WGU D080 Final Exam - Study Guide Questions (GLOBAL) Correct Answers(SCORED A+)

How do monopolies hurt consumers? - ANSWER - lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. - ANSWER - anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? - ANSWER - Pure competition A sole, national telephone company was found violating antitrust laws and was forced to separate into regional companies. What caused the violation of the antitrust laws? - ANSWER - Reduced competition (monopoly) Which issue was the main purpose of the creation of the European Union? - ANSWER - The driving issue was that one country or region could control natural resources, such as oil or land, in a monopoly to the detriment of other European countries. Many countries from several geographic regions are accused of dumping steel into the U.S. market at unfairly low prices. Which entity can the United States appeal to in order to correct this apparent market manipulation? - ANSWER - World Trade Organization ___________________ was the first American antitrust policy. It dealt with limiting the power of price-controlling cartels. Its scope has since been expanded to include a range of anticompetitive practices. - ANSWER - The Sherman Antitrust Act (1890) The idea that "nature is everyone's business" and led to the emergence of many new environmental laws is referred to as what? - ANSWER - collective environment _________ has been involved in many efforts to protect what is considered the shared global environment and limit the impact of big business on the world's natural resources. - ANSWER - United Nations Environment Programme (UNEP) _______________ was a binding resolution to reduce greenhouse gases. Although the United States initially supported the resolution, the Senate failed to ratify the treaty. By 2001, the resolution was opposed by President Bush because the treaty seriously threatened the U.S. economy and did not require developing nations to lower their emissions at the same rate as developed countries. - ANSWER - The Kyoto Protocol (1997) During December 2015, 195 countries adopted the first ever legally binding, universal global climate deal known as ____________________. This agreement set out concrete steps to keep long-term global temperature increase at below 2°C. - ANSWER - the Paris Agreement what law was implemented "to create and maintain conditions under which man and nature can exist in productive harmony, and fulfill the social, economic, and other requirements of present and future generations of Americans? (Signed into law by President Nixon on January 1, 1970) - ANSWER - National Environmental Policy Act (NEPA) what was the key feature of NEPA? - ANSWER - requirement that federal agencies prepare an environmental impact statement in every recommendation or report on proposals for legislation True or False The National Environmental Policy Act led to the implementation of the Environmental Protection Agency. - ANSWER - true Which of these agreements or treaties was to combat increased temperatures of global climate change? - ANSWER - Paris Which governmental entity was created to provide regulatory authority regarding pollution by industry? - ANSWER - Environmental Protection Agency [EPA] Which type of duty is required to take care of the collective environment across the nation? - ANSWER - Shared What makes the enforcement of United Nations Environmental Program regulations difficult? - ANSWER - Sovereign rights of nations This convention defines a child as a person under 18 years of age and aims to eliminate all practices of slavery or those similar to slavery, such as the sale and trafficking of children, debt bondage, forced or compulsory recruitment of children for use in armed conflict, child prostitution, and so on. - ANSWER - Worst Forms of Child Labour Convention, 1999 _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. - ANSWER - anti-trust laws