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Midterm Trial Exam Two 10042016

This document contains a chapter about national differences in political economy. It includes 10 multiple choice questions that assess understanding of concepts like individualism, totalitarianism, types of economic systems (market, private, command, mixed), property rights, trade-related intellectual property rights, and factors that influence innovation and entrepreneurship like market economies and strong property rights. The questions cover topics like definitions of political and economic systems, characteristics that differentiate system types, and implications for international business regarding first-mover advantages, late-mover advantages, and how countries' long-run business benefits are measured.

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Saya Farez
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117 views2 pages

Midterm Trial Exam Two 10042016

This document contains a chapter about national differences in political economy. It includes 10 multiple choice questions that assess understanding of concepts like individualism, totalitarianism, types of economic systems (market, private, command, mixed), property rights, trade-related intellectual property rights, and factors that influence innovation and entrepreneurship like market economies and strong property rights. The questions cover topics like definitions of political and economic systems, characteristics that differentiate system types, and implications for international business regarding first-mover advantages, late-mover advantages, and how countries' long-run business benefits are measured.

Uploaded by

Saya Farez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Chapter 2 National Differences in Political Economy Group No Two

1. Identify the incorrect statement pertaining to a country's political economy.


A. It is independent of the culture of a nation.
B. It is a combination of interdependent political, economic, and legal systems.
C. Its various systems interact and influence each other.
D. Its interacting systems affect the level of economic well-being.
2. Individualism can best be described by which of the following statements?
A. It as a philosophy suggests that an individual should have freedom over his/her
economic and political pursuits.
B. It is a political system in which government control over all factors of production is
in entirety.
C. It is a political system that stresses the primacy of collective goals over individual
goals.
D. It is a form of government in which one person or political party exercises absolute
control over all spheres of human life.
3. Totalitarianism:
A. is a form of government in which one person or political party exercises absolute
control over all spheres of human life.
B. refers to a political system in which government is by the people, exercised either
directly or through elected representatives.
C. is based on a belief that citizens should be directly involved in decision making.
D. is based on the idea that the welfare of society is best served by letting people
pursue their own economic self-interests.
4. In a _____ economy, certain sectors of the economy are left to private ownership and
free market mechanisms while other sectors have significant state ownership and
government planning.
A. market
B. private
C. command
D. mixed
5. Which of the following refers to the legal rights over the use to which a resource is put
and over the use made of any income that may be derived from that resource?
A. Theocratic right
B. Property right
C. Trade right
D. Financial right

6. Which of the following statements about the trade-related aspects of intellectual


property rights agreement is false?
A. It was designed to oversee enforcement of much stricter intellectual property
regulations, beginning in 1995.
B. It obliged WTO members to grant and enforce patents lasting at least 20 years and
copyrights lasting 50 years.
C. It directed rich countries to comply with its rules of intellectual property protection
within five years.
D. It provided the very poorest countries 10 years to comply with its rules of
intellectual property protection.
7. Identify the incorrect statement pertaining to innovation and entrepreneurship.
A. They are the engines of growth
B. They require state ownership of all means of production
C. They require a market economy
D. They require strong property rights
8. Identify the tree types of economic systems. How do the three types of economic
systems differ from each? How are they the same?
9. What are first-mover advantages? What are late-mover advantages? Why are they
important to international businesses?
10. How are the long-run benefits of doing business in a country measured?

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