AGB 302 EXAM ASU QUESTIONS WITH
CORRECT ANSWERS 2025
ethics - CORRECT ANSWER -
the principles of right and wrong that guide an individual in making decisions
ethical strategy - CORRECT ANSWER -
a course of action that does not violate a company's business ethics
Friedman Doctrine - CORRECT ANSWER -
the only social responsibility of business is to increase profits, so long as the company stays within
the rules of law
Culturual Relativism - CORRECT ANSWER -
belief that cultures should be judged by their own standards
Utilitarian Approach - CORRECT ANSWER -
guided by what will result in the greatest good for the greatest number of people
john rawls - CORRECT ANSWER -veil of ignorance
a class system is more or less rigid than a caste - CORRECT ANSWER -less
Max Weber - CORRECT ANSWER -The Protestant Ethic and the Spirit of Capitalism
buddhism does not support - CORRECT ANSWER -the caste system
tragedy of the commons - CORRECT ANSWER -
people acting individually and in their own interest use up commonly available but limited resourc
es
, facilitating L payments L - L CORRECT L ANSWER L -
Payments L made L to L foreign L officials L to L ensure L that L there L is L no L obstruction L to L the
L transaction.
Noblese L Oblige L - L CORRECT L ANSWER L -
idea L that L they L upper L classes L have L the L responsibility/right L to L take L care L of L those L under L them
free L trade L - L CORRECT L ANSWER L -
international L trade L left L to L its L natural L course L without L tariffs, L quotas, L or L other L restrictions.
david L ricardo L - L CORRECT L ANSWER L -theory L of L comparative L advantage
heckscher L ohlin L - L CORRECT L ANSWER L -
export L goods L that L make L intensive L use L of L factors L that L are L locally L abundant
raymond L vernon L - L CORRECT L ANSWER L -Product L life L cycle L theory
new L trade L theory L - L CORRECT L ANSWER L -
countries L specialize L because L in L certain L industries L the L world L market L can L only L support L a
L limited L num Lber L of L firms L (entering L the L market L early L is L better)
Mercantilism L - L CORRECT L ANSWER L -max L exports L min L imports L (ZERO-SUM L GAME)
absolute L advantage L creator L - L CORRECT L ANSWER L -adam L smith
when L is L ppf L a L straight L line L - L CORRECT L ANSWER L -constant L return L to L specialization
diminishing L returns L - L CORRECT L ANSWER L -
benefit L from L an L extra L unit L of L an L input L declines L as L the L quantity L of L the L input L increases
Product L Life L Cycle L Theory L - L CORRECT L ANSWER L -
observation L that L most L new L world L products L are L from L the L U.S.
CORRECT ANSWERS 2025
ethics - CORRECT ANSWER -
the principles of right and wrong that guide an individual in making decisions
ethical strategy - CORRECT ANSWER -
a course of action that does not violate a company's business ethics
Friedman Doctrine - CORRECT ANSWER -
the only social responsibility of business is to increase profits, so long as the company stays within
the rules of law
Culturual Relativism - CORRECT ANSWER -
belief that cultures should be judged by their own standards
Utilitarian Approach - CORRECT ANSWER -
guided by what will result in the greatest good for the greatest number of people
john rawls - CORRECT ANSWER -veil of ignorance
a class system is more or less rigid than a caste - CORRECT ANSWER -less
Max Weber - CORRECT ANSWER -The Protestant Ethic and the Spirit of Capitalism
buddhism does not support - CORRECT ANSWER -the caste system
tragedy of the commons - CORRECT ANSWER -
people acting individually and in their own interest use up commonly available but limited resourc
es
, facilitating L payments L - L CORRECT L ANSWER L -
Payments L made L to L foreign L officials L to L ensure L that L there L is L no L obstruction L to L the
L transaction.
Noblese L Oblige L - L CORRECT L ANSWER L -
idea L that L they L upper L classes L have L the L responsibility/right L to L take L care L of L those L under L them
free L trade L - L CORRECT L ANSWER L -
international L trade L left L to L its L natural L course L without L tariffs, L quotas, L or L other L restrictions.
david L ricardo L - L CORRECT L ANSWER L -theory L of L comparative L advantage
heckscher L ohlin L - L CORRECT L ANSWER L -
export L goods L that L make L intensive L use L of L factors L that L are L locally L abundant
raymond L vernon L - L CORRECT L ANSWER L -Product L life L cycle L theory
new L trade L theory L - L CORRECT L ANSWER L -
countries L specialize L because L in L certain L industries L the L world L market L can L only L support L a
L limited L num Lber L of L firms L (entering L the L market L early L is L better)
Mercantilism L - L CORRECT L ANSWER L -max L exports L min L imports L (ZERO-SUM L GAME)
absolute L advantage L creator L - L CORRECT L ANSWER L -adam L smith
when L is L ppf L a L straight L line L - L CORRECT L ANSWER L -constant L return L to L specialization
diminishing L returns L - L CORRECT L ANSWER L -
benefit L from L an L extra L unit L of L an L input L declines L as L the L quantity L of L the L input L increases
Product L Life L Cycle L Theory L - L CORRECT L ANSWER L -
observation L that L most L new L world L products L are L from L the L U.S.
