QUESTION Which of the following was advocated by Karl Marx? A. Capitalist society B. Individualism C. Selling state-owned enterprises to private investors D. Socialism E. Private profit over public good ANSWER D Modern socialists trace their intellectual roots to Karl Marx (1818-1883), although socialist thought clearly predates Marx (elements of it can be traced […]
QUESTION Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life. Indicate whether the statement is true or false. ANSWER TRUE Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.
QUESTION A person who believes in public ownership of the means of production for the common good of society is a(n): A. socialist. B. capitalist. C. individualist. D. monarchist. E. feudalist. ANSWER A A socialist is someone who believes in public ownership of the means of production for the common good of society.
QUESTION Command economies provide a more favorable environment for innovation and entrepreneurs than market economies. Indicate whether the statement is true or false. ANSWER FALSE In a command economy, state-owned enterprises have little incentive to control costs and be efficient, because they cannot go out of business. Also, the abolition of private ownership means […]
QUESTION By adopting the Contracts for the International Sale of Goods (CIGS), a nation signals to other adopters that it will treat the convention’s rules as part of its law. Indicate whether the statement is true or false. ANSWER TRUE By adopting the CIGS, a nation signals to other adopters that it will treat […]
QUESTION When firms do not wish to accept the Contracts for the International Sale of Goods, they often opt for arbitration by a recognized arbitration court to settle contract disputes. Indicate whether the statement is true or false. ANSWER TRUE When firms do not wish to accept the Contracts for the International Sale of […]
QUESTION By the mid-1990s, communism was rising worldwide. Indicate whether the statement is true or false. ANSWER FALSE By the mid-1990s, communism was in retreat worldwide.
QUESTION In practical terms, individualism translates into an advocacy for democratic ideals and free market economics. Indicate whether the statement is true or false. ANSWER TRUE In practical terms, individualism translates into an advocacy for democratic ideals and free market economics.
QUESTION The Cold War was in many respects a war between collectivism, championed by the former Soviet Union, and individualism, championed by the United States. Indicate whether the statement is true or false. ANSWER TRUE The Cold War was in many respects a war between collectivism, championed by the former Soviet Union, and individualism, […]
QUESTION In practical terms, collectivism creates a more favorable environment for international businesses to operate in than individualism. Indicate whether the statement is true or false. ANSWER FALSE In practical terms, individualism translates into an advocacy for democratic ideals and free market economics, which in general creates a more favorable environment for international businesses […]
