AGB 302 Exam Questions with Complete
Solutions 2023
Acquisition - Answer-Japanese car manufacturer acquires Italian producer of car tires
AD VALOREM TARIFFS - Answer-Levied as a proportion of the value of the imported
good
ADAM SMITH - Answer-was the author of The Wealth of Nations in which it is stated
that an individual who intends his own gain is led by an invisible hand to promote an
end that was not part of his intention. Countries should specialize in production of goods
that they have an absolute advantage
ABSOLUTE ADVANTAGE - Answer-more efficient that any other country in producing it
AMARTYA SEN - Answer-argued that the development is not just an economic process
but a political one as well
ANTIDUMPING DUTIES - Answer-foreign goods being sold cheaper that at home or
below their cost of production
BENEFITS, COSTS, RISKS - Answer-associated with doing business in a country are a
function of that country's political, economic, and legal systems.
BRAND LOYALTY - Answer-identifying and investing early in a potential future
economic star can gain experience in that country's business practices
CAPITAL MARKET - Answer-brings together those who want to invest money and
those who want to borrow
CASTE SYSTEM - Answer-closed system of stratification in which social position is
determined by the family into which a person is born and position doesn't change
CLASS SYSTEM - Answer-social mobility within a class system varies from society to
society
COLLECTIVISM - Answer-A political system that prioritizes the needs of the society
over individual freedoms
COMMON LAW SYSTEM - Answer-Judges have the power to interpret the law so that it
applies to the unique circumstances of an individual case. Reference to tradition,
precedent, and custom
Solutions 2023
Acquisition - Answer-Japanese car manufacturer acquires Italian producer of car tires
AD VALOREM TARIFFS - Answer-Levied as a proportion of the value of the imported
good
ADAM SMITH - Answer-was the author of The Wealth of Nations in which it is stated
that an individual who intends his own gain is led by an invisible hand to promote an
end that was not part of his intention. Countries should specialize in production of goods
that they have an absolute advantage
ABSOLUTE ADVANTAGE - Answer-more efficient that any other country in producing it
AMARTYA SEN - Answer-argued that the development is not just an economic process
but a political one as well
ANTIDUMPING DUTIES - Answer-foreign goods being sold cheaper that at home or
below their cost of production
BENEFITS, COSTS, RISKS - Answer-associated with doing business in a country are a
function of that country's political, economic, and legal systems.
BRAND LOYALTY - Answer-identifying and investing early in a potential future
economic star can gain experience in that country's business practices
CAPITAL MARKET - Answer-brings together those who want to invest money and
those who want to borrow
CASTE SYSTEM - Answer-closed system of stratification in which social position is
determined by the family into which a person is born and position doesn't change
CLASS SYSTEM - Answer-social mobility within a class system varies from society to
society
COLLECTIVISM - Answer-A political system that prioritizes the needs of the society
over individual freedoms
COMMON LAW SYSTEM - Answer-Judges have the power to interpret the law so that it
applies to the unique circumstances of an individual case. Reference to tradition,
precedent, and custom
