AGB 302 FINAL - EXAMINATION COMPLETE
QUESTIONS AND DETAILED SOLUTIONS
LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: Under the ____ cases are judged with reference to
three characteristics: tradition, precedent, and custom
Answer:
common law system
Question 2: The state can expropriate the profits from innovation
for legal means such as ____.
Answer:
Excessive Taxation
Question 3: The tenant of ____ is that the welfare of society is best
served by letting people pursue their own economic self interest
Answer:
Individualism
Question 4: Which of the following is a step in the shift toward a
market basic economic system?
Answer:
Creation of the legal system to safeguard property rights
Question 5: Anecdotal comparisons suggest that the assertion that
nations that invest more in ____ will have higher growth rates is
true
Answer:
, Education
Question 6: One of the reasons for the spread of democracy is the
emergence of ____ who have pushed for democratic reforms
Answer:
Increasingly prosperous middle and working classes
Question 7: Design and names by which merchants and
manufactures designate and differentiate their products are known
as ____.
Answer:
Trademarks
Question 8: Which of the following helps in adjusting GNI such that
it accounts for the differences in the cost of living?
Answer:
Purchasing power parity (PPP) adjustment
Question 9: A free market economy in which property rights are
protected leads to subsequent economic growth, which often leads
to the establishment of: - democratic regime Which of the following
sociologist made a connection between protestant ethics in the
spirit of capitalism
Answer:
Max Weber
Question 10: Which of the following is a closed system of
stratification in which social position is determined by the family
,into which a person is born then changes in that position is usually
not possible during the individuals lifetime
Answer:
Caste system
Question 11: Ethical systems are:
Answer:
a set of moral principles, or values, that are used to guide and shape behavior
Question 12: Japanese executive's ritual of presenting a business
card to a foreign business executive is an example of____.
Answer:
Folkways
Question 13: According to Islam, those who hold property are
regarded as___.
Answer:
Trustees
Question 14: Which of the following refers to the values and norms
that the employees of an organization share?
Answer:
organization culture
Question 15: Which of the following areas of international trade is
regulated by the Foreign corrupt practices act?
Answer:
, Preventing bribery and unethical acts in the conduct of international business
Question 16: Which of the following is a measure that is developed
by the United Nations to measure the quality of life in different
nations?
Answer:
Human development Index
Question 17: Modern socialism has been popularized largely
through the work of ____.?
Answer:
Karl Marx
Question 18: ____. A Nobel prize winning economist has argued
that development is not just an economic process but it is a
political one as well
Answer:
Amartya Sen
Question 19: Which 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 market A market economy
encourages innovation because:
Answer:
Economic freedom leads to greater incentives for innovation
Question 20: In a pure market economy:
QUESTIONS AND DETAILED SOLUTIONS
LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: Under the ____ cases are judged with reference to
three characteristics: tradition, precedent, and custom
Answer:
common law system
Question 2: The state can expropriate the profits from innovation
for legal means such as ____.
Answer:
Excessive Taxation
Question 3: The tenant of ____ is that the welfare of society is best
served by letting people pursue their own economic self interest
Answer:
Individualism
Question 4: Which of the following is a step in the shift toward a
market basic economic system?
Answer:
Creation of the legal system to safeguard property rights
Question 5: Anecdotal comparisons suggest that the assertion that
nations that invest more in ____ will have higher growth rates is
true
Answer:
, Education
Question 6: One of the reasons for the spread of democracy is the
emergence of ____ who have pushed for democratic reforms
Answer:
Increasingly prosperous middle and working classes
Question 7: Design and names by which merchants and
manufactures designate and differentiate their products are known
as ____.
Answer:
Trademarks
Question 8: Which of the following helps in adjusting GNI such that
it accounts for the differences in the cost of living?
Answer:
Purchasing power parity (PPP) adjustment
Question 9: A free market economy in which property rights are
protected leads to subsequent economic growth, which often leads
to the establishment of: - democratic regime Which of the following
sociologist made a connection between protestant ethics in the
spirit of capitalism
Answer:
Max Weber
Question 10: Which of the following is a closed system of
stratification in which social position is determined by the family
,into which a person is born then changes in that position is usually
not possible during the individuals lifetime
Answer:
Caste system
Question 11: Ethical systems are:
Answer:
a set of moral principles, or values, that are used to guide and shape behavior
Question 12: Japanese executive's ritual of presenting a business
card to a foreign business executive is an example of____.
Answer:
Folkways
Question 13: According to Islam, those who hold property are
regarded as___.
Answer:
Trustees
Question 14: Which of the following refers to the values and norms
that the employees of an organization share?
Answer:
organization culture
Question 15: Which of the following areas of international trade is
regulated by the Foreign corrupt practices act?
Answer:
, Preventing bribery and unethical acts in the conduct of international business
Question 16: Which of the following is a measure that is developed
by the United Nations to measure the quality of life in different
nations?
Answer:
Human development Index
Question 17: Modern socialism has been popularized largely
through the work of ____.?
Answer:
Karl Marx
Question 18: ____. A Nobel prize winning economist has argued
that development is not just an economic process but it is a
political one as well
Answer:
Amartya Sen
Question 19: Which 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 market A market economy
encourages innovation because:
Answer:
Economic freedom leads to greater incentives for innovation
Question 20: In a pure market economy:
