WGU C211 - Global Economics for Managers, Brian
Final Actual Exam With Complete Real
Questions And Correct Detailed Answers
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What core views lie at the root of the institution-based view on
global business and what propositions are the foundation of this
view?
It suggests that the success and failure of firms are enabled and
constrained by institutions.
(1) Managers and firms rationally pursue their interests and make
choices within legal constraints (bounded rationality)
(2) When formal constraints are unclear or fail, informal
constraints play a larger role.
The institution based view of global business is grounded upon
what?*
The success or failure of your business is enabled or constrained by
institutions.
,How is global business affected by totalitarianism?
Totalitarianism (also known as a dictatorship), which is defined
as a political system in which one person or party exercises
absolute
political control over the population.
These countries often experience wars, riots, protests, chaos, and
breakdowns, which result in higher political risk.
Democracy
Citizens elect representatives to govern the country on their
behalf.
Totalitarianism
One person exercises absolute political control over the
population.
What is civil law?
A law that uses statutes and laws to make legal judgments.
England and much of the world follow this, not the US though.
,What is common law?
A legal tradition that comes from previous judicial decisions.
Common law has more flexibility than civil law because judges
have to resolve specific disputes based on their interpretation of
the law, and such interpretation may give new meaning to the
law, which will shape future cases.
The US is Common Law.
Common law is more confrontational, because plaintiffs and
defendants, through their lawyers, must argue and help
judges to favorably interpret the law largely based on
precedents.
Examples are: Nuisance or defamation.
, What is theocratic law?
A legal system based on religious teachings.
Examples include Jewish law and Islamic law. Although Jewish law
is followed by some elements of the Israeli population, it is not
formally embraced by the Israeli government. Islamic law is the
only surviving
example of a theocratic legal system that is formally practiced by
some governments, such as those in Iran and Saudi Arabia
How do civil, common, and theocratic laws compare?
Common law has more flexibility than civil because judges
have to resolve issues based on their interpretation of the
law.
Civil law has less flexibility because judges only have the power to
apply the law.
Theocratic laws follow religious teachings only.
What is a property right?
The legal right to use a resource and to receive income and
benefits from it.
A fundamental economic function that legal systems protect.
Final Actual Exam With Complete Real
Questions And Correct Detailed Answers
(Verified Answers) Already Graded A+ |
Guaranteed Success!! LATEST UPDATE 2026-
2027 \BEST FOR EXAM PREP
What core views lie at the root of the institution-based view on
global business and what propositions are the foundation of this
view?
It suggests that the success and failure of firms are enabled and
constrained by institutions.
(1) Managers and firms rationally pursue their interests and make
choices within legal constraints (bounded rationality)
(2) When formal constraints are unclear or fail, informal
constraints play a larger role.
The institution based view of global business is grounded upon
what?*
The success or failure of your business is enabled or constrained by
institutions.
,How is global business affected by totalitarianism?
Totalitarianism (also known as a dictatorship), which is defined
as a political system in which one person or party exercises
absolute
political control over the population.
These countries often experience wars, riots, protests, chaos, and
breakdowns, which result in higher political risk.
Democracy
Citizens elect representatives to govern the country on their
behalf.
Totalitarianism
One person exercises absolute political control over the
population.
What is civil law?
A law that uses statutes and laws to make legal judgments.
England and much of the world follow this, not the US though.
,What is common law?
A legal tradition that comes from previous judicial decisions.
Common law has more flexibility than civil law because judges
have to resolve specific disputes based on their interpretation of
the law, and such interpretation may give new meaning to the
law, which will shape future cases.
The US is Common Law.
Common law is more confrontational, because plaintiffs and
defendants, through their lawyers, must argue and help
judges to favorably interpret the law largely based on
precedents.
Examples are: Nuisance or defamation.
, What is theocratic law?
A legal system based on religious teachings.
Examples include Jewish law and Islamic law. Although Jewish law
is followed by some elements of the Israeli population, it is not
formally embraced by the Israeli government. Islamic law is the
only surviving
example of a theocratic legal system that is formally practiced by
some governments, such as those in Iran and Saudi Arabia
How do civil, common, and theocratic laws compare?
Common law has more flexibility than civil because judges
have to resolve issues based on their interpretation of the
law.
Civil law has less flexibility because judges only have the power to
apply the law.
Theocratic laws follow religious teachings only.
What is a property right?
The legal right to use a resource and to receive income and
benefits from it.
A fundamental economic function that legal systems protect.
