These questions are kicking my butt. I need help and an explanation.
Which of the following is an advantage of a market economy?
The state owns all means of production.
Commercialization of innovative new products is prevented.
It is the state, rather than the individual, that captures most of the gains.
Any individual who has an innovative idea is free to try to make money out of that idea by starting a business.
In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. This process is called:
revitalization.
unemployment management.
privatization.
nationalization.
Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprise, whereas the 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 how:
the legal system of a country can shape its economic system.
the legal system of a country is influenced by the prevailing political system.
the economic system of a country can be undermined by its legal system.
the political system of a country is insulated from its legal system.
14.
Contracts drafted under a common law framework tend to be_____, while those drafted under civil law tend to be _____.
inexpensive to draft; more adversarial
very short; much more detailed
very detailed; less specific
inflexible; more open to interpretation
A representative democracy is not an essential factor for economic development and totalitarian governments have displayed that it is possible to attain high rates of economic growth. Which of the following countries best supports the above argument?
China
India
North Korea
Zimbabwe
The common law system enjoys a degree of flexibility not found in other systems because:
common law system is usually found in democratic republics.
common law system is based on codified laws that encompass a wide spectrum of cases.
common law system originated from Great Britain and can be found in almost all of its former colonies.
law courts can interpret common law with regard to tradition, precedent, and custom.
A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this:
makes it cheaper to do business in the country.
raises ethical issues in doing business in the country.
offers American businesses protection from foreign competitors.
makes American businesses less competitive in the global marketplace.
Which of the following is an advantage of a market economy?
The state owns all means of production.
Commercialization of innovative new products is prevented.
It is the state, rather than the individual, that captures most of the gains.
Any individual who has an innovative idea is free to try to make money out of that idea by starting a business.
In mixed economies, governments sometimes tend to take into state ownership troubled firms whose continued operation is thought to be vital to national interests. This process is called:
revitalization.
unemployment management.
privatization.
nationalization.
Collectivist-inclined totalitarian states tend to enact laws that severely restrict private enterprise, whereas the 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 how:
the legal system of a country can shape its economic system.
the legal system of a country is influenced by the prevailing political system.
the economic system of a country can be undermined by its legal system.
the political system of a country is insulated from its legal system.
14.
Contracts drafted under a common law framework tend to be_____, while those drafted under civil law tend to be _____.
inexpensive to draft; more adversarial
very short; much more detailed
very detailed; less specific
inflexible; more open to interpretation
A representative democracy is not an essential factor for economic development and totalitarian governments have displayed that it is possible to attain high rates of economic growth. Which of the following countries best supports the above argument?
China
India
North Korea
Zimbabwe
The common law system enjoys a degree of flexibility not found in other systems because:
common law system is usually found in democratic republics.
common law system is based on codified laws that encompass a wide spectrum of cases.
common law system originated from Great Britain and can be found in almost all of its former colonies.
law courts can interpret common law with regard to tradition, precedent, and custom.
A boom in product liability suits and awards in the United States resulted in a dramatic increase in the cost of liability insurance. Many business executives argue that this:
makes it cheaper to do business in the country.
raises ethical issues in doing business in the country.
offers American businesses protection from foreign competitors.
makes American businesses less competitive in the global marketplace.