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AGB 302 EXAM ASU EXAM QUESTIONS WITH VETRIFIED SOLUTIONS
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AGB 302 EXAM ASU EXAM QUESTIONS WITH VETRIFIED SOLUTIONS
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AGB 302 EXAM ASU EXAM QUESTIONSWITH VETRIFIED SOLUTIONS
ethics - -the principles of right and wrong that guide an individual in making decisions -ethical strategy - -a course of action that does not violate a company's business ethics -Friedman Doctrine - -the only social responsibility of business is to increase
profits, so long as the company stays within the rules of law -Culturual Relativism - -belief that cultures should be judged by their own standards -Utilitarian Approach - -guided by what will result in the greatest good for the greatest number of people -john rawls - -veil of ignorance -a class system is more or less rigid than a caste - -less -Max Weber - -The Protestant Ethic and the Spirit of Capitalism -buddhism does not support - -the caste system -tragedy of the commons - -people acting individually and in their own interest use up commonly available but limited resources -facilitating payments - -Payments made to foreign officials to ensure that there is no obstruction to the transaction. -Noblese Oblige - -idea that they upper classes have the responsibility/right to take care of those under them -free trade - -international trade left to its natural course without tariffs, quotas, or other restrictions. -david ricardo - -theory of comparative advantage -heckscher ohlin - -export goods that make intensive use of factors that are locally abundant -raymond vernon - -Product life cycle theory -new trade theory - -countries specialize because in certain industries the world market can only support a limited number of firms (entering the market early is better) -Mercantilism - -max exports min imports (ZERO-SUM GAME) -absolute advantage creator - -adam smith -when is ppf a straight line - -constant return to specialization -diminishing returns - -benefit from an extra unit of an input declines as the quantity of the input increases -Product Life Cycle Theory - -observation that most new world products are from the U.S. -economies of scale - -unit cost reductions associated with a large scale of output (reduced ability to make variety) -Porter's Theory of National Competitive Advantage - --factor endowments
-demand conditions
-related and supporting industries
-firm strategy, structure, and rivalry -firms involved with international trade influence - -government policy -voluntary export retraint - -a quota on trade imposed by the exporting country -what is the goal of tariff rate quotas - -limit imports over quota -how does a voluntary export restraint benefit domestic producers - -
limiting import competition -dumping - -Selling goods in another country below market prices -smoot-hawley act - -protected american industries during the great depression -removing tariff barriers in agriculture could - -lower prices to consumers -uruguay round - -extended gatts rules to cover trade in services -millenium round - -further reduced barriers to cross border trade and investment
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