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BUSI 3250 Auburn Exam 2 Latest with 100% complete solution- Grades A
Question 1: US Government took over ownership of what
company during crisis of 2008-2009?
CORRECT ANSWER : General Motors (GM).
Question 2: Protection from unfair competition is minimized
through...
CORRECT ANSWER : National laws, negotiations between
governments, and the efforts of institutions like World Bank.
Question 3: Restricting Trade to Provide for National Defense
CORRECT ANSWER : Certain industries need protection from
imports because they are vital to security. Though, economists say this is a weak argument and used to gain emotional advantage. (ex. Shutting down the border for COVID.)
Question 4: Restricting Trade to Impose Sanctions
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CORRECT ANSWER : This is to inflict economic damage,
punish, or encourage change of behavior. Though, seldom ever achieve their goal from this and can produce collateral economic damage. (ex. Russia and Ukraine.)
Question 5: Restricting Trade to Protect Infant Industries
CORRECT ANSWER : This gives new or dying industries a
chance to grow and build a comparative advantage, otherwise lower-cost imports will underprice in local markets. Though, it does slow down the impact of a dying industries by moving capital into other sectors.
Question 6: Which kind of tariff do experts say are the most
significant/impactful?
CORRECT ANSWER: Nontariff barriers.
Question 7: Which system of law has more need for a jury
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CORRECT ANSWER : Common Law.
Question 8: Places that use civil law
CORRECT ANSWER : Louisiana (the only state in the US),
Spain, Italy, and Belgium.
Question 9: Do worldwide courts have the power to enforce
their decrees?
CORRECT ANSWER : No, it is unenforceable. The UN
International Court of Justice relies on voluntary compliance.
Question 10: Example of Rule of Law
CORRECT ANSWER : China facing calls to boycott the Winter
Olympics in 2022 because of accusations of genocide and internment of Uighur Muslims in Xinjiang and activist crack down in Hong Kong.
Question 11: Examples of Extraterritoriality
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CORRECT ANSWER : Tax and employment laws, antitrust
laws, and environmental laws being applied to a company or individual outside of a country's borders.
Question 12: Orderly marketing arrangements (VERs) are...
CORRECT ANSWER : Formal agreements.
Question 13: In the U.S. agriculture makes up _____ of GDP.
CORRECT ANSWER : 6%
Question 14: Bookings Institute states that opium in Afghanistan
equates to _____ of its GDP.
CORRECT ANSWER : 6% to 11%
Question 15: How many countries depend on agriculture for
more than 50% of their GDP?