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MGT 179 Week 2 Quiz 
Question 1
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What are the three values that are central to the Confucian system of ethics?
The values include the
i) Honesty in dealings with others
ii)   Loyalty
iii) Reciprocal obligations
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Question 2
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Discuss the environmental issues related to businesses operating in developing nations.
The environmental issues include the air and water pollution resulting from the release of waste products from manufacturing and processing industries into water sources and atmosphere. Unlike developed countries, developing countries do not have advanced technology that can be used to combat the pollution hence the environmental pollution remain an issue in business operations.
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But what obligation do the MNE's have is the host country standards are inferior to US or international standards? Is there an ethical standard they should follow? Is there any liability for the MNE (for example Union Carbide was sued in US court for the Bhopal explosion in India.)
Question 3
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Describe the key elements of the Foreign Corrupt Practices Act. To which companies and employees does it apply?
The payment element:
Foreign Corrupt Practices Act does no allow the paying, offering, authorizing for money or value payment  and the promising to pay. The payer is required to meet his/her goals.
The Corrupt Intent Element: 
Violation occurs if an individual promise to pay a foreign official with the aim of influencing the official to misuse his/her powers for the purpose of allowing the payer retain, acquire or direct business to any other person
The companies it applies: The U.S companies
The employees it apply: Employees who are U.S citizens, foreign issuers of securities and those who practise corruption while in U.S issuers
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Question 4
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Article 23 of the Universal Declaration of Human Rights implies that it is unethical to employ child labor in sweatshop settings and pay less than subsistence wages, even if that happens to be common practice in some countries. This is in contrast to: 
Select one:
 a. Kantian ethics  
 b. cultural relativism
 c. rights theories
 d. Marxism
 e. justice theories
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According to the United Nations Universal Declaration of Human Rights, fundamental human rights transcend national borders and cultures. However, cultural relativism implicitly rejects the idea that universal notions of morality transcend different cultures.
The correct answer is: cultural relativism
Question 5
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Both China and India have achieved high growth rates despite relatively weak property rights regimes and high levels of corruption because of:
Select one:
 a. shift toward a centrally planned economy
 b. high living standards
 c. large population
 d. high consumer purchasing power
 e. shift toward a market based economic system  
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Both China and India have achieved high growth rates despite relatively weak property rights regimes and high levels of corruption. In both countries, the shift toward a market-based economic system has produced large gains despite weak property rights and endemic corruption.
The correct answer is: shift toward a market based economic system
Question 6
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The common law system enjoys a degree of flexibility now found in other systems because:
Select one:
 a. It is usually only found in democratic republics
 b. it originated in Great Britain and can be found in almost all former colonies.
 c. it is interpreted by the law courts with regard to tradition, precedent and custom  
 d. it is based on a detailed set of laws organized into codes
 e. it has originated recently -- just in the last generation.
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Common law is based on tradition, precedent, and custom. Judges in a common law system have the power to interpret the law so that it applies to the unique circumstances of an individual case. In turn, each new interpretation sets a precedent that may be followed in future cases. As new precedents arise, laws may be altered, clarified, or amended to deal with new situations.
The correct answer is: it is interpreted by the law courts with regard to tradition, precedent and custom
Question 7
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Although China and India are very large markets when measured by the number of consumers, they are relatively small markets when measured in economic terms due to their:
Select one:
 a. orientation toward democracy  
 b. small share in the world output
 c. high living standards
 d. limited purchasing power
 e. commitment to a free market system
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While some markets are very large when measured by number of consumers (e.g., China and India), low living standards may imply limited purchasing power and therefore a relatively small market when measured in economic terms.
The correct answer is: limited purchasing power
Question 8
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The advent of containerization has:
Select one:
 a. made moving goods from one mode of transport to another extremely labor-intensive
 b. made the economies of the world's nation-states less intertwined
 c. significantly lowered the costs of shipping goods over long distances  
 d. slowed down the globalization of markets and production
 e. increased costs of coordinating and controlling a global organization
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Containerization has revolutionized the transportation business, significantly lowering the costs of shipping goods over long distances.
