Global Business and Society

Question 1

A book report will be required of each student by the end of the semester.

Answer 1

False

Question 2

The present world population is in excess of 7 billion people.

Answer 2

True

Question 3

The commentator in the Crash Course video indicated that Global capitalism was
responsible for greater good than harm.

Answer 3

True

Question 4

The Human Development Index ranks the US as the number 1 country in the
world.

Answer 4

False

Question 5

The service industry in the US is now larger than the manufacturing industry.

Answer 5

True

Question 6

The FDA is the regulatory agency which supervises union elections.

Answer 6

False

Question 7

The life expectancy of Americans during the Great Depression is similar to their
life expectancy presently.

Answer 7

False

Question 8

The Great Depression is considered to have ended in the early to mid 1940’s.

Answer 8

True

Question 9

Fiscal and monetary policies are used in the US to effect the economy.

Answer 9

True

Question 10

Laissez-faire capitalism favors government intervention in the economy

Answer 10

False

Question 11

Milton Friedman was a firm believer in big government to balance big business
and big unions.

Answer 11

False

Question 12

A business trust is managed and controlled by the trustees and not the
beneficiaries.

Answer 12

True

Question 13

The Great Depression is thought to have ended due to a program of austerity and
FDR’s balancing of the Federal budget.

Answer 13

False

Question 14

Max Weber wrote the book “Protestantism and the Spirit of Capitalism” and
theorized that Protestantism was an important element in the growth of
Capitalism.

Answer 14

True

Question 15

Capitalism is known for its business cycles.

Answer 15

True

Question 16

The concept of economy of scale refers to the cost savings produced by the
miniaturizing of products.

Answer 16

False

Question 17

Malthus believed that the global food supply could easily keep up with the growth
of population provided distribution of food was done fairly..

Answer 17

False

Question 18

Karl Marx wrote the Wealth of Nations.

Answer 18

False

Question 19

Unless agreed otherwise, each country has the right to establish its own laws
regarding commerce.

Answer 19

True

Question 20

Mass production leads to an “economy of scale”.

Answer 20

True

Question 21

Multinational corporations are corporations who have a presence in multiple
countries.

Answer 21

True

Question 22

Of the 100 largest economies approximately 51% are countries and 49% are
corporations (in 2000).

Answer 22

False

Question 23

A cooperative is more democratic than the typical business corporation.

Answer 23

True

Question 24

China has a larger GDP when adjust for cost of living than the USA

Answer 24

True

Question 25

“S” corporations are also known as professional corporations.

Answer 25

False

Question 26

Corporations are creatures of the Federal Government

Answer 26

False

Question 27

“Conflict of Laws” is that branch of the legal system dealing with disagreements
by litigants of judicial decisions. .

Answer 27

False

Question 28

A corporate chief executive officer is hired by the Board of Directors as opposed
to by the shareholders

Answer 28

True

Question 29

The average compensation for CEO’s of large corporations is significantly greater
than the pay for the President of the United States.

Answer 29

True

Question 30

The present rate of the marginal corporate tax is greater now than any time in the
history of the USA.

Answer 30

False

Question 31

NYS recognizes an employees right to continued employment under all
circumstances other than unsatisfactory work performance.

Answer 31

False

Question 32

The Wall Street Reform Act of 2010 gave shareholders in large corporations the
right to veto high executive corporate pay.

Answer 32

False

Question 33

The Equal Pay Act of 1963 prohibits discrimination in pay based on gender.

Answer 33

True

Question 34

Regulatory agencies are normally created by the executive branch of government.

Answer 34

False

Question 35

The decision of a regulatory agency will be over ruled by a court of law if it is not
supported by at least a “mere preponderance of the evidence”.

Answer 35

False

Question 36

Administrative agencies may have power to establish rules but only within the
scope of their authority.

Answer 36

True

Question 37

The authority to create federal regulatory agencies is expressly given to Congress
by the Constitution of the United States.

Answer 37

False

Question 38

The Department of Motor Vehicles can be considered a state regulatory agency.

Answer 38

True