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.
Date: September 3rd, 2020
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 […]
Date: September 3rd, 2020
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 […]
Date: September 3rd, 2020
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 […]
Date: September 3rd, 2020
QUESTION Intellectual property laws stimulate innovation and creative work. Indicate whether the statement is true or false. ANSWER TRUE The philosophy behind intellectual property laws is to reward the originator of a new invention, book, musical record, clothes design, restaurant chain, and the like, for his or her idea and effort. Such laws stimulate […]
Date: September 3rd, 2020
QUESTION Compared to a common law system, it is more expensive to draw up contracts in a civil law jurisdiction. Indicate whether the statement is true or false. ANSWER FALSE It is more expensive to draw up contracts in a common law jurisdiction, and resolving contract disputes can be very adversarial in common law […]
Date: September 3rd, 2020
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, […]
Date: September 3rd, 2020
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 […]
Date: September 3rd, 2020
QUESTION In most democratic states, those who question the right of the rulers to rule find themselves imprisoned, or worse. Indicate whether the statement is true or false. ANSWER FALSE In most totalitarian states, political repression is widespread, free and fair elections are lacking, media are heavily censored, basic civil liberties are denied, and […]
Date: September 3rd, 2020
QUESTION Which of the following is a power of the WTO? A. It can restrict the membership of nations in other supranational organizations such as the United Nations. B. It can grant loans to cash-strapped governments in poor nations. C. It supersedes IMF and has complete authority over IMF’s actions. D. It can issue a […]
Date: September 3rd, 2020
