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BUS 404- Wroldsen Exam/Questions with Distinction Graded answers
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BUS 404- Wroldsen Exam/Questions with Distinction Graded answers
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BUS 404- WroldsenExam/Questions with Distinction
Graded answers
Natural Law - -Nature's law that defines right from wrong and is higher than
human law
-Positive Law - -statutes which have been laid down by a legislature, court,
or other human institution and can take whatever form the authors want.
-Historical Approach - -The use of historical context to help analyze and
respond to this law
-Legal Realism - -naturalistic approach to law. the view that jurisprudence
should emulate the methods of natural science, i.e., rely on empirical
evidence. Hypotheses have to be tested against observations of the world.
-Deontology - -Approach to ethics that judges the morality of an action
based on the action's adherence to rules. Described as duty or obligation,
because rules 'binds you to your duty'
-Utilitarianism - -idea that the goal of society should be to bring about the
greatest happiness for the greatest number of people
-Virtue Ethics - -Virtue ethics is a broad term for theories that emphasize
the role of character and virtue in moral philosophy rather than either doing
one's duty or acting in order to bring about good consequences.
-Corporate Social Responsibility - -the notion that corporations are expected
to go above and beyond following the law and making a profit
-Shareholder Wealth Maximization - -Maximizing the wealth of the firm's
shareholders through achieving the highest possible value for the firm in the
marketplace. It is the overriding objective of the firm and should influence all
decisions.
-stakeholder view - -A business framework that identifies and analyzes
multiple groups that interact with the firm and attempts to align
organizational practices to satisfy the needs of these various groups.
-B Corporation - -A business that is certified by an external organization to
verify the blending of its social objectives with its financial goals.
, -antitrust laws - -laws aimed at eliminating collusion and promoting
competition among firms
-price fixing - -the practice of colluding with other firms to control prices
-restraint of trade - -An unreasonable limitation on the full exercise of doing
business with others
-•Tying arrangements (bundling) - -1)Two separate products (tying and
tied)
2)Dominant market position in tying product
3)Substantial impact on market for tied
-predatory pricing - -selling a product below cost for a short period of time
to drive competitors out of the market
1)Price below cost
2)Probability of recouping losses
-Monopolistic conduct - -"Coercive, Predatory, Unfair Actions"
•Abuse of market power, not just market power
-Mergers - -The joining together of two or more companies or organizations
to form one larger one.
1)Define market (product and geography)
2)Measure market concentration
3)Identify likely anticompetitive effects
Hypothetical Monopolist Test (HMT)
4)Identify barriers to entry
5)Assess potential economies of scale
-HSR filing - -Transaction Size <$90M- no HSR
$90-$360M- $180M acquiring, $18M Acquired
>$360M HSR filing required
-intellectual property - -A product of the intellect, such as an expressed idea
or concept, that has commercial value.
-patent - -1)Design patents - how things look (last 14 years)
•Unique shape/appearance/configuration (e.g., shoes, smartphones)
2)Utility patents - how things are made (last 20 years)
•Machine (tractor), process (assembly line), manufactured items (plastic
paper clip), combinations of matter (formula for mouthwash)
•Utility patents must meet three criteria:
1)Novel
2)Useful
3)Non-obvious
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