QUESTION Which of the following is true about the three broad types of economic systems? A. For a pure market economy to function efficiently product supply must be restricted. B. In a command economy, state-owned enterprises have little incentive to control costs and be efficient. C. The sole role of government in a command economy […]
QUESTION Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises, 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 that the: A. economic system of a country is independent of its legal system. B. legal system […]
QUESTION Which of the following is true about legal systems? A. All countries have the same, uniform legal environment. B. Unlike the economic system of a country, the legal system is independent of the country’s political system. C. The government of a country defines the legal framework within which firms do business. D. The attractiveness […]
QUESTION Which of the following legal systems is most likely to be based on tradition, precedent, and custom? A. Common law B. Civil law C. Autocracy law D. Monarchy law E. Universal law ANSWER A Common law is based on tradition (a country’s legal history), precedent (cases that have come before the courts in […]
QUESTION In the context of common law, which of the following terms refers to the ways in which laws are applied in specific situations? A. Tradition B. Precedent C. Custom D. Interpretation E. Culture ANSWER C Common law is based on tradition, precedent, and custom, where custom refers to the ways in which laws […]
QUESTION Which of the following is a law system based on a detailed set of laws organized into codes? A. Civil B. Theocratic C. Common D. Traditional E. Precedent ANSWER A A civil law system is based on a detailed set of laws organized into codes.
QUESTION Which of the following is true about communism? A. Communism propagates the idea of “private profit rather than public good.” B. By the mid-1990s communism started rising worldwide. C. China has moved sharply away from strict adherence to communist ideology in the economic sphere. D. Communists committed themselves to achieving socialism by turning their […]
QUESTION The fascist regimes that ruled Germany and Italy in the 1930s and 1940s had adopted: A. right-wing totalitarianism. B. theocratic totalitarianism. C. representative democracy. D. pure democracy. E. totalitarian democracy. ANSWER A The fascist regimes that ruled Germany and Italy in the 1930s and 1940s were right-wing totalitarian states.
QUESTION Which of the following is inconsistent with Marxist philosophy? A. Concern over public good rather than private profit B. Monopoly of state-owned companies in certain industries C. Opposing the ideologies of capitalist societies D. Substantial limits on individual political freedom E. Selling state-owned enterprises to private investors ANSWER E Karl Marx advocated state […]
QUESTION The sale of state-owned enterprises to independent, nonpublic investors is referred to as: A. privatization. B. nationalization. C. collectivism. D. communalism. E. public action. ANSWER A Privatization involves the sale of state-owned enterprises to private investors.
