AGB 302 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

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 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 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