BUS 404 EXAM 1 Latest Update 2024-2025 Actual Exam from Credible Sources with Questions and Verified Correct Answers Golden Ticket to Guaranteed A+ Verified by Professor answer to corporate social responsibility short answer question: - CORRECT ANSWER: Corporations have a responsibility to serve interests of shareholders while satisfying social and ethical interest of other stakeholders -> also be able to define ethical principles
How are chief justices selected? - CORRECT ANSWER: can be one of the remaining
Supreme Court Justices; but, usually an individual from outside the supreme court
how can judicial review change court policy? - CORRECT ANSWER: new justices
interpret constitution differently in future case, justice changes mind about interpretation of constitution in future case, amend constitution (2/3 house and senate; and 3/4 of state legislators)
how do conservatives feel about economic and business matters? - CORRECT ANSWER: federal: can't regulate, state: can regulate
how do conservatives feel about personal matters? - CORRECT ANSWER: federal:
can't regulate, state: can regulate
how do liberals feel about economic and business matters? - CORRECT ANSWER:
federal: can regulate, state: can regulate
how do liberals feel about personal matters? - CORRECT ANSWER: federal and state both can't regulate
how do you get selected to be a member of a lower federal court? - CORRECT
ANSWER: prez nominates, a majority vote may end a filibuster, life term
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how do you get selected to be a member of supreme court? - CORRECT ANSWER: the
prez nominates and then 60 senators must vote in favor of ending a filibuster.
how does statutory interoperation change court policy? - CORRECT ANSWER: amend
statutory language, new justices interpret statue differently in future cases, just changes mind about interoperation of statue in future case
what are aspects of an ideal market? - CORRECT ANSWER: perfect information,
absence of externalities, equal bargaining power, no entry barriers
what are fundamental personal liberties? - CORRECT ANSWER: "liberty" includes personal privacy, which gov can't interfere with without a compelling reason -privacy includes woman's decision to terminate a pregnancy
what are reasons for privacy intrusion? - CORRECT ANSWER: intrusion isn't as bad if it serves and important purpose, if they have reasonable suspicion that conduct is harmful
what are some factors that may influence public dissatisfaction? - CORRECT ANSWER: changing values, new info, dramatic events, charismatic/persuasive leadership
what are some ways in which the shareholder-centric model maximizes long term
value? - CORRECT ANSWER: reduces chances of losing expensive lawsuits, reduces
motivation for groups to request expensive new laws and regulations, reduces chance for negative publicity ......
what are the 2 views of corporate social responsibility? - CORRECT ANSWER:
shareholder-centric model & corporate citizen model
what are two reasons for business regulations? - CORRECT ANSWER: public interest (to correct market imperfections and satisfy other social objectives), political interest (self-interest theory - to lessen competition & rational ignorance)
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