1
MGCR 382 FINAL EXAM REVIEW/ACTUAL EXAM
QUESTIONS WITH ALL PASSED
SOLUTIONS/NEWEST UPDATE for a Specific
Exam Mail
Political Economy
Ans: 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
Ans: 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
Pretest - Stuvia US
,2
Ans: 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
argued that individual rights should be sacrificed for the good of the majority
and that property should be owned in common
Socialism
Ans: 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
Ans: believed that socialism could be achieved only through violent
revolution and totalitarian dictatorship
Social Democrats
Pretest - Stuvia US
,3
Ans: committed themselves to achieving socialism by democratic means,
turning their backs on violent revolution and dictatorship
Social Democracy
Ans: 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
Privatization
Ans: selling of state-owned enterprises to private investors
Individualism
Ans: 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
Pretest - Stuvia US
, 4
Ans: 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
Democracy
Ans: 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
Ans: 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
Pretest - Stuvia US
MGCR 382 FINAL EXAM REVIEW/ACTUAL EXAM
QUESTIONS WITH ALL PASSED
SOLUTIONS/NEWEST UPDATE for a Specific
Exam Mail
Political Economy
Ans: 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
Ans: 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
Pretest - Stuvia US
,2
Ans: 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
argued that individual rights should be sacrificed for the good of the majority
and that property should be owned in common
Socialism
Ans: 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
Ans: believed that socialism could be achieved only through violent
revolution and totalitarian dictatorship
Social Democrats
Pretest - Stuvia US
,3
Ans: committed themselves to achieving socialism by democratic means,
turning their backs on violent revolution and dictatorship
Social Democracy
Ans: 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
Privatization
Ans: selling of state-owned enterprises to private investors
Individualism
Ans: 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
Pretest - Stuvia US
, 4
Ans: 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
Democracy
Ans: 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
Ans: 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
Pretest - Stuvia US
