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