AGB 302 EXAM ASU || WITH COMPLETE SOLUTIONS.
ethics correct answers the principles of right and wrong that guide an individual in making
decisions
ethical strategy correct answers a course of action that does not violate a company's business
ethics
Friedman Doctrine correct answers the only social responsibility of business is to increase
profits, so long as the company stays within the rules of law
Culturual Relativism correct answers belief that cultures should be judged by their own
standards
Utilitarian Approach correct answers guided by what will result in the greatest good for the
greatest number of people
john rawls correct answers veil of ignorance
a class system is more or less rigid than a caste correct answers less
Max Weber correct answers The Protestant Ethic and the Spirit of Capitalism
buddhism does not support correct answers the caste system
tragedy of the commons correct answers people acting individually and in their own interest
use up commonly available but limited resources
facilitating payments correct answers Payments made to foreign officials to ensure that there
is no obstruction to the transaction.
Noblese Oblige correct answers idea that they upper classes have the responsibility/right to
take care of those under them
free trade correct answers international trade left to its natural course without tariffs, quotas,
or other restrictions.
david ricardo correct answers theory of comparative advantage
heckscher ohlin correct answers export goods that make intensive use of factors that are
locally abundant
raymond vernon correct answers Product life cycle theory
new trade theory correct answers countries specialize because in certain industries the world
market can only support a limited number of firms (entering the market early is better)
Mercantilism correct answers max exports min imports (ZERO-SUM GAME)
absolute advantage creator correct answers adam smith
, when is ppf a straight line correct answers constant return to specialization
diminishing returns correct answers benefit from an extra unit of an input declines as the
quantity of the input increases
Product Life Cycle Theory correct answers observation that most new world products are
from the U.S.
economies of scale correct answers unit cost reductions associated with a large scale of
output (reduced ability to make variety)
Porter's Theory of National Competitive Advantage correct answers -factor endowments
-demand conditions
-related and supporting industries
-firm strategy, structure, and rivalry
firms involved with international trade influence correct answers government policy
voluntary export retraint correct answers a quota on trade imposed by the exporting country
what is the goal of tariff rate quotas correct answers limit imports over quota
how does a voluntary export restraint benefit domestic producers correct answers limiting
import competition
dumping correct answers Selling goods in another country below market prices
smoot-hawley act correct answers protected american industries during the great depression
removing tariff barriers in agriculture could correct answers lower prices to consumers
uruguay round correct answers extended gatts rules to cover trade in services
millenium round correct answers further reduced barriers to cross border trade and
investment
ad volerem tariffs correct answers levied as a proportion of the value of the imported good
quota rent correct answers extra profit producers make when supply is artificially limited by
an import quota
why is government intervention good? correct answers -protecting jobs
-protecting national security
-retaliation by keeping others in check
-sanctions
strategic trade policy correct answers first mover advantages
why was gatt created correct answers smoot hawley act fuuuucked
ethics correct answers the principles of right and wrong that guide an individual in making
decisions
ethical strategy correct answers a course of action that does not violate a company's business
ethics
Friedman Doctrine correct answers the only social responsibility of business is to increase
profits, so long as the company stays within the rules of law
Culturual Relativism correct answers belief that cultures should be judged by their own
standards
Utilitarian Approach correct answers guided by what will result in the greatest good for the
greatest number of people
john rawls correct answers veil of ignorance
a class system is more or less rigid than a caste correct answers less
Max Weber correct answers The Protestant Ethic and the Spirit of Capitalism
buddhism does not support correct answers the caste system
tragedy of the commons correct answers people acting individually and in their own interest
use up commonly available but limited resources
facilitating payments correct answers Payments made to foreign officials to ensure that there
is no obstruction to the transaction.
Noblese Oblige correct answers idea that they upper classes have the responsibility/right to
take care of those under them
free trade correct answers international trade left to its natural course without tariffs, quotas,
or other restrictions.
david ricardo correct answers theory of comparative advantage
heckscher ohlin correct answers export goods that make intensive use of factors that are
locally abundant
raymond vernon correct answers Product life cycle theory
new trade theory correct answers countries specialize because in certain industries the world
market can only support a limited number of firms (entering the market early is better)
Mercantilism correct answers max exports min imports (ZERO-SUM GAME)
absolute advantage creator correct answers adam smith
, when is ppf a straight line correct answers constant return to specialization
diminishing returns correct answers benefit from an extra unit of an input declines as the
quantity of the input increases
Product Life Cycle Theory correct answers observation that most new world products are
from the U.S.
economies of scale correct answers unit cost reductions associated with a large scale of
output (reduced ability to make variety)
Porter's Theory of National Competitive Advantage correct answers -factor endowments
-demand conditions
-related and supporting industries
-firm strategy, structure, and rivalry
firms involved with international trade influence correct answers government policy
voluntary export retraint correct answers a quota on trade imposed by the exporting country
what is the goal of tariff rate quotas correct answers limit imports over quota
how does a voluntary export restraint benefit domestic producers correct answers limiting
import competition
dumping correct answers Selling goods in another country below market prices
smoot-hawley act correct answers protected american industries during the great depression
removing tariff barriers in agriculture could correct answers lower prices to consumers
uruguay round correct answers extended gatts rules to cover trade in services
millenium round correct answers further reduced barriers to cross border trade and
investment
ad volerem tariffs correct answers levied as a proportion of the value of the imported good
quota rent correct answers extra profit producers make when supply is artificially limited by
an import quota
why is government intervention good? correct answers -protecting jobs
-protecting national security
-retaliation by keeping others in check
-sanctions
strategic trade policy correct answers first mover advantages
why was gatt created correct answers smoot hawley act fuuuucked
