1
MGCR 382 FINAL EXAM REVIEW/ACTUAL EXAM
QUESTIONS WITH ALL PASSED SOLUTIONS/NEWEST
UPDATE
Political Economy - ...(ANSWERS)....term that stresses the political, economic and
legal systems of a country are interdependent
- they interact with and influence each other
- they affect the level of economic well-being
Political System - ...(ANSWERS)....the system of government in a nation
can be assessed according to 2 dimensions
1. the degree to which they emphasize collectivism as opposed to individualism
2. the degree to which they are democratic or totalitarian
dimensions are interrelated
systems that emphasize collectivism tend to lean toward totalitarianism
those that place a high value on individualism tend to be democratic
large gray area exists in the middle - it is possible to have democratic societies
that emphasize a mix of collectivism and individualism
also, possible to have totalitarian societies that are not collectivist
Collectivism - ...(ANSWERS)....refers to a political system that stresses the
primacy of collective goals over individual goals
when emphasized, the needs of society as a whole are generally viewed as being
more important than individual freedoms
Plato's argument for collectivism
, 2
argued that individual rights should be sacrificed for the good of the majority and
that property should be owned in common
Socialism - ...(ANSWERS)....roots in Karl Marx who argued that the few benefit at
the expense of the many in a capitalist society where individuals freedoms are not
restricted
postulated that the wages earned by the majority of workers in a capitalist
society would be forced down to subsistence levels
argued that capitalists expropriate for their own use the value created by
workers, while paying workers only subsistence wages in return
the pay of workers does not reflect the full value of their labour
- Socialists believe that sharing ownership of the means of production equally
among society would increase people's quality of life
- advocates that the means of production, distribution, and exchange should be
owned or regulated by the community as a whole
Communists - ...(ANSWERS)....believed that socialism could be achieved only
through violent revolution and totalitarian dictatorship
Social Democrats - ...(ANSWERS)....committed themselves to achieving socialism
by democratic means, turning their backs on violent revolution and dictatorship
Social Democracy - ...(ANSWERS)....had the greatest influence in a number of
democratic western nation ex. Australia, Denmark, Finland, Germany, Great
Britain etc. where social democratic parties have often held political power
, 3
Privatization - ...(ANSWERS)....selling of state-owned enterprises to private
investors
Individualism - ...(ANSWERS)....the opposite of collectivism
refers to a philosophy that an individual should have freedom in their economic
and political pursuits
stresses that the interests of the individual should take precedence over the
interests of the state
individual economic and political freedoms are the ground rules on which a
society should be based
can be traced to an ancient Greek philosopher, Aristotle
Aristotle on Individualism - ...(ANSWERS)....argued that individual diversity and
private ownership are desirable
argued that private property is more highly productive than communal property
and will stimulate progress
Individualism is built on 2 central tenets
emphasis on the importance of guaranteeing individual freedom and self-
expression
the welfare of society is best served by letting people pursue their own economic
self-interest, as opposed to some collective body ex. government dictating what is
in society's best interest
, 4
Democracy - ...(ANSWERS)....refers to a political system in which government is
by the people, exercised either directly or through elected representatives
Totalitarianism
a form of government in which one person or political party exercises absolute
control over all spheres of human life and prohibits opposing political parties
** democracy and individualism go hand in hand, as do the communist version of
collectivism and totalitarianism
Representative Democracy - ...(ANSWERS)....ex. the U.S is a constitutional
republic
citizens periodically elect individuals to represent them
elected representatives then form a government whose function is to make
decisions on behalf of the electorate
to guarantee the elected representatives can be held accountable for their
actions by the electorate, an ideal representative democracy has a number of
safeguards that are typically enshrined in constitutional law... - ...(ANSWERS)....·
an individual's right to freedom of expression, opinion, and organization
· a free media
· regular elections in which all eligible citizens are allowed to vote
· universal adult suffrage
· limited terms for elected representatives
· a fair court system that is independent from the political system
· a nonpolitical state bureaucracy
