1
MGCR 382 FINAL EXAM/ACTUAL EXAM QUESTIONS
WITH ALL PASSED SOLUTIONS/NEWEST UPDATE
Political System - ...(ANSWERS)....Collectivism vs Individualism
Democratic vs Totalitarianism
Collectivism - ...(ANSWERS)....Collective goals over individual goals
- Does not believe individual rights is for "the good of society" or "common good"
- Society should be stratified into classes
- YES by the soviet union in the cold war
Capitalist Society - ...(ANSWERS)....Benefit from workers but does not pay
workers what they are worth
Socialism - ...(ANSWERS)....Everything is state owned so they can focus on
community rather than individual profit
- If it's public they have to treat workers well and ensure they are well
compensated
Communism - ...(ANSWERS)....Socialism can be achieved through violent
revolution and totalitarian dictatorship
Social democrats - ...(ANSWERS)....Socialism can be achieved by democratic
means, not violence and dictatorship
, 2
Privatization - ...(ANSWERS)....Parties sold state-owned enterprises to private
investors
- State ownership was not wanted because companies would perform poorly
(paid higher prices and taxes)
Individualism - ...(ANSWERS)....- Guarantee freedom and self-expression
- Letting people pursue their own economic self-interest
- Individual diversity and private ownership are desirable
- Private property is more productive than communal it has more care (think
about bathrooms)
- YES by the US in the cold war
Democracy - ...(ANSWERS)....Government is by the people either directly or
through elected representatives
- Representative democracy: Citizens periodically elect representatives
Totalitarianism - ...(ANSWERS)....One person or political party has total control
(freedom of expression, free media, regular election are denied)
1. Communist totalitarianism: Socialism (China, North Korea)
2. Theocratic totalitarianism: Monopolized by a party, group, or individual that
governs according to religious principles (Islam in Iran and Saudi Arabia: limits
people from religious expression
3. Tribal totalitarianism: Political party represents a particular tribe not a majority
tribe monopolizes power (Africa)
, 3
4. Right-wing totalitarianism: Some individual economic freedom but restricts
individual political freedom (fear of communism - backed by Military, Asia)
Pseudo Democracies - ...(ANSWERS)....Nations are in between pure democracies
or complete totalitarianism systems
- People with authority deny basic political and civil liberties
(Putin is elected but he puts restrictions on opposing campaigns)
Economic Systems - ...(ANSWERS)....- Market Economy
- Command Economy
- Mixed Economy
Market Economy - ...(ANSWERS)....Activities are privately owned
- Production is determined by supply and demand (product exceeds supply, price
will rise, supply exceeds demand, price falls)
- Single firm cannot monopolize a market - monopolist is inefficient, high priced
and low quality
- Government should encourage fair and free competition between private
producers
Command Economy - ...(ANSWERS)....Government controls everything (they can
direct to make investments in the interest of the nation than individuals)
- State-owned enterprise have little incentive to control cost, innovate and be
efficient since they don't go out of business
, 4
- Found in communist countries with collectivism
Mixed Economy - ...(ANSWERS)....Mix between market and command economies
- Government will help troubled state owned first from collapsing if they are
important to national interests (will further industries - China being a major
provider for information technology by making loans below-market interest rates)
- Pro market-based argue that politicians cannot make good decisions on
industrial investments
Legal Systems - ...(ANSWERS)....- Common Law
- Civil Law
- Theocratic Law
Common Law - ...(ANSWERS)....Based on tradition (legal history), precedent
(cases from courts in the past), custom (ways laws are applied)
- Most amount of flexibility (up to the judges)
- Power to interpret law
- Very detailed so it is more expensive
Civil law - ...(ANSWERS)....Based on details of laws organized into codes
- Less conflict because it is on legal codes not interpretation
- Power to apply law
- Contract law is less specific and shorter since a lot of it was already covered
MGCR 382 FINAL EXAM/ACTUAL EXAM QUESTIONS
WITH ALL PASSED SOLUTIONS/NEWEST UPDATE
Political System - ...(ANSWERS)....Collectivism vs Individualism
Democratic vs Totalitarianism
Collectivism - ...(ANSWERS)....Collective goals over individual goals
- Does not believe individual rights is for "the good of society" or "common good"
- Society should be stratified into classes
- YES by the soviet union in the cold war
Capitalist Society - ...(ANSWERS)....Benefit from workers but does not pay
workers what they are worth
Socialism - ...(ANSWERS)....Everything is state owned so they can focus on
community rather than individual profit
- If it's public they have to treat workers well and ensure they are well
compensated
Communism - ...(ANSWERS)....Socialism can be achieved through violent
revolution and totalitarian dictatorship
Social democrats - ...(ANSWERS)....Socialism can be achieved by democratic
means, not violence and dictatorship
, 2
Privatization - ...(ANSWERS)....Parties sold state-owned enterprises to private
investors
- State ownership was not wanted because companies would perform poorly
(paid higher prices and taxes)
Individualism - ...(ANSWERS)....- Guarantee freedom and self-expression
- Letting people pursue their own economic self-interest
- Individual diversity and private ownership are desirable
- Private property is more productive than communal it has more care (think
about bathrooms)
- YES by the US in the cold war
Democracy - ...(ANSWERS)....Government is by the people either directly or
through elected representatives
- Representative democracy: Citizens periodically elect representatives
Totalitarianism - ...(ANSWERS)....One person or political party has total control
(freedom of expression, free media, regular election are denied)
1. Communist totalitarianism: Socialism (China, North Korea)
2. Theocratic totalitarianism: Monopolized by a party, group, or individual that
governs according to religious principles (Islam in Iran and Saudi Arabia: limits
people from religious expression
3. Tribal totalitarianism: Political party represents a particular tribe not a majority
tribe monopolizes power (Africa)
, 3
4. Right-wing totalitarianism: Some individual economic freedom but restricts
individual political freedom (fear of communism - backed by Military, Asia)
Pseudo Democracies - ...(ANSWERS)....Nations are in between pure democracies
or complete totalitarianism systems
- People with authority deny basic political and civil liberties
(Putin is elected but he puts restrictions on opposing campaigns)
Economic Systems - ...(ANSWERS)....- Market Economy
- Command Economy
- Mixed Economy
Market Economy - ...(ANSWERS)....Activities are privately owned
- Production is determined by supply and demand (product exceeds supply, price
will rise, supply exceeds demand, price falls)
- Single firm cannot monopolize a market - monopolist is inefficient, high priced
and low quality
- Government should encourage fair and free competition between private
producers
Command Economy - ...(ANSWERS)....Government controls everything (they can
direct to make investments in the interest of the nation than individuals)
- State-owned enterprise have little incentive to control cost, innovate and be
efficient since they don't go out of business
, 4
- Found in communist countries with collectivism
Mixed Economy - ...(ANSWERS)....Mix between market and command economies
- Government will help troubled state owned first from collapsing if they are
important to national interests (will further industries - China being a major
provider for information technology by making loans below-market interest rates)
- Pro market-based argue that politicians cannot make good decisions on
industrial investments
Legal Systems - ...(ANSWERS)....- Common Law
- Civil Law
- Theocratic Law
Common Law - ...(ANSWERS)....Based on tradition (legal history), precedent
(cases from courts in the past), custom (ways laws are applied)
- Most amount of flexibility (up to the judges)
- Power to interpret law
- Very detailed so it is more expensive
Civil law - ...(ANSWERS)....Based on details of laws organized into codes
- Less conflict because it is on legal codes not interpretation
- Power to apply law
- Contract law is less specific and shorter since a lot of it was already covered
