INBU-3301 Midterm Review exam with
complete solutions 2024/2025
Civil Law - ANSWER- Based on tradition, precedent, and customs
Ciic Law - ANSWER- Based on detailed set of law organized into codes
Theocratic Law - ANSWER- Law based on religious teachings
Market Economy - ANSWER- All productive activities are privately owned and
production is determined by the interaction of S&D
Mixed Economy - ANSWER- Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership
Legal Systems - ANSWER- The rules that regulate behaviour along with the processes
by which the laws are enforced through. Very important in international business, a
countries laws regulate business practice.
Political Systems - ANSWER- The system of government in a nation. Assessed
according to the degree which the country emphasizes Collectivism vs. Individualism,
and Democratic vs. Totalitarian.
Collectivism - ANSWER- Stresses the primary of collective goals, the needs of a society
Individualism - ANSWER- The philosophy that an individual should have freedom in his
own economic and political pursuits
Democracy - ANSWER- A political system in which government is for the people
Totalitarianism - ANSWER- Form of government in which one person or political party
exercises absolute control over all spheres of human life
, Command Economies - ANSWER- Government plans the goods and services, the
quantity, and the prices that country produces. All businesses are state owned
Political Economy - ANSWER- Of a nation- how the political, economic, and legal
systems of a country are interdependent. They interact and influence each other. They
affect the level on economic well-being in the nation
GNI (relationship with PPP) - ANSWER- GNI measures the total annual income receive
by the residents of a nation. Can be misleading because it does not consider the
differences in the cost of living, need to adjust GNI figures using PPP
PPP - ANSWER- Purchasing Power Parity
HDI (Human Development Index) 3 Variables - ANSWER- 1. Life expectancy (function
of health care)
HDI (Human Development Index) 3 Variables - ANSWER- 2. Educational attainment
(combination of adult literacy rate and enrolment in education
HDI (Human Development Index) 3 Variables - ANSWER- 3.Whether average incomes
are sufficient to meet the basic needs of life (adequate food, shelter, and health care)
Political Systems in China - ANSWER- Property law from 2007. All land technically
belongs to the state. Land is leased to urban users 40-70yrs, rural 30yrs. Law states
lease holders now have the right to automatically renew their leases, or be fairly
compensated in land needs to be used for other purposes.
Economic Systems in China - ANSWER- Exports are largely responsible for China's
recent rapid economic growth. Capitalizing on its cheap labor force, has been focused
in converting raw materials into products that are exported.
Values - ANSWER- Provide the context within which a society's norms are established
and justified and form the bedrock of a culture
Norms - ANSWER- Social rules and guide lines for behaviour
Folkways - ANSWER- Are the routines conventions of everyday life, but generally have
a little more significance. (Ex. dress, eating, habits, and social graces)
complete solutions 2024/2025
Civil Law - ANSWER- Based on tradition, precedent, and customs
Ciic Law - ANSWER- Based on detailed set of law organized into codes
Theocratic Law - ANSWER- Law based on religious teachings
Market Economy - ANSWER- All productive activities are privately owned and
production is determined by the interaction of S&D
Mixed Economy - ANSWER- Certain sectors of the economy are left to private
ownership and free market mechanisms while other sectors have significant state
ownership
Legal Systems - ANSWER- The rules that regulate behaviour along with the processes
by which the laws are enforced through. Very important in international business, a
countries laws regulate business practice.
Political Systems - ANSWER- The system of government in a nation. Assessed
according to the degree which the country emphasizes Collectivism vs. Individualism,
and Democratic vs. Totalitarian.
Collectivism - ANSWER- Stresses the primary of collective goals, the needs of a society
Individualism - ANSWER- The philosophy that an individual should have freedom in his
own economic and political pursuits
Democracy - ANSWER- A political system in which government is for the people
Totalitarianism - ANSWER- Form of government in which one person or political party
exercises absolute control over all spheres of human life
, Command Economies - ANSWER- Government plans the goods and services, the
quantity, and the prices that country produces. All businesses are state owned
Political Economy - ANSWER- Of a nation- how the political, economic, and legal
systems of a country are interdependent. They interact and influence each other. They
affect the level on economic well-being in the nation
GNI (relationship with PPP) - ANSWER- GNI measures the total annual income receive
by the residents of a nation. Can be misleading because it does not consider the
differences in the cost of living, need to adjust GNI figures using PPP
PPP - ANSWER- Purchasing Power Parity
HDI (Human Development Index) 3 Variables - ANSWER- 1. Life expectancy (function
of health care)
HDI (Human Development Index) 3 Variables - ANSWER- 2. Educational attainment
(combination of adult literacy rate and enrolment in education
HDI (Human Development Index) 3 Variables - ANSWER- 3.Whether average incomes
are sufficient to meet the basic needs of life (adequate food, shelter, and health care)
Political Systems in China - ANSWER- Property law from 2007. All land technically
belongs to the state. Land is leased to urban users 40-70yrs, rural 30yrs. Law states
lease holders now have the right to automatically renew their leases, or be fairly
compensated in land needs to be used for other purposes.
Economic Systems in China - ANSWER- Exports are largely responsible for China's
recent rapid economic growth. Capitalizing on its cheap labor force, has been focused
in converting raw materials into products that are exported.
Values - ANSWER- Provide the context within which a society's norms are established
and justified and form the bedrock of a culture
Norms - ANSWER- Social rules and guide lines for behaviour
Folkways - ANSWER- Are the routines conventions of everyday life, but generally have
a little more significance. (Ex. dress, eating, habits, and social graces)
