AGB 302 EXAM ASU Questions with 100- Correct Answers

AGB 302 EXAM ASU Questions with 100%
Correct Answers



ethics - Correct Answer - the principles of right and wrong that guide an individual in making decisions
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




ethical strategy - Correct Answer - a course of action that does not violate a company's business ethics
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




Friedman Doctrine - Correct Answer - the only social responsibility of business is to increase profits, so
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



long as the company stays within the rules of law
ty ty ty ty ty ty ty ty ty ty




Culturual Relativism - Correct Answer - belief that cultures should be judged by their own standards
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




Utilitarian Approach - Correct Answer - guided by what will result in the greatest good for the greatest
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



number of people
ty ty ty




john rawls - Correct Answer - veil of ignorance
ty ty ty ty ty ty ty ty ty




a class system is more or less rigid than a caste - Correct Answer - less
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




Max Weber - Correct Answer - The Protestant Ethic and the Spirit of Capitalism
ty ty ty ty ty ty ty ty ty ty ty ty ty ty




buddhism does not support - Correct Answer - the caste system
ty ty ty ty ty ty ty ty ty ty ty




tragedy of the commons - Correct Answer - people acting individually and in their own interest use up
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



commonly available but limited resources
ty ty ty ty ty




facilitating payments - Correct Answer - Payments made to foreign officials to ensure that there is no
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



obstruction to the transaction.
ty ty ty ty




Noblese Oblige - Correct Answer - idea that they upper classes have the responsibility/right to take care
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



of those under them
ty ty ty ty




free trade - Correct Answer - international trade left to its natural course without tariffs, quotas, or other
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



restrictions.
ty




david ricardo - Correct Answer - theory of comparative advantage
ty ty ty ty ty ty ty ty ty ty




heckscher ohlin - Correct Answer - export goods that make intensive use of factors that are locally
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



abundant
ty




raymond vernon - Correct Answer - Product life cycle theory
ty ty ty ty ty ty ty ty ty ty




new trade theory - Correct Answer - countries specialize because in certain industries the world market
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



can only support a limited number of firms (entering the market early is better)
ty ty ty ty ty ty ty ty ty ty ty ty ty ty

, Mercantilism - Correct Answer - max exports min imports (ZERO-SUM GAME) ty ty ty ty ty ty ty ty ty ty ty




absolute advantage creator - Correct Answer - adam smith
ty ty ty ty ty ty ty ty ty




when is ppf a straight line - Correct Answer - constant return to specialization
ty ty ty ty ty ty ty ty ty ty ty ty ty ty




diminishing returns - Correct Answer - benefit from an extra unit of an input declines as the quantity of
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



the input increases
ty ty ty




Product Life Cycle Theory - Correct Answer - observation that most new world products are from the U.S.
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




economies of scale - Correct Answer - unit cost reductions associated with a large scale of output
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



(reduced ability to make variety)
ty ty ty ty ty




Porter's Theory of National Competitive Advantage - Correct Answer - -factor endowments
ty ty ty ty ty ty ty ty ty ty ty ty



-demand conditions ty



-related and supporting industries ty ty ty



-firm strategy, structure, and rivalry
ty ty ty ty




firms involved with international trade influence - Correct Answer - government policy
ty ty ty ty ty ty ty ty ty ty ty ty




voluntary export retraint - Correct Answer - a quota on trade imposed by the exporting country
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




what is the goal of tariff rate quotas - Correct Answer - limit imports over quota
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




how does a voluntary export restraint benefit domestic producers - Correct Answer - limiting import
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



competition
ty




dumping - Correct Answer - Selling goods in another country below market prices
ty ty ty ty ty ty ty ty ty ty ty ty ty




smoot-hawley act - Correct Answer - protected american industries during the great depression
ty ty ty ty ty ty ty ty ty ty ty ty ty




removing tariff barriers in agriculture could - Correct Answer - lower prices to consumers
ty ty ty ty ty ty ty ty ty ty ty ty ty ty




uruguay round - Correct Answer - extended gatts rules to cover trade in services
ty ty ty ty ty ty ty ty ty ty ty ty ty ty




millenium round - Correct Answer - further reduced barriers to cross border trade and investment
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




ad volerem tariffs - Correct Answer - levied as a proportion of the value of the imported good
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty




quota rent - Correct Answer - extra profit producers make when supply is artificially limited by an import
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty



quota
ty




why is government intervention good? - Correct Answer - -protecting jobs
ty ty ty ty ty ty ty ty ty ty ty



-protecting national security ty ty



-retaliation by keeping others in check ty ty ty ty ty



-sanctions

strategic trade policy - Correct Answer - first mover advantages
ty ty ty ty ty ty ty ty ty ty




why was gatt created - Correct Answer - smoot hawley act fuuuucked
ty ty ty ty ty ty ty ty ty ty ty ty



-liberalized trade ty



-economic growh ty



-believed in protectionism but also free trade ty ty ty ty ty ty




WTO - Correct Answer - encompassed GATT and intellectual property
ty ty ty ty ty ty ty ty ty ty



-global police ty