Final answer:
State sovereignty is the most cherished possession of any nation in terms of political factors affecting supranational markets. It refers to the authority and independence of a nation-state to govern itself and is essential for participating in international relations and maintaining control over domestic and foreign affairs. The correct answer is d) state sovereignty.
Step-by-step explanation:
With respect to the political factors that affect supranational markets, one of the most fundamental concepts to consider is the idea of state sovereignty. National sovereignty is considered a key possession for any nation, and it refers to the authority and independence a nation-state has to govern itself, without external interference. Sovereignty allows a state to exercise power within its territory and maintain control over its domestic and international affairs.
While political systems such as a two-party system, a multiparty system, and federalism play significant roles within individual countries, none represent the cherished possession akin to sovereignty. A two-party system, like that of the United States, emphasizes the competition between two major political parties and the ever-present political, economic, and social debates that shape legislation and policy. Federalism refers to a division of powers between national and regional governments, but still within the sovereignty of the nation-state.
Moreover, state sovereignty is internationally recognized and crucial for a country to enter relations on equal terms. It entitles the state to participate in diplomatic negotiations, form alliances, and engage in trade with other sovereign states. In the context of supranational markets, sovereignty allows states to determine their own economic policies and to regulate and participate in international trade.
Hence, the correct option that is considered one of the most cherished possessions of any nation with respect to political factors affecting supranational markets is d) state sovereignty.