WCC Exam 3 Study Guide 80 Questions with Verified Answers,100% CORRECT
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Course
WCC
Institution
WCC
WCC Exam 3 Study Guide 80 Questions with Verified Answers
corporation - CORRECT ANSWER a legal structure allowing individuals to pool resources (capital, labor, etc.) to generate profit
Characteristics of a corporation - CORRECT ANSWER They act as a single entity separate from the persons who...
WCC Exam 3 Study Guide 80 Questions with Verified
Answers
corporation - CORRECT ANSWER a legal structure allowing individuals to pool
resources (capital, labor, etc.) to generate profit
Characteristics of a corporation - CORRECT ANSWER They act as a single entity
separate from the persons who run/own them; and they can own property.
Why are corporations "well positioned" to engage in illegal and/or unethical
activities? - CORRECT ANSWER Disproportionate influence on
government/politicians {the power elite}
How long have corporations been in existence? - CORRECT ANSWER since roman
times
How are corporations held liable for criminal activity? - CORRECT ANSWER
Corporate agents' actions may be imputed to the corporation itself; To be a
corporate crime, actions should be (1) on behalf of the corporation, (2) to the
benefit of the corporation, or (3) within the scope of authority granted granted to
the agent by the corporation
three primary ways by which corporate crime might be considered violent crime. -
CORRECT ANSWER Violence against public (unsafe environmental practices);
violence against consumers (unsafe products); violence against workers (unsafe
working conditions)
How are work-related injuries and diseases associated with premature death? -
CORRECT ANSWER major cause, accurate data are hard to estimate
trust/monopoly - CORRECT ANSWER The exclusive possession or control of the
supply or trade in a commodity or service.
, two primary ways by which corporations try to eliminate competition - CORRECT
ANSWER 1. reduce competitors sales (predatory pricing and pressuring others not
to work with competitors)
2. increase competitors cost (predatory arrangements with suppliers, lending
institution pressure, sabotage)
major anti-trust legislation in the U.S. - CORRECT ANSWER Sherman anti-trust act,
Clayton Anti-Trust Act, Federal Trade Commission Act
Clayton Anti-Trust Act - CORRECT ANSWER specific activities that can be regulated
but exempts labor (unions, sports teams);
Sherman anti-trust act - CORRECT ANSWER 1st proconsumer legislation that
prohibits business activities that reduce competition in the marketplace;
Federal Trade Commission Act - CORRECT ANSWER established federal trade
commission with focus on unfair competition
primary forms of abuse-of-power associated with corporate crime - CORRECT
ANSWER - corruption of political process (bribery, economic interests outweigh
public safety)
- corporate crimes against citizens and taxpayers (defrauding the government)
- corporate tax evasion
primary purpose of anti-trust laws - CORRECT ANSWER To promote and protect
competition
horizontal price fixing - CORRECT ANSWER competition businesses conspire to
charge prices at a similar level
vertical price fixing - CORRECT ANSWER parties from different levels of production
and distribution chain agree to set prices
price discrimination - CORRECT ANSWER refers to practices where different prices
are charged simply to restrict competition between competitors
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