As "Global" Trends Become "Local," and as We See More

question 102

Multiple Choice

As "global" trends become "local," and as we see more opportunities to compete in the global market,

• A) the long-term trend is for most nations to operate as mixed economies.
• B) disagreements about the best economic system to embrace will cause many nations to close their doors to outside commerce.
• C) the only industries that governments will want to own are the ones that are profitable.
• D) the forecast is for socialist nations to trend toward communism and for capitalist nations to trend toward socialism.

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Definitions:

Requirements Contracts

Contracts where one party agrees to purchase all of its needs for a particular commodity from the other party for a certain period.

Common Law

A body of laws based on judicial decisions and customs, rather than statutory laws passed by a legislature.

Adequate Consideration

A fair and reasonable value exchanged in a contract, ensuring that all parties receive something of value.

Arbitration Clause

A provision in a contract that requires the parties to resolve disputes through arbitration rather than through litigation in court.