AGB 302 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

AGB 302 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

The tenant of ____ is that the welfare of society is best served by letting people 
pursue their own economic self interest - Individualism
Which of the following is a step in the shift toward a market basic economic 
system? - Creation of the legal system to safeguard property rights
Anecdotal comparisons suggest that the assertion that nations that invest more in 
____ will have higher growth rates is true - Education
In a ____ economy certain sectors of the economy are left to private ownership in 
free-market mechanisms while other sectors have significant state ownership 
and government planning - mixed
Under the ____ cases are judged with reference to three characteristics: 
tradition, precedent, and custom - common law system
The state can expropriate the profits from innovation for legal means such as 
____. - Excessive Taxation
One of the reasons for the spread of democracy is the emergence of ____ who 
have pushed for democratic reforms - Increasingly prosperous middle and 
working classes
Design and names by which merchants and manufactures designate and 
differentiate their products are known as ____. - Trademarks
Which of the following helps in adjusting GNI such that it accounts for the 
differences in the cost of living? - Purchasing power parity (PPP) adjustment
A free market economy in which property rights are protected leads to 
subsequent economic growth, which often leads to the establishment of: -
democratic regime
Which of the following sociologist made a connection between protestant ethics in 
the spirit of capitalism - Max Weber
Which of the following is a closed system of stratification in which social position 
is determined by the family into which a person is born then changes in that 
position is usually not possible during the individuals lifetime - Caste system
Ethical systems are: - a set of moral principles, or values, that are used to guide 
and shape behavior
Japanese executive's ritual of presenting a business card to a foreign business 
executive is an example of____. - Folkways
According to Islam, those who hold property are regarded as___. - Trustees
Which of the following refers to the values and norms that the employees of an 
organization share? - organization culture
Which of the following areas of international trade is regulated by the Foreign 
corrupt practices act? - Preventing bribery and unethical acts in the conduct of 
international business
Which of the following is a measure that is developed by the United Nations to 
measure the quality of life in different nations? - Human development Index
Modern socialism has been popularized largely through the work of ____.? -Karl 
Marx
____. A Nobel prize winning economist has argued that development is not just an 
economic process but it is a political one as well - Amartya Sen
Which of the following statements about the legal systems of countries is true? -
They can affect the attractiveness of a country as an investment site or market
A market economy encourages innovation because: - Economic freedom leads to 
greater incentives for innovation
In a pure market economy: - Production is determined by the interaction of supply 
and demand
Inter-dependent political, economic, and legal systems of a country make up its: -
Political economy
Several of the fastest growing Asian economies adopted more ____ governments 
during the past three decades including South Korea and Taiwan - Democratic
In several Western democracies, the poor performance of state owned 
enterprises, because of protection from competition and guaranteed government 
financial support lead to ___. - Privatization
The convention of combating bribery of foreign public officials in international 
business transactions excludes: - Facilitating payments made to expedite routine 
government action
Child labor is permitted in widely employed in country X. A multinational company 
entering country X decides to employ minors in its subsidiary, even though it is 
against the multinationals home country ethics. Which of the following approaches 
to business ethics would justify the actions of multinational company? - cultural 
relativism
A situation in which none of the available alternatives seems morally acceptable is 
called: - an ethical dilemma