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INTB 200 EXAM 1, 2, AND FINAL EXAM | ALL QUESTIONS AND
CORRECT ANSWERS | VERIFIED ANSWERS | GRADED A+ |
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INTB 200 EXAM 1
In 2008, the U.S. government stepped in to help some failing financial institutions to prevent further collapse of the economy. Typically, the U.S. government does not interfere in these situations. This activity indicates that the U.S. operates under a __________ economy. A) command B) centrally planned C) pure market D) mixed E) laissez-faire ---------CORRECT ANSWER-----------------D) mixed Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprises, while laws enacted by governments in democratic states, where individualism is the dominant political philosophy, tend to be pro-private enterprise and pro-consumer. This indicates that the: A) economic system of a country is independent of its legal system. B) legal system of a country is not influenced by the prevailing political system. C) legal system does not affect the attractiveness of a country as an investment site or market.
D) all countries have the same legal environments. E) the legal framework of a country reflects the rulers' dominant political ideology. ---------CORRECT ANSWER-----------------E) the legal framework of a country reflects the rulers' dominant political ideology. The __________ system of a country encompasses the process through which redress for grievances is obtained. A) economic B) theocratic C) legal D) demographic E) political ---------CORRECT ANSWER-----------------C) legal Which legal system evolved in England over hundreds of years? A) common law B) civil law C) autocracy law D) monarchy law E) universal law ---------CORRECT ANSWER-----------------A) common law Nolan is a lawyer representing Killian Auto Group in a lawsuit. During the trial, Nolan referred to a court case from twenty years ago and asked the witness if she felt Killian Auto Group had acted in a similar manner as the
C) common D) traditional E) religious ---------CORRECT ANSWER-----------------A) civil Under a civil law system, it is the responsibility of a judge only to __________ the law. A) create B) apply C) assess D) interpret E) update ---------CORRECT ANSWER-----------------B) apply When comparing contracts in common law and civil law systems, it can be said that: A) contracts drafted under a common law system tend to be longer than those drafted under a civil law system. B) contracts drafted under a civil law system tend to be more specific than those drafted under a common law system. C) it is more expensive to draw up contracts in a civil law system than in a common law system. D) resolving contract disputes tends to be less adversarial in common law systems than in civil law systems.
E) civil law systems allow for judges to interpret a contract dispute, but this feature is absent in common law systems. ---------CORRECT ANSWER----- ------------A) contracts drafted under a common law system tend to be longer than those drafted under a civil law system. The United Nations created CISG in response to __________ that occur in international trade. A) contract disputes B) environmental concerns C) political uprisings D) tariff differences E) foreign exchange rates ---------CORRECT ANSWER-----------------A) contract disputes When firms do not wish to accept the rules of the CISG, what do they often opt for to settle contract disputes? A) UN involvement B) arbitration C) collective bargaining D) common law system of the United States E) Islamic law ---------CORRECT ANSWER-----------------B) arbitration When considering the legal use of the word, __________ is the term given to a resource over which an individual or business holds a legal title.
B) World Bank C) Peace Corps D) International Monetary Fund E) United Nations ---------CORRECT ANSWER-----------------D) International Monetary Fund Which scenario best demonstrates foreign direct investment? A) Lux Linens, a fabric conglomerate in the United States, imports raw silk from China and Italy. B) Domesticity, a U.S.-based office furniture company, has set up its own assembly plant in Japan to cater to the needs of the Asian market. C) Super Blooms, a reputable vegetable plant company in Holland, exports tomato, pepper, and potato garden plants across the globe. D) Salia started a Polish restaurant in her home country, the United States, after she took cooking lessons from a well-known chef in Poland. E) Ups n Downs Inc., a Chinese firm, supplies roller coaster components in the United States. ---------CORRECT ANSWER-----------------B) Domesticity, a U.S.-based office furniture company, has set up its own assembly plant in Japan to cater to the needs of the Asian market. The main goal of GATT was to A) limit foreign competition. B) make loans to struggling nations. C) increase domestic competition.
D) privatize state-owned organizations. E) reduce trade barriers. ---------CORRECT ANSWER-----------------E) reduce trade barriers. What is implied by the fact that in today's marketplace, the volume of world trade has been growing faster than world GDP? A) More companies are relying on domestic firms to obtain parts of their production process. B) The economies of the world's nation-states are becoming more intertwined. C) Fewer companies are dispersing parts of their production process to locations around the globe. D) The world has experienced a loss of overall wealth in the last two decades. E) More countries are imposing trade barriers to minimize competition. ------ ---CORRECT ANSWER-----------------B) The economies of the world's nation-states are becoming more intertwined. What country has seen a relative decline in its share of world output between 1960 and 2018? A) United States B) Brazil C) Thailand D) China E) South Korea ---------CORRECT ANSWER-----------------A) United States
A) containerization. B) JIT inventory systems. C) government-imposed quotas. D) air and railway systems. E) the Internet. ---------CORRECT ANSWER-----------------E) the Internet. What country in Latin America has seen a significant expansion in their economy in the past two decades? A) Argentina B) Peru C) Chile D) Paraguay E) Panama ---------CORRECT ANSWER-----------------C) Chile Which statement reflects a general implication of globalization? A) Globalization is inevitable. B) Fewer nations are joining the ranks of the developed world. C) Globalization has no negative impacts on the economies of the developed world. D) Globalization has reduced the risks associated with global financial contagion.
