QUESTION In which countries are we likely to find free market economies? A. Countries where the good of the society has precedence over private profit B. Countries where individual goals are given primacy over collective goals C. Countries where state-owned enterprises have a monopoly in certain industries D. Countries that have adopted communism as their […]
QUESTION What is the most widely practiced theocratic legal system in the modern world? A. Christian law B. Islamic law C. Jewish law D. Hindu law E. Buddhist law ANSWER B Islamic law is the most widely practiced theocratic legal system in the modern world.
QUESTION Which of the following refers to an economic system in which the interaction of supply and demand determines the quantity in which goods and services are produced? A. Barter B. Command C. Market D. Regulated E. Centrally planned ANSWER C A market economy is an economic system in which the interaction of supply […]
QUESTION Jewish law is an example of what type of law system? A. Autocratic B. Civil C. Common D. Theocratic E. Universal ANSWER D Jewish law is an example of a theocratic law system. Islamic law is the most widely practiced theocratic legal system in the modern world, although usage of both Hindu and […]
QUESTION Which of the following is true about the three main types of legal systems? A. Judges under a civil law system have more flexibility than those under a common law system. B. The common law system evolved in the United States over hundreds of years. C. Although Islamic law is primarily concerned with moral […]
QUESTION In what type of economy are all businesses state owned, the rationale being that the government can then direct them to make investments that are in the best interests of the nation as a whole rather than in the interests of private individuals? A. Free market B. Deregulated C. Pure command D. Mixed E. […]
QUESTION In comparison to market economies, command economies lack: A. government interference in allocation of resources. B. dynamism and innovation. C. concern for the interests of the nation. D. commitment to communism. E. any opposition to private ownership. ANSWER B In a command economy, state-owned enterprises have little incentive to control costs and be […]
QUESTION In what type of economy are certain sectors of the economy left to private ownership and free market mechanisms, while in other sectors there is significant state ownership and government planning? A. Command B. Pure market C. Mixed D. Centrally planned E. Laissez-faire ANSWER C In a mixed economy, certain sectors of the […]
QUESTION In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. Once a government takes into state ownership such troubled firms, they are said to be: A. privatized. B. decentralized. C. liberalized. D. nationalized. E. deregulated. ANSWER D In mixed […]
QUESTION The Boldovian government took Sea Lion Inc., a domestic, private shipbuilding firm, into state ownership to save the company from bankruptcy. However, the other private competitors in the shipbuilding industry were enraged by this decision of the government. As a result, the government had to reduce the tax burden on all other private shipbuilding […]