MGCR 382 FINAL EXAM REVIEW/ACTUAL EXAM
QUESTIONS WITH ALL PASSED SOLUTIONS/NEWEST
UPDATE
Political Economy - ...(ANSWERS)....term that stresses the political, economic and
legal systems of a country are interdependent
- they interact with and influence each other
- they affect the level of economic well-being
Political System - ...(ANSWERS)....the system of government in a nation
can be assessed according to 2 dimensions
1. the degree to which they emphasize collectivism as opposed to individualism
2. the degree to which they are democratic or totalitarian
dimensions are interrelated
systems that emphasize collectivism tend to lean toward totalitarianism
those that place a high value on individualism tend to be democratic
large gray area exists in the middle - it is possible to have democratic societies
that emphasize a mix of collectivism and individualism
also, possible to have totalitarian societies that are not collectivist
Collectivism - ...(ANSWERS)....refers to a political system that stresses the
primacy of collective goals over individual goals
when emphasized, the needs of society as a whole are generally viewed as being
more important than individual freedoms
Plato's argument for collectivism
, 2
argued that individual rights should be sacrificed for the good of the majority and
that property should be owned in common
Socialism - ...(ANSWERS)....roots in Karl Marx who argued that the few benefit at
the expense of the many in a capitalist society where individuals freedoms are not
restricted
postulated that the wages earned by the majority of workers in a capitalist
society would be forced down to subsistence levels
argued that capitalists expropriate for their own use the value created by
workers, while paying workers only subsistence wages in return
the pay of workers does not reflect the full value of their labour
- Socialists believe that sharing ownership of the means of production equally
among society would increase people's quality of life
- advocates that the means of production, distribution, and exchange should be
owned or regulated by the community as a whole
Communists - ...(ANSWERS)....believed that socialism could be achieved only
through violent revolution and totalitarian dictatorship
Social Democrats - ...(ANSWERS)....committed themselves to achieving socialism
by democratic means, turning their backs on violent revolution and dictatorship
Social Democracy - ...(ANSWERS)....had the greatest influence in a number of
democratic western nation ex. Australia, Denmark, Finland, Germany, Great
Britain etc. where social democratic parties have often held political power
, 3
Privatization - ...(ANSWERS)....selling of state-owned enterprises to private
investors
Individualism - ...(ANSWERS)....the opposite of collectivism
refers to a philosophy that an individual should have freedom in their economic
and political pursuits
stresses that the interests of the individual should take precedence over the
interests of the state
individual economic and political freedoms are the ground rules on which a
society should be based
can be traced to an ancient Greek philosopher, Aristotle
Aristotle on Individualism - ...(ANSWERS)....argued that individual diversity and
private ownership are desirable
argued that private property is more highly productive than communal property
and will stimulate progress
Individualism is built on 2 central tenets
emphasis on the importance of guaranteeing individual freedom and self-
expression
the welfare of society is best served by letting people pursue their own economic
self-interest, as opposed to some collective body ex. government dictating what is
in society's best interest
, 4
Democracy - ...(ANSWERS)....refers to a political system in which government is
by the people, exercised either directly or through elected representatives
Totalitarianism
a form of government in which one person or political party exercises absolute
control over all spheres of human life and prohibits opposing political parties
** democracy and individualism go hand in hand, as do the communist version of
collectivism and totalitarianism
Representative Democracy - ...(ANSWERS)....ex. the U.S is a constitutional
republic
citizens periodically elect individuals to represent them
elected representatives then form a government whose function is to make
decisions on behalf of the electorate
to guarantee the elected representatives can be held accountable for their
actions by the electorate, an ideal representative democracy has a number of
safeguards that are typically enshrined in constitutional law... - ...(ANSWERS)....·
an individual's right to freedom of expression, opinion, and organization
· a free media
· regular elections in which all eligible citizens are allowed to vote
· universal adult suffrage
· limited terms for elected representatives
· a fair court system that is independent from the political system
· a nonpolitical state bureaucracy
