Chapter 2

Question 0

_____ refers to a system that stresses the primary of collective goals over individual goals

Answer 0

Collectivism

Question 1

We refer to political, economic and legal systems as the _______ economy of a country

Answer 1

Political

Question 2

A group that believes socialism could be achieved thigh violent revolution and dictatorship is known as?

Answer 2

Communists

Question 3

Modern ______ trade their beliefs to Karl Marx

Answer 3

Socialists

Question 4

What country is the last major communist power left?

Answer 4

China

Question 5

Social democracy has had its greatest influence were?

Answer 5

Australia, Britain France Eric

Question 6

Experience has demonstrated that state ownership of the means of production

Answer 6

Leads to increased inefficiency, higher prices and higher taxes

Question 7

What is individualism?

Answer 7

Political philosophy that an individual should have freedom over their economic and political pursuits

Question 8

The Cold War was between what?

Answer 8

Collectivism and individualism

Question 9

Which political system has the the government by the people?

Answer 9

Democracy

Question 10

Which two political systems go hand in hand?

Answer 10

Democracy and individualism

Question 11

In representative democracy if an elected person fails to perform duties well what will happen?

Answer 11

They will be voted out in the next election

Question 12

Four major forms of totalitarianism are?

Answer 12

Communist, theocratic, trial and right wing

Question 13

What are the three broad types of economic systems?

Answer 13

Market economy, command economy and mixed economy

Question 14

What is influenced by the prevailing political system?

Answer 14

Economic systems

Question 15

In pure _______ economy all businesses are owned by the government

Answer 15

Command

Question 16

The ______ establishes a uniform set of rules for everyday commercial contracts between buyers and sellers

Answer 16

United Nations convention on contracts for the international sale of goods

Question 17

If you invent a new product, to protect yourself with rights to the product you would apply for a ______ on the product

Answer 17

Patent

Question 18

_______ are exclusive legal rights to authors and publishers to use their work as they see fit

Answer 18

Copyrights

Question 19

Which industry suffers the most from intellectual property rights?

Answer 19

Music

Question 20

What does PPP stand for?

Answer 20

Purchasing power parity

Question 21

What is GNP being replaced with?

Answer 21

GNI

Question 22

What is privitization?

Answer 22

The selling of state owned enterprises to private investors