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Global Business > Midterm Questions > Flashcards

Midterm Questions Flashcards

1
Q

The doctrine of externalization refers to the practice of corporate inside trading.

A

False

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2
Q

Tariffs on imports are sometimes used to protect domestic industries from foreign competition.

A

True

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3
Q

The “median” average as opposed to a simple average is determined by adding up all of the units and then dividing by the number of units.

A

False

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4
Q

A corporation acting outside of its corporate powers or authority is said to be acting “ultra vires.”

A

True

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5
Q

The United Nations has approximately 196 members.

A

True

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6
Q

GDP (PPP) stands for Gross Domestic Product adjusted for the different purchasing power of countries.

A

True

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7
Q

Robert Owen is known for the position that governments should not interfere with natural checks on population growth such as sickness and poverty.

A

False

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8
Q

Laissez-faire is associated with the writing and theories of Adam Smith.

A

True

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9
Q

Capitalism is an economic system that is based on the goodwill of individuals and in which the government determines what to produce, how to produce, and for whom to produce.

A

False

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10
Q

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

A

False

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11
Q

Critics of capitalism argue that it promotes selfishness and greed and leads to exploitation of the weak in favor of the strong.

A

True

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12
Q

Income taxes rates on Corporate profits in the US are higher than in most other industrial countries however because of tax loopholes and tax havens many US multi-national corporations pay little or no federal taxes.

A

True

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13
Q

Supporters of capitalism argue that i has produced the highest standard of living in the history of the world, decreases poverty, and is in keeping with human nature.

A

True

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14
Q

The economists mostly concerned with the problem of population growth and the limited amount of resources available was Thomas Malthus.

A

True

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15
Q

In the United States corporations generally are created by individual states and not by the federal government.

A

True

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16
Q

A partnership can only be between one or more people

A

False

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17
Q

Directors as opposed to shareholders choose the corporation’s officers

A

True

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18
Q

Technical rules of evidence, such as the hearsay rule, need not be observed in administrative hearings.

A

True

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19
Q

The largest religion in the world is Islam with Christianity as a close second.

A

False

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20
Q

The Federal Trade Commission is charged with consumer protection and prevention of anti-competitive business practices.

A

True

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21
Q

Mass production takes advantage of economies of scale.

A

True

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22
Q

The Sunshine Act of 1976 is also known as the Open Meetings Law.

A

True

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23
Q

Regulatory agencies are created by “enabling statutes” which are enacted by legislative bodies.

A

True

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24
Q

“Fiscal and Monetary Policies” involve the government attempting to effect the economy by use of taxation as well as the amount of currency placed in circulation.

A

True

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25
Q

All corporations are devoted to the making of money, and the maximizing of profits.

A

False

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26
Q

The Security Exchange Commission is created by name in the Federal Constitution

A

False

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27
Q

President Obama’s economic policy mirrors the philosophy of Adam Smith and Milton Friedman

A

False

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28
Q

The Citizens United Supreme Court case was decided by an unanimous vote.

A

False

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29
Q

One justification of employment at will is that since an employee can quit at any time an employer should by able to fire him or her at any time.

A

True

30
Q

Shareholders, employees, and immediate customers can be considered primary stakeholders in a corporation.

A

True

31
Q

John Stuart Mill was known for his concern about the issue of individual freedom and liberty and women’s rights.

A

True

32
Q

The purpose of an economic system is to satisfy the needs of the population.

A

True

33
Q

The Sarbenese-Oxley act was enacted in response to the growth of monopolies following the Great Depression.

A

False

34
Q

Of the 100 largest economies in the world, it is thought that the majority or at least close to a majority are corporations rather than countries.

A

True

35
Q

The nature of judicial powers involves monitoring, investigating, and prosecuting

A

False

36
Q

Adam Smith believed that self interest was a principle motivating force.

A

True

37
Q

Documents that are considered privileged can be obtained from federal agencies through the Freedom of Information Act.

A

False

38
Q

Corporate directors do not generally receive a salary or compensation for their services.

A

False

39
Q

The greatest work of Thomas Malthus was the “Communist Manifesto”

A

False

40
Q

States do not have regulatory agencies.

A

False

41
Q

Four main aspects of an economy is production, distribution, financing, and consumption

A

True

42
Q

Globalization is the process by which the economies of different countries become intertwined

A

True

43
Q

Presently the world population is less than 6 billion

A

False

44
Q

The US is ranked as number 1 in the Human Development Index

A

False

45
Q

The Great Depression took place in the 19th century and was ended through the policies of Theodore Roosevelt.

A

False

46
Q

Capitalism is based on private ownership of the means of production and the creation of goods or services for profit.

A

True

47
Q

Federal regulations apply both to the private and public sector of the economy.

A

False

48
Q

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

A

True

49
Q

The Federal Civil Rights Act of 1964 prohibits discrimination in employment based on race and religion and nothing else.

A

False

50
Q

The saying, “From each according to their abilities to each according to their needs” is a quote directly from the Old Testament.

A

False

51
Q

The Constitution of the US expressly guarantees free market capitalism.

A

False

52
Q

The Equal Pay Act of 1963 outlaws disparity in pay based on gender for comparable work.

A

True

53
Q

The principal of a corporation is limiting the personal liability of the owners.

A

True

54
Q

The life expectancy of Cubans is close to the life expectancy of people from the USA

A

True

55
Q

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

A

True

56
Q

A franchise is a separate company from the franchisor.

A

True

57
Q

“S” Corporations are also known as professional corporations.

A

False

58
Q

The economic philosophies of John Maynard Keynes and John Kenneth Galbraith had a great deal in common.

A

True

59
Q

Milton Friedman expressed the belief that the sole responsibility of corporate executives was to maximize profits for shareholders.

A

True

60
Q

John Stuart Mill was an advocate of the “No Harm” principle of morality.

A

True

61
Q

Judaism is the third largest of the world’s major religions.

A

False

62
Q

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

A

False

63
Q

The Hobby Lobby Supreme Court case involves interpretation of the McCainFeingold Act relating to campaign financing.

A

False

64
Q

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

A

False

65
Q

The US and China have the two largest economies in the world.

A

True

66
Q

John Maynard Keynes opposed the use of fiscal or monetary polices such as pump priming to regulate the economy.

A

False

67
Q

The F.C.C is the federal agency charged with dealing with climate control.

A

False

68
Q

Which Presidential candidate claims to be a “Democratic Socialist?”

A

Bernie Sanders

69
Q

What is the appeal standard reversing a decision of a regulatory agency?

A

The decision was arbitrary or capricious or an abuse of discretion.

70
Q

Who advocated privatization, minimizing the role of government, school vouchers, and the legalization of marijuana?

A

Milton Friedman

Global Business (3 decks)

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