Global Business and Society Flashcards
A book report will be required of each student by the end of the semester.
False
The present world population is in excess of 7 billion people.
True
The commentator in the Crash Course video indicated that Global capitalism was
responsible for greater good than harm.
True
The Human Development Index ranks the US as the number 1 country in the
world.
False
The service industry in the US is now larger than the manufacturing industry.
True
The FDA is the regulatory agency which supervises union elections.
False
The life expectancy of Americans during the Great Depression is similar to their
life expectancy presently.
False
The Great Depression is considered to have ended in the early to mid 1940’s.
True
Fiscal and monetary policies are used in the US to effect the economy.
True
Laissez-faire capitalism favors government intervention in the economy
False
Milton Friedman was a firm believer in big government to balance big business
and big unions.
False
A business trust is managed and controlled by the trustees and not the
beneficiaries.
True
The Great Depression is thought to have ended due to a program of austerity and
FDR’s balancing of the Federal budget.
False
Max Weber wrote the book “Protestantism and the Spirit of Capitalism” and
theorized that Protestantism was an important element in the growth of
Capitalism.
True
Capitalism is known for its business cycles.
True
The concept of economy of scale refers to the cost savings produced by the
miniaturizing of products.
False
Malthus believed that the global food supply could easily keep up with the growth
of population provided distribution of food was done fairly..
False
Karl Marx wrote the Wealth of Nations.
False
Unless agreed otherwise, each country has the right to establish its own laws
regarding commerce.
True
Mass production leads to an “economy of scale”.
True
Multinational corporations are corporations who have a presence in multiple
countries.
True
Of the 100 largest economies approximately 51% are countries and 49% are
corporations (in 2000).
False
A cooperative is more democratic than the typical business corporation.
True
China has a larger GDP when adjust for cost of living than the USA
True
“S” corporations are also known as professional corporations.
False
Corporations are creatures of the Federal Government
False
“Conflict of Laws” is that branch of the legal system dealing with disagreements
by litigants of judicial decisions. .
False
A corporate chief executive officer is hired by the Board of Directors as opposed
to by the shareholders
True
The average compensation for CEO’s of large corporations is significantly greater
than the pay for the President of the United States.
True
The present rate of the marginal corporate tax is greater now than any time in the
history of the USA.
False
NYS recognizes an employees right to continued employment under all
circumstances other than unsatisfactory work performance.
False
The Wall Street Reform Act of 2010 gave shareholders in large corporations the
right to veto high executive corporate pay.
False
The Equal Pay Act of 1963 prohibits discrimination in pay based on gender.
True
Regulatory agencies are normally created by the executive branch of government.
False
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”.
False
Administrative agencies may have power to establish rules but only within the
scope of their authority.
True
The authority to create federal regulatory agencies is expressly given to Congress
by the Constitution of the United States.
False
The Department of Motor Vehicles can be considered a state regulatory agency.
True
