What are the three different legal systems? And what are they based on.

Common law: Based on tradition.

Civil law: Based on detailed law code.

Theocratic law: Based on religious teaching.

What are the three trends that mark the states of transition of political economy?

The Democratic revolution during the late 1980s and early 1990s, leading to a greater commitment to free market capitalism.

Moving toward free market economies.

Shifting back toward greater authoritarianism in some countries creates more restrictions to free market model.

What are the three reasons that make democracy more popular?

Totalitarian regimes failed to deliver economic progress to their nation.

Mass communication decreases effectiveness of propaganda.

Economic advancement led to a push for democratic reform.

What are the three levels of culture? And what is the meaning?

National culture, the dominant set of values and norms that define nation-state.

Business culture, an acceptable way to conduct business in the society that is related back to their norms, values, and beliefs of the society.

Occupational and organizational culture, a set of norms, values, and beliefs that is expected for people in the occupation or organization to have.

What are the two types of social stratification? Defined them.

Caste system, you are born into a social position and cannot be changed.

Class system, your social status can be changed according to your achievement and luck.

What are the six Hofstede dimensions of culture and their meaning?

Power distance: The perception of inequality is based on a person’s physical and intellectual capability. High meaning more people belief in inequalities.

Individualism and collectivism: Individualism is more individual based on goal and achievement, but collectivism view more about maintaining relationships and social harmony.

Uncertainty avoidance: How much different culture accept ambiguous situations and tolerate the uncertainty.

Masculinity and Femininity: Achievement and Success oriented (Masculine, achievement. Feminine, quality of life oriented).

Long-term and short-term: Acceptance of gratification either in short term or long term.

What is mercantilism?

The theory of which focuses on exporting more than importing. Where government encourage trade surplus and try their best to advocate for it.

Viewed that trade is a zero-sum game where one party gains are another party loss.

What is comparative advantage theory?

Created by David Ricardo, and the theory suggests that country should produce what they can most efficiently produce and trade for product that they can produce least efficiently.

Believed that trade is a positive sum game where both parties gain from trade.

What are the stages of the product life cycle?

Market Development: Demand for the product is for the high-income group in the country.

Growth: Prices remain high and sale rise.

Maturity: As products mature, production is optimized, and competition is high.

Decline: Product market share declines due to the high number of competitors, production decreases or reintroducing product with new version of the product.

What is the New Trade Theory?

The idea that nation can still benefit from trade even if there is no difference in resources or technology in production.

Specializing in a narrow range of products and then trade with other countries for goods that are not made within the country to reduce cost of goods and increase variety of products available in the market.

What are the four main principles of Porter Diamond and what does Portor Diamond suggest? Defined them.

Porter Diamond suggests that one factor is not enough to help a nation to have dominate in international stage.

Firm Strategy, Structure, and Rivalry: Ideology of the firms that affected their growth. Also, the domestic rivalry helps drive firms to be competitive in the industry.

Factor Endowments: The resources that nation has in hand, like natural resources, location, climate, skilled labour, infrastructure, etc.

Demand Conditions: Home demand for the product or services.

Related and Supporting Industries: The amount of supplier and related industries that may affect the contribution that help grow related industries.

What are the seven main instruments of trade policy? Define them and their pros and cons.

Subsidies: A government fund that is given to domestic producers to help compete against foreign producers. Pros: Advantage in export market, Help domestic producers against low-cost foreign producers. Cons: Consumers absorbed the cost of subsidies through tax.

Tariff: Tax imposed on imports. Pros: Act as protection for domestic producers and increases government revenue. Cons: Reduce the efficiency of the world economy.

Import Quotas: Restricted amount of goods that can be imported into the country. Pros: Protect domestic producers. Cons: Reduction in competition and could lead to higher prices for consumers.

Voluntary Export Restraints: A self-imposed restriction on the amount of goods exported. Pros: Avoid trade war. Cons: Increase in price for consumers.

Local Content Requirement: Regulation that demands every good in the industry to use either domestic goods, services, or labour. Pros: Increases revenue for domestic goods, services, and labours. Cons: Discriminate against foreign goods and increase prices for consumers.

What are the two types of tariffs? Defined them.

Specific tariff, fixed charge for each unit of goods.

Ad Valorem tariff, proportion normally percentage of the total value of good.

What is the economic case for regional integration?

It can achieve additional gain from free flow of trade and investment between countries.

Easier to form an agreement between a few countries.

What is the political case for regional integration?

Decreases the likelihood of war or violent conflict.

Giving more influence between countries and making them politically stronger.

What are the problems with regional integration?

It can be costly as a certain group may lose.

Result in the loss of national sovereignty.

What are the benefits of the creation of the Euros?

Easier to compare prices across Europe

Increases greater efficiency in production because of increases in competition.

IBM

Quiz

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Others

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12th Grade

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Practice Problem

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PIMPITCHA SUKWASANA

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92 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the two dimensions that political system assessed based on?

Emphasis on collectivism or individualism.

Degree to which they are democratic or totalitarian.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Collectivism?

Emphasize collective goals over individual goals.

Example: Socialism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Individualism?

Individuals should have the freedom in economic and political pursuits.

Individual interest is more important than state.

4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is Democracy?

Evaluate responses using AI:

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is Totalitarianism?

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6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the four types of Totalitarianism? And what are their ideologies?

Communist totalitarianism: Socialism with totalitarian dictatorship.

Theocratic totalitarianism: A party, group, or individual governs according to religious principle.

Tribal Totalitarianism: A party, group, or individual governs according to the interest of a particular tribe.

Right Wing Totalitarianism: Grant individual freedom, but restricted political freedom.

7.

OPEN ENDED QUESTION

3 mins • 1 pt

What is Pseudo-democracy?

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IBM

92 questions

What are the two dimensions that political system assessed based on?

What is Collectivism?

What is Individualism?

What is Democracy?

What is Totalitarianism?

What are the four types of Totalitarianism? And what are their ideologies?

What is Pseudo-democracy?

What is Market Economy?

What is Command Economy?

What is Mixed Economy?

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