AGB 302 Final Questions with 100% Correct
Answers 2025 Update
which of the following is a step in the shift towards a market based economic system? - Correct Answer -
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creation of a legal system to safeguard property rights
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design and names by which merchants or manufacturers designate and differentiate their products are
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known as __________ - Correct Answer - trademarks
ty ty ty ty ty ty ty ty ty
________, a nobel prize-winning economist, has argued that development is not just an economic
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process, but it is a political one as well. - Correct Answer - amartya sen
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
in several western democracies, the poor performance of state-owned enterprises, because of protection
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from competition and guaranteed government financial support, led to ________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
privatization
ty
one of the reasons for the spread of democracy is the emergence of _____________ who have pushed
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
for democratic reforms. - Correct Answer - increasingly prosperous middle and working classes
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which of the following areas of international trade is regulated by the Foreign Corrupt Practice Act? -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - preventing bribery and unethical acts in the conduct of international business
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
the tenet of ___________ is that the welfare of society is best served by letting people pursue their own
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economic self-interest. - Correct Answer - individualism
ty ty ty ty ty ty ty ty
the state can expropriate the profits from innovation through legal means, such as ____________. -
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Correct Answer - excessive taxation
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a free market economy in which property rights are protected leads to subsequent economic growth,
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which often leads to the establishment of: - Correct Answer - a democratic regime
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
under the ___________, cases are judged with reference to three characteristics: tradition, precedent,
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and custom. - Correct Answer - common law system
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anecdotal comparisons suggest that the assertion that nations that invest more in _________ will have
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higher growth rates is true. - Correct Answer - education
ty ty ty ty ty ty ty ty ty ty ty
which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living?
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- Correct Answer - purchasing power party (PPP) adjustment
ty ty ty ty ty ty ty ty ty ty
in a ___________ economy, certain sectors of the economy are left to private ownership and free
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
market mechanisms while other sectors have significant state ownership and government planning. -
ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - mixed
ty ty ty ty ty
, a market economy encourages innovation because: - Correct Answer - economic freedom leads to greater
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
incentives for innovation
ty ty ty
several of the fastest-growing asian economies adopted more ___________ governments during the
ty ty ty ty ty ty ty ty ty ty ty
past three decades, including South Korea and Taiwan. - Correct Answer - democratic
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which of the following statements about the legal systems of countries is true? - Correct Answer - they
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
can affect the attractiveness of a country as an investment site or market.
ty ty ty ty ty ty ty ty ty ty ty ty ty
modern socialism has been popularized largely through the work of ____________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
karl marx
ty ty
which of the following is a measure that is developed by the United Nations to measure the quality of life
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
in different nations? - Correct Answer - human development index
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in a pure market economy: - Correct Answer - production is determined by the interaction of supply and
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
demand.
ty
interdependent political, economic, and legal systems of a country make up its: - Correct Answer - ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
political economy
ty ty
child labor is permitted and widely employed in country x. which of the following approaches to business
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
ethics would justify the actions of the multinational company? - Correct Answer - cultural relativism
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the __________ approaches to ethics hold that the moral worth of actions or practices is determined by
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their consequences. - Correct Answer - utilitarian
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which of the following refers to the values and norms that the employees of an organization share? -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - organization culture
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which of the following statements about values and norms of a culture is true? - Correct Answer - the
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
values and norms of a society influence social structure
ty ty ty ty ty ty ty ty ty
according to Islam, those who hold property are regarded as _____________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
trustees
ty
which of the following is a closed system of stratification in which social position is determined by the
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
family into which a person is born, and change in that position is usually not possible during an
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
individual's lifetime? - Correct Answer - caste system
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the __________ occurs when a resource is shared by all, but owned by no one, is overused by
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
individuals, resulting in its degradation. - Correct Answer - tragedy of the commons
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
companies can strengthen the __________ of employees by committing themselves to not retaliate
ty ty ty ty ty ty ty ty ty ty ty ty
against employees who complain about unethical actions. - Correct Answer - moral courage
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
a Japanese executive's ritual of presenting a business card to a foreign business executive is an example of
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
___________. - Correct Answer - folkways
ty ty ty ty ty ty ty
ethical systems are: - Correct Answer - a set of moral principles, or values, that are used to guide and
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
shape behavior
ty ty
which of the following sociologists made a connection between protestant ethics and "the spirit of
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
capitalism"? - Correct Answer - max weber
ty ty ty ty ty ty ty ty
