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International Business Exam 1 Review
2026 | Comprehensive Q&A Answers For
Certification Success
Socialist - correct-answer -Someone who believes in public ownership of the
means of production for the common good of society
Communists - correct-answer -Those who believe socialism can be achieved only
through revolution and totalitarian dictatorship
Social Democrats - correct-answer -Those committed to achieving socialism by
democratic means
Privitization - correct-answer -The sale of state-owned enterprises to private
investors
Individualism - correct-answer -An emphasis on the importance of guaranteeing
individual freedom and self-expression
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Democracy - correct-answer -Political system in which government is by the
people, exercised either directly or through elected representatives
Totalitarianism - correct-answer -Form of government in which one person or
political party exercises absolute control over all spheres of human life and
opposing political parties are prohibited
Representative Democracy - correct-answer -A political system in which citizens
periodically elect individuals to represent them in government
Communist Totalitarianism - correct-answer -A version of collectivism advocating
that socialism can be achieved only through a totalitarian dictatorship
Theocratic Totalitarianism - correct-answer -A political system in which political
power is monopolized by a party, group, or individual that governs according to
religious principles
Tribal Totalitarianism - correct-answer -A political system in which a party, group,
or individual that represents the interests of a particular tribe (ethnic group)
monopolizes political power
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Right-Wing Totalitarianism - correct-answer -A political system in which political
power is monopolized by a party, group, or individual that generally permits
individual economic freedom but restricts individual political freedom, including
free speech, often on the grounds that it would lead to the rise of communism
Market Economy - correct-answer -An economic system in which the interaction
of supply and demand determines the quantity in which goods and services are
produced
Command Economy - correct-answer -An economic system where the allocation
of resources, including determination of what goods and services should be
produced, and in what quantity, is planned by the government
Legal system - correct-answer -System of rules that regulate behavior and the
processes by which the laws of a country are enforced and through which redress
of grievances is obtained
Common Law - correct-answer -A system of law based on tradition, precedent,
and custom; when law courts interpret common law, they do so with regard to
these characteristics
International Business Exam 1 Review
2026 | Comprehensive Q&A Answers For
Certification Success
Socialist - correct-answer -Someone who believes in public ownership of the
means of production for the common good of society
Communists - correct-answer -Those who believe socialism can be achieved only
through revolution and totalitarian dictatorship
Social Democrats - correct-answer -Those committed to achieving socialism by
democratic means
Privitization - correct-answer -The sale of state-owned enterprises to private
investors
Individualism - correct-answer -An emphasis on the importance of guaranteeing
individual freedom and self-expression
,2|Page
Democracy - correct-answer -Political system in which government is by the
people, exercised either directly or through elected representatives
Totalitarianism - correct-answer -Form of government in which one person or
political party exercises absolute control over all spheres of human life and
opposing political parties are prohibited
Representative Democracy - correct-answer -A political system in which citizens
periodically elect individuals to represent them in government
Communist Totalitarianism - correct-answer -A version of collectivism advocating
that socialism can be achieved only through a totalitarian dictatorship
Theocratic Totalitarianism - correct-answer -A political system in which political
power is monopolized by a party, group, or individual that governs according to
religious principles
Tribal Totalitarianism - correct-answer -A political system in which a party, group,
or individual that represents the interests of a particular tribe (ethnic group)
monopolizes political power
, 3|Page
Right-Wing Totalitarianism - correct-answer -A political system in which political
power is monopolized by a party, group, or individual that generally permits
individual economic freedom but restricts individual political freedom, including
free speech, often on the grounds that it would lead to the rise of communism
Market Economy - correct-answer -An economic system in which the interaction
of supply and demand determines the quantity in which goods and services are
produced
Command Economy - correct-answer -An economic system where the allocation
of resources, including determination of what goods and services should be
produced, and in what quantity, is planned by the government
Legal system - correct-answer -System of rules that regulate behavior and the
processes by which the laws of a country are enforced and through which redress
of grievances is obtained
Common Law - correct-answer -A system of law based on tradition, precedent,
and custom; when law courts interpret common law, they do so with regard to
these characteristics
