Question 1

Contracts drafted under a common law framework tend to be very detailed with all contingencies spelled out.

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Question 2

Private action to violate property rights occurs when public officials,such as politicians and government bureaucrats,extort income,resources,or the property itself from property holders.

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Question 3

The benefits,costs,and risks associated with doing business in a country are independent of that country's political,economic,and legal systems.

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Question 4

Which of the following terms best represents the system of government in a nation?

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Question 5

Which of the following systems is a part of the political economy?

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Question 6

Liability laws are typically least extensive in highly developed nations.

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Question 7

When firms do not wish to accept the Contracts for the International Sale of Goods,they often opt for arbitration by a recognized arbitration court to settle contract disputes.

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Question 8

International businesses lobby their respective governments to push for international agreements to ensure that intellectual property rights are protected and that the law is enforced.

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Question 9

When law courts interpret civil law,they do so with regard to tradition,precedent,and custom.

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Question 10

When intellectual property laws are lax,firms are at a greater risk of having their ideas stolen by local entrepreneurs.

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Question 11

Intellectual property laws stimulate innovation and creative work.

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Question 12

Bribes are legal payments meant to facilitate performance of duties that the recipients are already obligated to perform.

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Question 13

By adopting the Contracts for the International Sale of Goods (CIGS),a nation signals to other adopters that it will treat the convention's rules as part of its law.

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Question 14

When product safety laws are tougher in a firm's home country than in a foreign country,the ethical thing to do is to adhere to home-country standards.

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Question 15

The term "public action" refers to the exclusive legal rights of authors,composers,playwrights,artists,and publishers to publish and disperse their work as they see fit.

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Question 16

Islamic law is primarily a moral rather than a commercial law and is intended to govern all aspects of life.

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Question 17

Judges under a civil law system have less flexibility than those under a common law system.

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Question 18

Other things being equal,a nation with democratic political institutions,is clearly more attractive as a place in which to do business than a nation that lacks democratic institutions.

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Question 19

Which of the following statements is true about political systems?

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Question 20

Compared to common law system,it is more expensive to draw up contracts in a civil law jurisdiction.

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Quiz 2: National Differences in Political Economy