Skip to content
Past Exams

AGB302 Law Final Exam With Answers (217 Solved Questions)

Practice under real test conditions using AGB302 Law Final Exam With Answers, an essential past exam guide.

Preview 7 of 22 pages

See the first 7 pages exactly as they appear in the document.

  1. Page 1
    Read page 1 as text

    AGB 302 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ The tenant of ____ is that the welfare of society is best served by letting people pursue their own economic self interest - Individualism Which of the following is a step in the shift toward a market basic economic system? - Creation of the legal system to safeguard property rights Anecdotal comparisons suggest that the assertion that nations that invest more in ____ will have higher growth rates is true - Education In a ____ economy certain sectors of the economy are left to private ownership in free-market mechanisms while other sectors have significant state ownership and government planning - mixed Under the ____ cases are judged with reference to three characteristics: tradition, precedent, and custom - common law system The state can expropriate the profits from innovation for legal means such as ____. - Excessive Taxation One of the reasons for the spread of democracy is the emergence of ____ who have pushed for democratic reforms - Increasingly prosperous middle and working classes Design and names by which merchants and manufactures designate and differentiate their products are known as ____. - Trademarks

  2. Page 2
  3. Page 3
    Read page 3 as text

    Which of the following helps in adjusting GNI such that it accounts for the differences in the cost of living? - Purchasing power parity (PPP) adjustment A free market economy in which property rights are protected leads to subsequent economic growth, which often leads to the establishment of: - democratic regime Which of the following sociologist made a connection between protestant ethics in the spirit of capitalism - Max Weber Which of the following is a closed system of stratification in which social position is determined by the family into which a person is born then changes in that position is usually not possible during the individuals lifetime - Caste system Ethical systems are: - a set of moral principles, or values, that are used to guide and shape behavior Japanese executive's ritual of presenting a business card to a foreign business executive is an example of____. - Folkways According to Islam, those who hold property are regarded as___. - Trustees Which of the following refers to the values and norms that the employees of an organization share? - organization culture Which of the following areas of international trade is regulated by the Foreign corrupt practices act? - Preventing bribery and unethical acts in the conduct of international business Which of the following is a measure that is developed by the United Nations to measure the quality of life in different nations? - Human development Index

  4. Page 4
    Read page 4 as text

    Modern socialism has been popularized largely through the work of ____.? - Karl Marx ____. A Nobel prize winning economist has argued that development is not just an economic process but it is a political one as well - Amartya Sen Which of the following statements about the legal systems of countries is true? - They can affect the attractiveness of a country as an investment site or market A market economy encourages innovation because: - Economic freedom leads to greater incentives for innovation In a pure market economy: - Production is determined by the interaction of supply and demand Inter-dependent political, economic, and legal systems of a country make up its: - Political economy Several of the fastest growing Asian economies adopted more ____ governments during the past three decades including South Korea and Taiwan - Democratic In several Western democracies, the poor performance of state owned enterprises, because of protection from competition and guaranteed government financial support lead to ___. - Privatization The convention of combating bribery of foreign public officials in international business transactions excludes: - Facilitating payments made to expedite routine government action

  5. Page 5
    Read page 5 as text

    Child labor is permitted in widely employed in country X. A multinational company entering country X decides to employ minors in its subsidiary, even though it is against the multinationals home country ethics. Which of the following approaches to business ethics would justify the actions of multinational company? - cultural relativism A situation in which none of the available alternatives seems morally acceptable is called: - an ethical dilemma The____ occurs when a resource is shared by all, but owned by no one, is overused by individuals, resulting in its degradation. - Tragedy of the commons The righteous moralist suggests that: - If a manager of a multinational sees that firms from other nations are not following ethical norms in a host nation, that managers should not either. Which of the following is a consequence of the emphasis on individual performance in many Western societies? - High degree of managerial mobility Companies can strengthen the____of employees by committing themselves to not retaliate against employees who complain about unethical actions. - Moral courage Which of the following statements is true about a class system? - Social mobility within a class system varies from society to society Which of the following statements about values and norms of a culture is true? - The values and norms of a society influence social structure

  6. Page 6
    Read page 6 as text

    According to the Friedman doctrine: - Businesses should not undertake social expenditures beyond those mandated by the law and required for the efficient running of a business The____approaches to ethics hold that the moral worth of actions or practices is determined by their consequences. - Utilitarian There are three value central to the confusion system of ethics that have very important economic implications. Which of the following is one of these? - Honesty and dealings with others For international business is, the connection between culture and competitive advantage is important because: - A strong connection is likely to produce the most viable competitors A firms____include customers, suppliers, and lenders. - External stakeholders According to the infant industry argument, many developing countries have a potential____in manufacturing, but new manufacturing industries cannot initially compete with established industries in developed countries. - Comparative advantage Many firms, of all national origins, increasingly depends on____for their competitive advantage. - Globally dispersed production systems A____helps domestic producers to compete against foreign imports. - Subsidy A key issue in the millennium round of the WTO was to: - Further reduce barriers to cross the border trade and investment

  7. Page 7
    Read page 7 as text

    The____argues that a large proportion of the worlds new products had been developed by US firms. - Product life cycle theory The theory of comparative advantage suggest that trade is____game in which all countries that participate realize economic gains. - Positive sum ____are unit cost reductions associated with a large scale of input. - Economies of scale David Ricardo's theory of comparative advantage explains global trade in terms of the: - International differences in labor productivity In adequate protections for intellectual property: - Reduce the incentive for innovation A company that sells its product in a foreign market below the cost of production maybe accused of? - Dumping Krugman has adjusted that trade policy designed to retaliate against another countries trade policy would: - Hurt the citizens of both countries WTO rules allow countries to____foreign goods that are being sold cheaper than at home, or below their cost of production, even when domestic producers can show that they are being harmed - Impose anti-dumping duties on Strategic trade policy suggest that a government should use____to support promising firms that are active in newly emerging industries - Subsidies

15 more pages in the full document

Unlock it once and it stays in your library, ready to chat with or turn into flashcards.

Unlock the full document

More Other Exams & Certifications study materials

See all

Study this document with CramX

Once it is in your library, every tool can work from it.