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AGB 302 EXAM ASU Questions and Verified Answers.
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AGB 302 EXAM ASU Questions and Verified Answers.AGB 302 EXAM ASU Questions and Verified Answers.AGB 302 EXAM ASU Questions and Verified Answers.
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AGB 302 EXAM ASU Questions and VerifiedAnswers.
ethics - ANS the principles of right and wrong that guide an individual in making
decisions
ethical strategy - ANS a course of action that does not violate a company's business
ethics
Friedman Doctrine - ANS the only social responsibility of business is to increase profits,
so long as the company stays within the rules of law
Culturual Relativism - ANS belief that cultures should be judged by their own standards
Utilitarian Approach - ANS guided by what will result in the greatest good for the
greatest number of people
john rawls - ANS veil of ignorance
A class system is more or less rigid than a caste - ANS less
Max Weber - ANS the Protestant Ethic and the Spirit of Capitalism
Buddhism does not support - ANS the caste system
Tragedy of the commons - ANS people acting individually and in their own interest use
up commonly available but limited resources
Facilitating payments - ANS Payments made to foreign officials to ensure that there is
no obstruction to the transaction.
Nobles Oblige - ANS idea that they upper classes have the responsibility/right to take
care of those under them
Free trade - ANS international trade left to its natural course without tariffs, quotas, or
other restrictions.
David Ricardo - ANS theory of comparative advantage
Huckster Ohlin - ANS export goods that make intensive use of factors that are locally
abundant
Raymond Vernon - ANS Product life cycle theory
, New trade theory - ANS countries specialize because in certain industries the world
market can only support a limited number of firms (entering the market early is better)
Mercantilism - ANS max exports min imports (ZERO-SUM GAME)
Absolute advantage creator - ANS Adam smith
When is pp. a straight line - ANS constant return to specialization?
Diminishing returns - ANS benefit from an extra unit of an input declines as the quantity
of the input increases
Product Life Cycle Theory - ANS observation that most new world products are from the
U.S.
Economies of scale - ANS unit cost reductions associated with a large scale of output
(reduced ability to make variety)
Porter's Theory of National Competitive Advantage - ANS -factor endowments
-demand conditions
-related and supporting industries
-firm strategy, structure, and rivalry
Firms involved with international trade influence - ANS government policy
Voluntary export restraint - ANS a quota on trade imposed by the exporting country
What is the goal of tariff rate quotas - ANS limit imports over quota
How does a voluntary export restraint benefit domestic producers - ANS limiting import
competition?
Dumping - ANS Selling goods in another country below market prices
Smoot-hawley act - ANS protected American industries during the great depression
Removing tariff barriers in agriculture could - ANS lower prices to consumers
Uruguay round - ANS extended gets rules to cover trade in services
Millennium round - ANS further reduced barriers to cross border trade and investment
Ad volleyed tariffs - ANS levied as a proportion of the value of the imported good
Quota rent - ANS extra profit producers make when supply is artificially limited by an
import quota
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