WGU C211 Global Economics for Managers Study
Guide 269 Questions with Verified Answers
the internalized, taken-for-granted values and beliefs that guide individual and
firm behavior - CORRECT ANSWER Cognitive pillar
include laws, regulations, and rules. - CORRECT ANSWER Formal institutions
include norms, cultures, and ethics. - CORRECT ANSWER Informal institutions
formal and informal institutions that govern individual and firm behavior -
CORRECT ANSWER Institutional framework
requires firms to constantly monitor, decode, and adapt to the changing rules of
the game to survive and prosper. - CORRECT ANSWER Institution-based view
popularly known as "the rules of the game." - CORRECT ANSWER Institutions
fundamental and comprehensive changes introduced to the formal and informal
rules that affect firms as players. - CORRECT ANSWER Institutional transitions
how the values, beliefs, and actions of other relevant players—collectively known
as norms —influence the behavior of local individuals and firms. - CORRECT
ANSWER Normative pillar
,is the coercive power of governments. - CORRECT ANSWER Regulatory pillar
reduce uncertainty, curtail transaction costs, and combat opportunism. - CORRECT
ANSWER The key functions of institutions are to...
defined as self-interest seeking. - CORRECT ANSWER Opportunism
costs associated with economic transactions—or more broadly, costs of doing
business. - CORRECT ANSWER Transaction costs
centers on a communist party. - CORRECT ANSWER Communist totalitarianism
political system in which citizens elect representatives to govern the country on
their behalf - CORRECT ANSWER Democracy
risk associated with political changes that may negatively impact domestic and
foreign firms - CORRECT ANSWER Political risk
characterized by its intense hatred of communism. - CORRECT ANSWER Right-wing
totalitarianism
the monopolization of political power in the hands of one religious party or group
- CORRECT ANSWER Theocratic totalitarianism
,a political system in which one person or party exercises absolute political control
over the population - CORRECT ANSWER Totalitarianism (dictatorship)
one tribe or ethnic group (which may or may not be the majority of the
population) monopolizing political power and oppressing other tribes or ethnic
groups. - CORRECT ANSWER Tribal totalitarianism
risk associated with political changes that may negatively impact domestic and
foreign firms. - CORRECT ANSWER Political Risk
comprehensive statutes and codes as a primary means to form legal judgments -
CORRECT ANSWER Civil law uses...
shaped by precedents and traditions from previous judicial decisions - CORRECT
ANSWER Common law is...
exclusive legal rights of authors and publishers to publish and disseminate their
work - CORRECT ANSWER Copyrights
specifically refers to intangible property that results from intellectual activity (such
as books, videos, and websites) - CORRECT ANSWER Intellectual property
rights associated with the ownership of intellectual property. IPRs primarily
include rights associated with (1) patents, (2) copyrights, and (3) trademarks -
CORRECT ANSWER Intellectual property rights (IPRs)
, legal rights awarded by government authorities to inventors of new products or
processes, who are given exclusive rights to derive income from such inventions
through activities such as manufacturing, licensing, or selling. - CORRECT ANSWER
Patents
unauthorized use of IPRs is widespread, ranging from unauthorized sharing of
music files to deliberate counterfeiting of branded products - CORRECT ANSWER
Piracy
The legal rights to use an economic property (resource) and to derive income and
benefits from it. - CORRECT ANSWER Property rights
A legal system based on religious teachings. - CORRECT ANSWER Theocratic law
exclusive legal rights of firms to use specific names, brands, and designs to
differentiate their products from others. - CORRECT ANSWER Trademarks
system characterized by the "invisible hand" of market forces: government takes a
hands-off approach known as the laissez faire. - CORRECT ANSWER market
economy
mixed emphasis on market versus command forces. - CORRECT ANSWER mixed
economies
government ownership and control of all means of production - CORRECT
ANSWER command economy
Guide 269 Questions with Verified Answers
the internalized, taken-for-granted values and beliefs that guide individual and
firm behavior - CORRECT ANSWER Cognitive pillar
include laws, regulations, and rules. - CORRECT ANSWER Formal institutions
include norms, cultures, and ethics. - CORRECT ANSWER Informal institutions
formal and informal institutions that govern individual and firm behavior -
CORRECT ANSWER Institutional framework
requires firms to constantly monitor, decode, and adapt to the changing rules of
the game to survive and prosper. - CORRECT ANSWER Institution-based view
popularly known as "the rules of the game." - CORRECT ANSWER Institutions
fundamental and comprehensive changes introduced to the formal and informal
rules that affect firms as players. - CORRECT ANSWER Institutional transitions
how the values, beliefs, and actions of other relevant players—collectively known
as norms —influence the behavior of local individuals and firms. - CORRECT
ANSWER Normative pillar
,is the coercive power of governments. - CORRECT ANSWER Regulatory pillar
reduce uncertainty, curtail transaction costs, and combat opportunism. - CORRECT
ANSWER The key functions of institutions are to...
defined as self-interest seeking. - CORRECT ANSWER Opportunism
costs associated with economic transactions—or more broadly, costs of doing
business. - CORRECT ANSWER Transaction costs
centers on a communist party. - CORRECT ANSWER Communist totalitarianism
political system in which citizens elect representatives to govern the country on
their behalf - CORRECT ANSWER Democracy
risk associated with political changes that may negatively impact domestic and
foreign firms - CORRECT ANSWER Political risk
characterized by its intense hatred of communism. - CORRECT ANSWER Right-wing
totalitarianism
the monopolization of political power in the hands of one religious party or group
- CORRECT ANSWER Theocratic totalitarianism
,a political system in which one person or party exercises absolute political control
over the population - CORRECT ANSWER Totalitarianism (dictatorship)
one tribe or ethnic group (which may or may not be the majority of the
population) monopolizing political power and oppressing other tribes or ethnic
groups. - CORRECT ANSWER Tribal totalitarianism
risk associated with political changes that may negatively impact domestic and
foreign firms. - CORRECT ANSWER Political Risk
comprehensive statutes and codes as a primary means to form legal judgments -
CORRECT ANSWER Civil law uses...
shaped by precedents and traditions from previous judicial decisions - CORRECT
ANSWER Common law is...
exclusive legal rights of authors and publishers to publish and disseminate their
work - CORRECT ANSWER Copyrights
specifically refers to intangible property that results from intellectual activity (such
as books, videos, and websites) - CORRECT ANSWER Intellectual property
rights associated with the ownership of intellectual property. IPRs primarily
include rights associated with (1) patents, (2) copyrights, and (3) trademarks -
CORRECT ANSWER Intellectual property rights (IPRs)
, legal rights awarded by government authorities to inventors of new products or
processes, who are given exclusive rights to derive income from such inventions
through activities such as manufacturing, licensing, or selling. - CORRECT ANSWER
Patents
unauthorized use of IPRs is widespread, ranging from unauthorized sharing of
music files to deliberate counterfeiting of branded products - CORRECT ANSWER
Piracy
The legal rights to use an economic property (resource) and to derive income and
benefits from it. - CORRECT ANSWER Property rights
A legal system based on religious teachings. - CORRECT ANSWER Theocratic law
exclusive legal rights of firms to use specific names, brands, and designs to
differentiate their products from others. - CORRECT ANSWER Trademarks
system characterized by the "invisible hand" of market forces: government takes a
hands-off approach known as the laissez faire. - CORRECT ANSWER market
economy
mixed emphasis on market versus command forces. - CORRECT ANSWER mixed
economies
government ownership and control of all means of production - CORRECT
ANSWER command economy
