International Business Exam 1 Review
Questions with Latest Update
Social Democrats - ANSWER-Those committed to achieving socialism by
democratic means
Privitization - ANSWER-The sale of state-owned enterprises to private investors
Individualism - ANSWER-An emphasis on the importance of guaranteeing individual
freedom and self-expression
Democracy - ANSWER-Political system in which government is by the people,
exercised either directly or through elected representatives
Totalitarianism - ANSWER-Form of government in which one person or political party
exercises absolute control over all spheres of human life and opposing political
parties are prohibited
Representative Democracy - ANSWER-A political system in which citizens
periodically elect individuals to represent them in government
Communist Totalitarianism - ANSWER-A version of collectivism advocating that
socialism can be achieved only through a totalitarian dictatorship
Theocratic Totalitarianism - ANSWER-A political system in which political power is
monopolized by a party, group, or individual that governs according to religious
principles
Tribal Totalitarianism - ANSWER-A political system in which a party, group, or
individual that represents the interests of a particular tribe (ethnic group)
monopolizes political power
Right-Wing Totalitarianism - ANSWER-A political system in which political power is
monopolized by a party, group, or individual that generally permits individual
economic freedom but restricts individual political freedom, including free speech,
often on the grounds that it would lead to the rise of communism
Market Economy - ANSWER-An economic system in which the interaction of supply
and demand determines the quantity in which goods and services are produced
Command Economy - ANSWER-An economic system where the allocation of
resources, including determination of what goods and services should be produced,
and in what quantity, is planned by the government
Legal system - ANSWER-System of rules that regulate behavior and the processes
by which the laws of a country are enforced and through which redress of grievances
is obtained
, Common Law - ANSWER-A system of law based on tradition, precedent, and
custom; when law courts interpret common law, they do so with regard to these
characteristics
Civil Law System - ANSWER-A system of law based on a very detailed set of written
laws and codes
Theocratic Law System - ANSWER-A system of law based on religious teachings
Contract - ANSWER-A document that specifies the conditions under which an
exchange is to occur and details the rights and obligations of the parties involved
Contract Law - ANSWER-The body of law that governs contract enforcement
United Nations Convention on Contracts for the International Sale of Goods (CIGS) -
ANSWER-A set of rules governing certain aspects of the making and performance of
commercial contracts between sellers and buyers who have their places of business
in different nations
Property Rights - ANSWER-Bundle of 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
Private action - ANSWER-The theft, piracy, blackmail and the like by private
individuals or groups
Public action - ANSWER-The extortion of income or resources of property holders by
public officials, such as politicians and government bureaucrats
Foreign Corrupt Practices Act - ANSWER-US law regulating behavior regarding the
conduct of international business in the taking of bribes and other unethical action
Intellectual Property - ANSWER-Products of the mind, ideas; can be protected by
patents, copyrights, and trademarks
Patent - ANSWER-Grants the governor of a new product or process exclusive rights
to the manufacture, use, or sale of that invention
Copyrights - ANSWER-The exclusive legal rights of authors, composers,
playwrights, artists, and publishers to publish and disperse their work as they see fit
Trademarks - ANSWER-The designs and names, often officially registered, by which
merchants or manufacturers designate and differentiate their products
World Intellectual Property Organization - ANSWER-An international organization
whose members sign treaties to agree to protect intellectual property
Paris Convention for the Protection of Intellectual Property - ANSWER-International
agreement to protect intellectual property
Questions with Latest Update
Social Democrats - ANSWER-Those committed to achieving socialism by
democratic means
Privitization - ANSWER-The sale of state-owned enterprises to private investors
Individualism - ANSWER-An emphasis on the importance of guaranteeing individual
freedom and self-expression
Democracy - ANSWER-Political system in which government is by the people,
exercised either directly or through elected representatives
Totalitarianism - ANSWER-Form of government in which one person or political party
exercises absolute control over all spheres of human life and opposing political
parties are prohibited
Representative Democracy - ANSWER-A political system in which citizens
periodically elect individuals to represent them in government
Communist Totalitarianism - ANSWER-A version of collectivism advocating that
socialism can be achieved only through a totalitarian dictatorship
Theocratic Totalitarianism - ANSWER-A political system in which political power is
monopolized by a party, group, or individual that governs according to religious
principles
Tribal Totalitarianism - ANSWER-A political system in which a party, group, or
individual that represents the interests of a particular tribe (ethnic group)
monopolizes political power
Right-Wing Totalitarianism - ANSWER-A political system in which political power is
monopolized by a party, group, or individual that generally permits individual
economic freedom but restricts individual political freedom, including free speech,
often on the grounds that it would lead to the rise of communism
Market Economy - ANSWER-An economic system in which the interaction of supply
and demand determines the quantity in which goods and services are produced
Command Economy - ANSWER-An economic system where the allocation of
resources, including determination of what goods and services should be produced,
and in what quantity, is planned by the government
Legal system - ANSWER-System of rules that regulate behavior and the processes
by which the laws of a country are enforced and through which redress of grievances
is obtained
, Common Law - ANSWER-A system of law based on tradition, precedent, and
custom; when law courts interpret common law, they do so with regard to these
characteristics
Civil Law System - ANSWER-A system of law based on a very detailed set of written
laws and codes
Theocratic Law System - ANSWER-A system of law based on religious teachings
Contract - ANSWER-A document that specifies the conditions under which an
exchange is to occur and details the rights and obligations of the parties involved
Contract Law - ANSWER-The body of law that governs contract enforcement
United Nations Convention on Contracts for the International Sale of Goods (CIGS) -
ANSWER-A set of rules governing certain aspects of the making and performance of
commercial contracts between sellers and buyers who have their places of business
in different nations
Property Rights - ANSWER-Bundle of 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
Private action - ANSWER-The theft, piracy, blackmail and the like by private
individuals or groups
Public action - ANSWER-The extortion of income or resources of property holders by
public officials, such as politicians and government bureaucrats
Foreign Corrupt Practices Act - ANSWER-US law regulating behavior regarding the
conduct of international business in the taking of bribes and other unethical action
Intellectual Property - ANSWER-Products of the mind, ideas; can be protected by
patents, copyrights, and trademarks
Patent - ANSWER-Grants the governor of a new product or process exclusive rights
to the manufacture, use, or sale of that invention
Copyrights - ANSWER-The exclusive legal rights of authors, composers,
playwrights, artists, and publishers to publish and disperse their work as they see fit
Trademarks - ANSWER-The designs and names, often officially registered, by which
merchants or manufacturers designate and differentiate their products
World Intellectual Property Organization - ANSWER-An international organization
whose members sign treaties to agree to protect intellectual property
Paris Convention for the Protection of Intellectual Property - ANSWER-International
agreement to protect intellectual property
