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