AGB 302 Quiz 1 UPDATED Exam Questions and CORRECT Answers
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Course
AGB 302
Institution
AGB 302
AGB 302 Quiz 1 UPDATED Exam
Questions and CORRECT Answers
United Nations Convention on Contracts for the Inter-national Sale of Goods (CISG). -
Correct Answer- When contract disputes arise in international trade, there is always the
question of
which country's laws to apply.
Property rights...
AGB 302 Quiz 1 UPDATED Exam
Questions and CORRECT Answers
United Nations Convention on Contracts for the Inter-national Sale of Goods (CISG). -
Correct Answer- When contract disputes arise in international trade, there is always the
question of
which country's laws to apply.
Property rights - Correct Answer- refer to the legal rights over the use to which a resource is
put and over the use made of any income that may be derived from that resource.1
private action - Correct Answer- refers to theft, piracy, blackmail, and the like by private
individuals or groups.
Public action - Correct Answer- to violate property rights occurs when public officials, such
as politicians and government bureaucrats, extort income, resources, or the property itself
from prop-erty holders.
Foreign Corrupt Practices Act (FCPA) - Correct Answer- This law makes it illegal to bribe a
foreign govern-ment official to obtain or maintain business over which that foreign official
has authority, and it requires all publicly traded companies to keep detailed records that
would reveal whether a violation of the act has occurred.
Intellectual property - Correct Answer- refers to property that is the product of intellectual
activity, such as computer software, a screenplay, a music score, or the chemical formula for a
new drug.
Product safety laws - Correct Answer- set certain safety standards to which a product must
adhere.
Prod-uct liability - Correct Answer- involves holding a firm and its officers responsible when
a product causes in-jury, death, or damage.
, political economy - Correct Answer- stress that political, economic, and legal systems are
interdependent
-system of government in a nation
collectivism - Correct Answer- collective goals over individual goals
-traced to plato
socialist - Correct Answer- -(Karl Marx)
manage state owned enterprise to benefit society as a whole rather than individual capitalist
communist - Correct Answer- believed that socialism could be achieved only through violent
revolution and totalitarian dictatorship
social democrats - Correct Answer- commit themselves to achieving socialism by democratic
means
privatization - Correct Answer- selling store owned enterprises to private investors
individualism - Correct Answer- individual should have freedom in his or her economic and
political pursuit
-Aristotle
-Daivid Hume, Adam Smith ("wealth of nations"), John Mill
Democracy - Correct Answer- government is by the people, either directly or through elected
representatives
totalitarianism - Correct Answer- one person or political party exercises absolute control over
all spheres of human life
They go hand and hand - Correct Answer- democracy and individualism
totalitarianism and collectivism
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