The correct answer is: significantly lowered the costs of shipping goods over long distances
Question 9
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Which of the following is most likely to be protected by a copyright? 
Select one:
 a. A new manufacturing process invented in a company
 b. A newly invented telecommunication device
 c. Movies produced and directed by a person  
 d. A new type of car invented by an automobile company
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Copyrights are the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit
The correct answer is: Movies produced and directed by a person
Question 10
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When firms do not wish the accept the rules of the CIGS, what do they often opt for to settle contract disputes?
Select one:
 a. UN involvement
 b. Arbitration  
 c. Collective Bargaining
 d. Common law system of the US
 e. Islamic Law
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When firms do not wish to accept the CIGS, they often opt for arbitration by a recognized arbitration court, like the International Court of Arbitration of the International Chamber of Commerce in Paris, to settle disputes.
The correct answer is: Arbitration
Question 11
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What is the difference between folkways and mores?
Select one:
 a. Folkways are norms that are seen as central to the functioning of a society, whereas mores are the routine conventions of everyday life
 b. Violating mores tends to bring more serious retribution than violating folkways  
 c. Folkways exclude rituals and symbolic behaviors included in mores
 d. Folkways have much greater significance  than mores
 e. Mores cannot be enacted into laws, whereas folkways can.
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Mores are norms that are seen as central to the functioning of a society and to its social life. They have much greater significance than folkways. Accordingly, violating mores can bring serious retribution.
The correct answer is: Violating mores tends to bring more serious retribution than violating folkways
Question 12
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The Foreign Corrupt Practices Act was subsequently amended to allow for speed money or grease payments, which are payments made to: 
Select one:
 a. secure contracts that would not otherwise be secured
 b. obtain exclusive preferential treatment in a foreign market
 c. influence foreign bureaucrats in the company's favor
 d. ensure a business receives the standard treatment it ought to receive  
 e. secure monopoly rights in a less developed countries
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The Foreign Corrupt Practices Act was subsequently amended to allow for "facilitating payments." Sometimes known as speed money or grease payments, facilitating payments are not payments to secure contracts that would not otherwise be secured and nor are they payments to obtain exclusive preferential treatment. Rather they are payments to ensure receiving the standard treatment that a business ought to receive from a foreign government, but might not due to the obstruction of a foreign official.
The correct answer is: ensure a business receives the standard treatment it ought to receive
Question 13
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The practice of "gift giving" between the parties to a business negotiation is considered right and proper behavior in many Asian cultures. However, some Westerners view the practice as a form of bribery, and therefore unethical, particularly if the gifts are substantial. This reflects that: 
Select one:
 a. notions of ethics are universal
 b. Asian countries are still under the influence of totalitarianism
 c. what is ethical depends on one's cultural perspective  
 d. Asian cultures are more economically advanced
 e. there is unanimous agreement about accepted employment practices
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The ethical obligations of a multinational corporation toward employment conditions, human rights, corruption, environmental pollution, and the use of power are not always clear-cut. There may be no agreement about accepted ethical principles. From an international business viewpoint, some argue that what is ethical depends upon one's cultural perspective.
The correct answer is: what is ethical depends on one's cultural perspective
Question 14
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Many commentators have blamed the problems that led to global financial crisis of 2008-9 and the recession that followed on:
Select one:
 a. lack of free markets
 b. weak bank regulatory environment  
 c. political ideologies followed in Asian countries
 d. a strong presence of command economies
 e. a lack of privatization and liberalization
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The correct answer is: weak bank regulatory environment
Question 15
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Which of the following statements is true about the business implications of Japanese society?
Select one:
 a. The determination of social status of an individual is independent of the standing of the group to which he or she belongs
 b. It is difficult to find self-managing work teams within Japanese organizations
 c. It is more successful at pioneering radically new products and new ways of doing business than the United States
 d. There is a low degree of movement from company to company among managers and workers  
 e. The managers and workers lack company-specific knowledge, experience, and a network of interpersonal business contacts
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The primacy of the value of group identification also discourages managers and workers from moving from company to company. Lifetime employment in a particular company was long the norm in certain sectors of the Japanese economy.
