International business

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1. Under the _____, cases are judged with reference to three characteristics: tradition, precedent, and custom.

  • common law system
  • theocratic law system
  • civil law system
  • contract law system
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2. According to Ricardo's theory of comparative advantage, a country should produce goods _____.

  • that it produces most efficiently
  • for which it has an absolute advantage
  • for which it has access to raw materials
  • that have the highest domestic demand

3. Which of the following explains why economic integration has never been easy to achieve or sustain, despite the strong economic and political arguments in support?

  • Linking neighboring economies and making them increasingly dependent on each other creates little incentives for political cooperation.
  • No country has shown significant improvement because of economic integration.
  • While a nation as a whole may benefit significantly, certain groups may lose.
  • Countries fear a reduction of their political weight in the world because of economic integration.

4. Although globalization may bring economic growth, critics nevertheless contend that ________.

  • The cultural foundations of sovereignty are supported by globalization
  • The inequality of gains puts some people in a relatively worse economic situation
  • This growth is mainly for the future, thus ignoring present economic growth needs
  • The inequality of gains puts some people in a relatively worse economic situation

5. The tenet of _____ is that the welfare of society is best served by letting people pursue their own economic self-interest.

  • individualism
  • anarchism
  • socialism
  • communism

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