which of the following is a consequence of the emphasis on individual performance in many western
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Answers 2025 Update
which of the following is a step in the shift towards a market based economic system? - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
creation of a legal system to safeguard property rights
ty ty ty ty ty ty ty ty ty
design and names by which merchants or manufacturers designate and differentiate their products are
ty ty ty ty ty ty ty ty ty ty ty ty ty
known as __________ - Correct Answer - trademarks
ty ty ty ty ty ty ty ty ty
________, a nobel prize-winning economist, has argued that development is not just an economic
ty ty ty ty ty ty ty ty ty ty ty ty ty
process, but it is a political one as well. - Correct Answer - amartya sen
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
in several western democracies, the poor performance of state-owned enterprises, because of protection
ty ty ty ty ty ty ty ty ty ty ty ty
from competition and guaranteed government financial support, led to ________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
privatization
ty
one of the reasons for the spread of democracy is the emergence of _____________ who have pushed
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
for democratic reforms. - Correct Answer - increasingly prosperous middle and working classes
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
which of the following areas of international trade is regulated by the Foreign Corrupt Practice Act? -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - preventing bribery and unethical acts in the conduct of international business
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
the tenet of ___________ is that the welfare of society is best served by letting people pursue their own
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
economic self-interest. - Correct Answer - individualism
ty ty ty ty ty ty ty ty
the state can expropriate the profits from innovation through legal means, such as ____________. -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - excessive taxation
ty ty ty ty ty ty
a free market economy in which property rights are protected leads to subsequent economic growth,
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
which often leads to the establishment of: - Correct Answer - a democratic regime
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
under the ___________, cases are judged with reference to three characteristics: tradition, precedent,
ty ty ty ty ty ty ty ty ty ty ty ty
and custom. - Correct Answer - common law system
ty ty ty ty ty ty ty ty ty ty
anecdotal comparisons suggest that the assertion that nations that invest more in _________ will have
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
higher growth rates is true. - Correct Answer - education
ty ty ty ty ty ty ty ty ty ty ty
which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living?
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
- Correct Answer - purchasing power party (PPP) adjustment
ty ty ty ty ty ty ty ty ty ty
in a ___________ economy, certain sectors of the economy are left to private ownership and free
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
market mechanisms while other sectors have significant state ownership and government planning. -
ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - mixed
ty ty ty ty ty
, a market economy encourages innovation because: - Correct Answer - economic freedom leads to greater
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
incentives for innovation
ty ty ty
several of the fastest-growing asian economies adopted more ___________ governments during the
ty ty ty ty ty ty ty ty ty ty ty
past three decades, including South Korea and Taiwan. - Correct Answer - democratic
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
which of the following statements about the legal systems of countries is true? - Correct Answer - they
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
can affect the attractiveness of a country as an investment site or market.
ty ty ty ty ty ty ty ty ty ty ty ty ty
modern socialism has been popularized largely through the work of ____________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
karl marx
ty ty
which of the following is a measure that is developed by the United Nations to measure the quality of life
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
in different nations? - Correct Answer - human development index
ty ty ty ty ty ty ty ty ty ty ty
in a pure market economy: - Correct Answer - production is determined by the interaction of supply and
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
demand.
ty
interdependent political, economic, and legal systems of a country make up its: - Correct Answer - ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
political economy
ty ty
child labor is permitted and widely employed in country x. which of the following approaches to business
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
ethics would justify the actions of the multinational company? - Correct Answer - cultural relativism
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
the __________ approaches to ethics hold that the moral worth of actions or practices is determined by
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
their consequences. - Correct Answer - utilitarian
ty ty ty ty ty ty ty ty
which of the following refers to the values and norms that the employees of an organization share? -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
Correct Answer - organization culture
ty ty ty ty ty ty
which of the following statements about values and norms of a culture is true? - Correct Answer - the
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
values and norms of a society influence social structure
ty ty ty ty ty ty ty ty ty
according to Islam, those who hold property are regarded as _____________. - Correct Answer -
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
trustees
ty
which of the following is a closed system of stratification in which social position is determined by the
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
family into which a person is born, and change in that position is usually not possible during an
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
individual's lifetime? - Correct Answer - caste system
ty ty ty ty ty ty ty ty ty
the __________ occurs when a resource is shared by all, but owned by no one, is overused by
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
individuals, resulting in its degradation. - Correct Answer - tragedy of the commons
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
companies can strengthen the __________ of employees by committing themselves to not retaliate
ty ty ty ty ty ty ty ty ty ty ty ty
against employees who complain about unethical actions. - Correct Answer - moral courage
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
a Japanese executive's ritual of presenting a business card to a foreign business executive is an example of
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
___________. - Correct Answer - folkways
ty ty ty ty ty ty ty
ethical systems are: - Correct Answer - a set of moral principles, or values, that are used to guide and
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
shape behavior
ty ty
which of the following sociologists made a connection between protestant ethics and "the spirit of
ty ty ty ty ty ty ty ty ty ty ty ty ty ty
capitalism"? - Correct Answer - max weber
ty ty ty ty ty ty ty ty
which of the following is a consequence of the emphasis on individual performance in many western
ty ty ty ty ty ty ty ty ty ty ty ty ty ty ty