The correct answer is: There is a low degree of movement from company to company among managers and workers
Question 16
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In the context of "knowledge" economy of the twenty-first century, which of the following statements is true about intellectual property? 
Select one:
 a. Intellectual property has become an increasingly important source of economic value for businesses  
 b. Protecting intellectual property has become increasingly easy in the twenty-first century
 c. Intellectual property laws limit the creativity and the ability of people to search for novel ways of doing things
 d. Firms always choose to stay out of countries where intellectual property laws are strict.
 e. Companies in a country are more likely to commit themselves to extensive basic research if the country prohibits the use of patents
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In the high-technology "knowledge" economy of the twenty-first century, intellectual property has become an increasingly important source of economic value for businesses.
The correct answer is: Intellectual property has become an increasingly important source of economic value for businesses
Question 17
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Richard purchased a computer for $600 in 2014. Compared to the $900 computer that he had purchased way back in 2010, the new one seems to be more efficient in terms of the price he has paid and the power of the microprocessor technology. This is best explained by: 
Select one:
 a. product liability
 b. property rights
 c. Moore's Law  
 d. purchasing power parity
 e. sustainable strategies
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The cost of microprocessors continues to fall, while their power increases (a phenomenon known as Moore's law, which predicts that the power of microprocessor technology doubles and its cost of production falls in half every 18 months).
The correct answer is: Moore's Law
Question 18
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The KORUS agreement includes:
Select one:
 a. Canada, Mexico, and the United States
 b. The US, Chile, Colombia, and Costa Rica
 c. South Korea and the US  
 d. South Korea, Japan and China
 e. Argentina, Brazil and Uruguay
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The correct answer is: South Korea and the US
Question 19
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Which of the following refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions, and that there should be a presumption in favor of decisions that have both good economic and social consequences? 
Select one:
 a. Corporate dissonance
 b. Class Consciousness
 c. Corporate dynamism
 d. Social responsibility  
 e. Economies of scale
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The concept of social responsibility refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions, and that there should be a presumption in favor of decisions that have both good economic and social consequences
The correct answer is: Social responsibility
Question 20
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Which of the following is an argument put forth by critics of the IMF? 
Select one:
 a. It increases barriers to the free flow of goods and investment across national borders
 b. It provides assistance only to developing nations and completely ignores the developed nations.
 c. It is not powerful enough to ensure that the nation-states adhere to the rules laid down in trade treaties.
 d. It promotes the rise of communism across the globe
 e. It usurps the sovereignty of nation-states by telling governments what economic policies they must adopt. 
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IMF loans come with strings attached. In return for loans, the IMF requires nation-states to adopt specific economic policies aimed at returning their troubled economies to stability and growth. These requirements have sparked controversy. Some critics maintain that by telling national governments what economic policies they must adopt, the IMF is usurping the sovereignty of nation-states.
The correct answer is: It usurps the sovereignty of nation-states by telling governments what economic policies they must adopt.
Question 21
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Which of the following is an aspect of nonverbal communication
Select one:
 a. Grammar
 b. Punctuation
 c. Speech Tone
 d. Personal Space  
 e. Voice Modulation
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An aspect of nonverbal communication is personal space, which is the comfortable amount of distance between you and someone you are talking with.
The correct answer is: Personal Space
Question 22
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Which of the following occurs when a resource held jointly by all, but owned by no one, is overused by individuals, resulting in its degradation? 
Select one:
 a. social loafing
 b. cultural relativism
 c. the tragedy of the commons  
 d. dead weight loss
 e. capital deepening
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The correct answer is: the tragedy of the commons
Question 23
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Which of the following was established after the Uruguay Round to police the International Trading System?
Select one:
 a. United Nations
 b. International Monetary Fund
 c. World Trade Organization  
 d. World Bank
 e. Group of 20
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The General Agreement on Tariffs and Trade (GATT) is an international treaty whose functions included policing the world trading system and committing signatories to lowering barriers to the free flow of goods across national borders. The World Trade Organization (WTO) succeeded the General Agreement on Tariffs and Trade (GATT) as a result of the successful completion of the Uruguay Round of GATT negotiations.
The correct answer is: World Trade Organization