E) The COVID-19 pandemic called into question the wisdom of relying on globally dispersed production systems. ---------CORRECT ANSWER---------- -------E) The COVID-19 pandemic called into question the wisdom of relying on globally dispersed production systems. An argument in support of the falling barriers to international trade and investment is that the falling barriers: A) prohibit countries from specializing in the production of goods and services. B) drive the global economy toward greater prosperity. C) reduce the need to export jobs overseas. D) increase the bargaining power of business firms by decreasing the incomes of consumers. E) reduce attacks from foreign competitors. ---------CORRECT ANSWER---- -------------B) drive the global economy toward greater prosperity. Those who support globalization recognize that while some concessions occur during the process of globalization, ultimately, it still works because: A) all retaliatory trade policies have been eliminated. B) the benefits outweigh the costs. C) democratic governments follow this pattern. D) the costs affect very few people. E) nations need to import goods they are efficient at producing. --------- CORRECT ANSWER-----------------B) the benefits outweigh the costs.
B) small pockets of the United States and Japan. C) small fringe nations. D) eastern Europe. E) large Westernized countries. ---------CORRECT ANSWER----------------- C) small fringe nations. The sale of state-owned enterprises to independent, nonpublic investors is referred to as: A) privatization. B) nationalization. C) collectivism. D) communalism. E) public action. ---------CORRECT ANSWER-----------------A) privatization. The Greek philosopher Aristotle argued for diversity and private ownership. This laid the groundwork for: A) collectivism. B) individualism. C) socialism. D) totalitarianism. E) communism. ---------CORRECT ANSWER-----------------B) individualism.
A nation based on individualism would agree that: A) communal property is more highly productive than private property. B) public good should be preferred over private profit. C) state-owned companies should monopolize certain industries. D) the welfare of society is best served by some collective body such as government. E) self-expression must be guaranteed. ---------CORRECT ANSWER--------- --------E) self-expression must be guaranteed. Nations that limit the freedom of religious expression with laws based on religious principles follow the political system of: A) theocratic totalitarianism. B) communist totalitarianism. C) right-wing totalitarianism. D) pure democracy. E) representative democracy. ---------CORRECT ANSWER-----------------A) theocratic totalitarianism. Right-wing totalitarianism restricts political freedom to inhibit the rise of: A) a pure democracy. B) communism.
Future Electric Corp. wants to establish operations in Europe but decides against it when officials demand a bribe in order for the company to open the office. This bribe is an example of: A) a market economy. B) a laissez-faire policy. C) a public action. D) a mixed economy. E) a private action. ---------CORRECT ANSWER-----------------C) a public action. Which term best represents the relationship between the level of corruption and economic growth rate in a country? A) directly proportional B) inversely proportional C) independent D) positive correlation E) zero correlation ---------CORRECT ANSWER-----------------B) inversely proportional In the United States, the Foreign Corrupt Practices Act was passed during the 1970s following revelations that: A) U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts.
B) U.S. companies were involved in bribing U.S. government officials in cases related to major corporate and accounting scandals. C) U.S. government bureaucrats demanded bribes from U.S. companies in return for a permit to operate in a foreign country. D) several companies were selling their products at lower prices in foreign countries than in the United States. E) successful business owners in the United States often had to pay "protection money" to the Mafia or face violent retribution. --------- CORRECT ANSWER-----------------A) U.S. companies had bribed government officials in foreign countries in an attempt to win lucrative contracts. Grease payments or speed money are allowable under U.S. law to expedite the: A) implementation of a new government office. B) incoming federal income tax. C) performance of a routine government action. D) creation of new state-owned business. E) breach of the rule of law. ---------CORRECT ANSWER-----------------C) performance of a routine government action. Products of the mind, such as computer software, a screenplay, a music score, or the chemical formula for a new drug, constitute: A) assets which receive no protection under law. B) non-performing assets.
Product __________ law holds a firm and its officers responsible when a product causes injury, death, or damage. A) equity B) consumption C) liability D) parity E) testing ---------CORRECT ANSWER-----------------C) liability Which of these individuals can claim product liability from the offender? A) Brett wants to sue a multinational company for mass manufacturing one of his inventions without purchasing the rights. B) Nora's patented earring designs have been imitated and sold at a low price under her brand name. C) The steering wheel on Geoff's compact car malfunctioned while still under warranty and caused him to crash. D) Connor has accused his employer of forcing him and his teammates to work in an unsafe environment E) Veronica claims that her neighbor has stolen valuable antiques from her house. ---------CORRECT ANSWER-----------------C) The steering wheel on Geoff's compact car malfunctioned while still under warranty and caused him to crash. A nation that has __________ would be unappealing as a place for doing business.
A) a market-based economic system B) a strong legal system C) a democratic political institution D) strong property rights E) a totalitarian political system ---------CORRECT ANSWER-----------------E) a totalitarian political system If a country wants to improve its attractiveness as a place for doing business and as an investment site, it should: A) oppose the rule of law. B) ensure that the economic activity is heavily regulated by the state. C) move toward a market-based system. D) extensively restrict property rights. E) avoid enforcing intellectual property laws. ---------CORRECT ANSWER-- ---------------C) move toward a market-based system. A country's __________ measures the total annual income received by residents of a country and is regarded as a yardstick for the economic activity of a country. A) income elasticity of demand B) gross national product C) net cash flow ratio D) gross national income
