AGB302 Law Final Exam With Answers (217 Solved Questions)

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AGB 302 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+The tenant of ____ is that the welfare of society is best served by letting peoplepursue their own economic self interest - IndividualismWhich of the following is a step in the shift toward a market basic economicsystem? - Creation of the legal system to safeguard property rightsAnecdotal comparisons suggest that the assertion that nations that invest more in____ will have higher growth rates is true - EducationIn a ____ economy certain sectors of the economy are left to private ownership infree-market mechanisms while other sectors have significant state ownershipand government planning - mixedUnder the ____ cases are judged with reference to three characteristics:tradition, precedent, and custom - common law systemThe state can expropriate the profits from innovation for legal means such as____. - Excessive TaxationOne of the reasons for the spread of democracy is the emergence of ____ whohave pushed for democratic reforms - Increasingly prosperous middle andworking classesDesign and names by which merchants and manufactures designate anddifferentiate their products are known as ____. - Trademarks

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Which of the following helps in adjusting GNI such that it accounts for thedifferences in the cost of living? - Purchasing power parity (PPP) adjustmentA free market economy in which property rights are protected leads tosubsequent economic growth, which often leads to the establishment of: -democratic regimeWhich of the following sociologist made a connection between protestant ethics inthe spirit of capitalism - Max WeberWhich of the following is a closed system of stratification in which social positionis determined by the family into which a person is born then changes in thatposition is usually not possible during the individuals lifetime - Caste systemEthical systems are: - a set of moral principles, or values, that are used to guideand shape behaviorJapanese executive's ritual of presenting a business card to a foreign businessexecutive is an example of____. - FolkwaysAccording to Islam, those who hold property are regarded as___. - TrusteesWhich of the following refers to the values and norms that the employees of anorganization share? - organization cultureWhich of the following areas of international trade is regulated by the Foreigncorrupt practices act? - Preventing bribery and unethical acts in the conduct ofinternational businessWhich of the following is a measure that is developed by the United Nations tomeasure the quality of life in different nations? - Human development Index

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Modern socialism has been popularized largely through the work of ____.? - KarlMarx____. A Nobel prize winning economist has argued that development is not just aneconomic process but it is a political one as well - Amartya SenWhich of the following statements about the legal systems of countries is true? -They can affect the attractiveness of a country as an investment site or marketA market economy encourages innovation because: - Economic freedom leads togreater incentives for innovationIn a pure market economy: - Production is determined by the interaction of supplyand demandInter-dependent political, economic, and legal systems of a country make up its: -Political economySeveral of the fastest growing Asian economies adopted more ____ governmentsduring the past three decades including South Korea and Taiwan - DemocraticIn several Western democracies, the poor performance of state ownedenterprises, because of protection from competition and guaranteed governmentfinancial support lead to ___. - PrivatizationThe convention of combating bribery of foreign public officials in internationalbusiness transactions excludes: - Facilitating payments made to expedite routinegovernment action

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Child labor is permitted in widely employed in country X. A multinational companyentering country X decides to employ minors in its subsidiary, even though it isagainst the multinationals home country ethics. Which of the following approachesto business ethics would justify the actions of multinational company? - culturalrelativismA situation in which none of the available alternatives seems morally acceptable iscalled: - an ethical dilemmaThe____ occurs when a resource is shared by all, but owned by no one, isoverused by individuals, resulting in its degradation. - Tragedy of the commonsThe righteous moralist suggests that: - If a manager of a multinational sees thatfirms from other nations are not following ethical norms in a host nation, thatmanagers should not either.Which of the following is a consequence of the emphasis on individualperformance in many Western societies? - High degree of managerial mobilityCompanies can strengthen the____of employees by committing themselves to notretaliate against employees who complain about unethical actions. - MoralcourageWhich of the following statements is true about a class system? - Social mobilitywithin a class system varies from society to societyWhich of the following statements about values and norms of a culture is true? -The values and norms of a society influence social structure

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According to the Friedman doctrine: - Businesses should not undertake socialexpenditures beyond those mandated by the law and required for the efficientrunning of a businessThe____approaches to ethics hold that the moral worth of actions or practices isdetermined by their consequences. - UtilitarianThere are three value central to the confusion system of ethics that have veryimportant economic implications. Which of the following is one of these? - Honestyand dealings with othersFor international business is, the connection between culture and competitiveadvantage is important because: - A strong connection is likely to produce themost viable competitorsA firms____include customers, suppliers, and lenders. - External stakeholdersAccording to the infant industry argument, many developing countries have apotential____in manufacturing, but new manufacturing industries cannot initiallycompete with established industries in developed countries. - ComparativeadvantageMany firms, of all national origins, increasingly depends on____for theircompetitive advantage. - Globally dispersed production systemsA____helps domestic producers to compete against foreign imports. - SubsidyA key issue in the millennium round of the WTO was to: - Further reduce barriersto cross the border trade and investment

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The____argues that a large proportion of the worlds new products had beendeveloped by US firms. - Product life cycle theoryThe theory of comparative advantage suggest that trade is____game in which allcountries that participate realize economic gains. - Positive sum____are unit cost reductions associated with a large scale of input. - Economies ofscaleDavid Ricardo's theory of comparative advantage explains global trade in terms ofthe: - International differences in labor productivityIn adequate protections for intellectual property: - Reduce the incentive forinnovationA company that sells its product in a foreign market below the cost of productionmaybe accused of? - DumpingKrugman has adjusted that trade policy designed to retaliate against anothercountries trade policy would: - Hurt the citizens of both countriesWTO rules allow countries to____foreign goods that are being sold cheaper thanat home, or below their cost of production, even when domestic producers canshow that they are being harmed - Impose anti-dumping duties onStrategic trade policy suggest that a government should use____to supportpromising firms that are active in newly emerging industries - Subsidies

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