <p>Differentiating products</p> Signup and view all the answers

    What do product safety laws set for products?

    <p>Safety standards</p> Signup and view all the answers

    What is product liability?

    <p>Holding a firm responsible for product-related harm</p> Signup and view all the answers

    What can increase product liability?

    <p>Non-conformance to safety standards</p> Signup and view all the answers

    What are the two broad implications for international business?

    <p>Ethical issues and influence of political, economic, and legal systems</p> Signup and view all the answers

    What type of political system is more attractive for doing business?

    <p>Democratic political institutions</p> Signup and view all the answers

    Which economic system is more attractive for doing business?

    <p>Market-based economic system</p> Signup and view all the answers

    What is the role of a strong legal system in international business?

    <p>Influences the attractiveness of a country as a market or investment site</p> Signup and view all the answers

    What raises ethical issues in international business?

    <p>Doing business abroad</p> Signup and view all the answers

    Which of the following is true about political economy?

    <p>Political, economic, and legal systems of a country influence each other.</p> Signup and view all the answers

    What are the two dimensions used to assess political systems?

    <p>Emphasis on collectivism or individualism and degree of democracy or totalitarianism</p> Signup and view all the answers

    What does collectivism emphasize?

    <p>Public ownership of the means of production</p> Signup and view all the answers

    According to Karl Marx, who benefits in a capitalist society?

    <p>The few at the expense of the many</p> Signup and view all the answers

    What does individualism prioritize?

    <p>Guarantee of individual freedom and self-expression</p> Signup and view all the answers

    What is the main characteristic of democracy?

    <p>Government by the people</p> Signup and view all the answers

    What is the main characteristic of totalitarianism?

    <p>Absolute control over all spheres of human life</p> Signup and view all the answers

    Which two concepts go hand in hand?

    <p>Democracy and individualism</p> Signup and view all the answers

    What does socialism emphasize?

    <p>Public ownership of the means of production</p> Signup and view all the answers

    What is the main difference between communism and social democracy?

    <p>Emphasis on privatization versus public ownership</p> Signup and view all the answers

    Study Notes

    Democracy and Representation

    • In a representative democracy, citizens elect individuals to represent them.
    • This type of democracy is characterized by citizens electing representatives to make decisions on their behalf.

    Totalitarianism

    • Religious totalitarianism is a type of totalitarianism based on religious principles.

    Economic Systems

    • In a private enterprise economic system, all productive activities are privately owned, and production is determined by supply and demand.
    • Common law is a legal system based on tradition, precedent, and custom.
    • Civil law is a legal system in which contracts are very detailed, with all contingencies spelled out.
    • Contract law is the body of law that governs contract enforcement.

    Illegal Activities

    • Piracy, theft, and blackmail by private individuals or groups are types of illegal activities.
    • Extortion by public officials, involving the extortion of income, resources, or property, is also illegal.

    International Business and Law

    • The Foreign Corrupt Practices Act (FCPA) makes it illegal to bribe a foreign government official to obtain or maintain business.

    Intellectual Property

    • Intellectual property refers to property that is the product of intellectual activity.
    • The World Intellectual Property Organization (WIPO) is responsible for protecting intellectual property internationally.
    • Trademarks are used to identify and distinguish products.
    • Product safety laws set standards for products.
    • Product liability refers to the responsibility of manufacturers and sellers for any harm caused by their products.
    • Increasing product liability can be caused by factors such as the complexity of products and the difficulty of proving fault.
    • Two broad implications for international business are product liability and intellectual property protection.

    Political Systems and Business

    • A democratic political system is more attractive for doing business.
    • A private enterprise economic system is more attractive for doing business.
    • A strong legal system plays a crucial role in international business, as it provides a stable and predictable environment for businesses to operate.
    • Ethical issues in international business arise from the intersection of different cultures, laws, and values.

    Political Economy

    • Political economy is concerned with the interaction between politics and economics.
    • Two dimensions used to assess political systems are political ideology and economic system.
    • Collectivism emphasizes the interests of the community over those of the individual.
    • According to Karl Marx, the owners of the means of production benefit in a capitalist society.
    • Individualism prioritizes individual freedom and autonomy.
    • The main characteristic of democracy is the protection of individual rights and freedoms.
    • The main characteristic of totalitarianism is the concentration of power in the hands of a single ruler or group.
    • Freedom and equality are two concepts that go hand in hand.
    • Socialism emphasizes social equality and the redistribution of wealth.
    • The main difference between communism and social democracy is the role of the state in the economy.

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    Description

    Test your knowledge of political economy and the interdependence of political, economic, and legal systems. Explore the concepts of collectivism and individualism in political systems, and assess the degree of democracy or totalitarianism.

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