Preparation for Final Exam Part 1

Question 1

malum per se

Answer 1

an act that is “wrong in itself”; illegal because it violates the natural, moral or public principles of a civilized society. (Murder, rape, robbery)

Question 2

malum prohibitum

Answer 2

“wrong due to being prohibited.” Crimes based on English Common Law which includes White Collar Crimes.

Question 3

Scope of Authority

Answer 3

Power delegated to an agent under an agency agreement for carrying out the principal’s business or instructions

Question 4

Arbitrary and Capricious

Answer 4

When a judge makes a decision without reasonable grounds or adequate consideration of the circumstances

Question 5

Future Shock

Answer 5

A state of distress or disorientation due to rapid social or technological change.

Question 6

Culture Shock

Answer 6

The feeling of disorientation experienced by someone who is suddenly subjected to an unfamiliar culture, way of life, or set of attitudes.

Question 7

Maslow’s Hierarchy of Needs

Answer 7

Suggests five interdependent levels of basic human needs that must be satisfied.

Question 8

The Five Levels of Maslow’s Hierarchy of Needs

Answer 8

1) Physiological Needs (to stay alive and reproduce)
2) Security (to feel safe)
3) Social Needs (For love and belonging)
4) Self-esteem (To feel worthy)
5) Self-actualization (Self-fulfillment)

Question 9

Pump-Priming

Answer 9

The stimulation of economic activity by investment

Question 10

Free Market

Answer 10

Economic System where prices are determined by unrestricted competition between privately owned businesses.

Question 11

Absolute Advantage

Answer 11

The ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.

Question 12

Comparative Advantage

Answer 12

The ability to carry out a particular economic activity more efficiently than another activity

Question 13

Digital Divide

Answer 13

The gulf between those who have ready access to computers and the Internet, and those who do not.

Question 14

Relative Poverty

Answer 14

In terms of the society in which an individual lives and which therefore differs between countries and over time. Living on less than X% of average US income.

Question 15

Capital Goods

Answer 15

Goods that are used in producing other goods, rather than being bought by consumers.

Question 16

Economy of Scale

Answer 16

A proportionate saving in costs gained by an increased level of production.

Question 17

Zero-Sum Game

Answer 17

One person’s gain is equal to another’s loss.

Question 18

Purchase Power Parity

Answer 18

(PPP) Estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency’s purchasing power.

Question 19

Opportunity Costs

Answer 19

The loss of potential gain from other alternatives when one alternative is chosen.

Question 20

Trade Balance

Answer 20

The difference between a country’s imports and its exports. Largest component of a country’s balance of payments.

Question 21

Gross Domestic Product

Answer 21

Total value of goods produced and services provided in a country during one year.

Question 22

Per Capita GDP

Answer 22

Measure of GDP divided by the number of people in the Country

Question 23

Desertification

Answer 23

The process by which fertile land becomes desert, typically as a result of drought, deforestation, or inappropriate agriculture.

Question 24

Externalities

Answer 24

A consequence of an economic activity that is experienced by unrelated third parties. Can be positive or negative.

Question 25

Stakeholders

Answer 25

A party that has an interest in an enterprise or project. Investors, employees, customers and suppliers are primary Stakeholders for a corporation.

Question 26

Fiscal Policy

Answer 26

Government spending polices that influence the economy.

Question 27

Social Lag

Answer 27

Culture takes time to catch up with technological innovations, and that social problems and conflicts are caused by this lag.

Question 28

Greenhouse Effect

Answer 28

The heating of the atmosphere owing to the presence of carbon dioxide and other gases.

Question 29

brain drain

Answer 29

The departure of highly trained or intelligent people from a particular country.

Question 30

Xenophobia

Answer 30

Intense or Irrational dislike or fear of people from other countries.

Question 31

Ultra Vires

Answer 31

beyond one’s legal power or authority.

Question 32

Conflict of Laws

Answer 32

A difference between the laws of two or more jurisdictions with some connection to a case

Question 33

Sovereign Immunity

Answer 33

The sovereign or state cannot commit a legal wrong and is immune from civil suit or criminal prosecution.

Question 34

Command Economy

Answer 34

An economy in which production, investment, prices, and incomes are determined centrally by a government.

Question 35

Mixed Economy

Answer 35

An economic system combining private and public enterprise.

Question 36

jus ad bellum

Answer 36

“right to war” a set of criteria that are to be consulted before engaging in war, in order to determine whether entering into war is permissible.

Question 37

jus in bello

Answer 37

law governing conduct of war

1) Valid military purpose
2) Avoid citizen casualties
3) Proportionality of citizen casualties
4) But Hiroshima and Nagasaki

Question 38

Self Defense

Answer 38

Can go to war if under attack

Question 39

Pre-emptive Attack

Answer 39

a surprise attack that is launched in order to prevent the enemy from doing it to you.

Question 40

Millennium Goals

Answer 40

The eight international development goals that were established following the Millennium Summit of the United Nations in 2000.