D080 UNITS 3-6 - Study Guide Questions (GLOBAL) Already Passed

How do monopolies hurt consumers? ✔✔lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments ...

How do monopolies hurt consumers? ✔✔lack of economic competition, corporations have the ability to raise the market price without losing customers to competition. _________________ are statutes developed by governments to protect consumers from predatory business practices and ensure fair competition. ✔✔anti-trust laws A farmers market has many vendors and consumers who all sell and buy the same produce at the same price. Which type of market is represented? ✔✔Pure competition A sole, national telephone company was found violating antitrust laws and was forced to separate into regional companies. What caused the violation of the antitrust laws? ✔✔Reduced competition (monopoly) Which issue was the main purpose of the creation of the European Union? ✔✔The driving issue was that one country or region could control natural resources, such as oil or land, in a monopoly to the detriment of other European countries.Many countries from several geographic regions are accused of dumping steel into the U.S. market at unfairly low prices. Which entity can the United States appeal to in order to correct this apparent market manipulation? ✔✔World Trade Organization ___________________ was the first American antitrust policy. It dealt with limiting the power of price-controlling cartels. Its scope has since been expanded to include a range of anticompetitive practices. ✔✔The Sherman Antitrust Act (1890) The idea that "nature is everyone's business" and led to the emergence of many new environmental laws is referred to as what? ✔✔collective environment _________ has been involved in many efforts to protect what is considered the shared global environment and limit the impact of big business on the world's natural resources. ✔✔United Nations Environment Programme (UNEP) _______________ was a binding resolution to reduce greenhouse gases. Although the United States initially supported the resolution, the Senate failed to ratify the treaty. By 2001, the resolution was opposed by President Bush because the treaty seriously threatened the U.S.economy and did not require developing nations to lower their emissions at the same rate as developed countries. ✔✔The Kyoto Protocol (1997) During December 2015, 195 countries adopted the first ever legally binding, universal global climate deal known as ____________________. This agreement set out concrete steps to keep long-term global temperature increase at below 2°C. ✔✔the Paris Agreement what law was implemented "to create and maintain conditions under which man and nature can exist in productive harmony, and fulfill the social, economic, and other requirements of present and future generations of Americans? (Signed into law by President Nixon on January 1, 1970) ✔✔National Environmental Policy Act (NEPA) what was the key feature of NEPA? ✔✔requirement that federal agencies prepare an environmental impact statement in every recommendation or report on proposals for legislation True or False The National Environmental Policy Act led to the implementation of the Environmental Protection Agency. ✔✔trueWhich of these agreements or treaties was to combat increased temperatures of global climate change? ✔✔Paris Which governmental entity was created to provide regulatory authority regarding pollution by industry? ✔✔Environmental Protection Agency [EPA] Which type of duty is required to take care of the collective environment across the nation? ✔✔Shared What makes the enforcement of United Nations Environmental Program regulations difficult? ✔✔Sovereign rights of nations This convention defines a child as a person under 18 years of age and aims to eliminate all practices of slavery or those similar to slavery, such as the sale and trafficking of children, debt bondage, forced or compulsory recruitment of children for use in armed conflict, child prostitution, and so on. ✔✔Worst Forms of Child Labour Convention, 1999 This convention sets out seafarers' rights to decent work conditions. ✔✔The Maritime Labour Convention (MLC), 2006This convention details specific rights and protections for domestic workers working both in their home country and as migrant workers. This includes a written contract that is enforceable in the country of employment, or a written job offer that is available prior to traveling to the country of employment. ✔✔Domestic Workers Convention, 2011 Which action is used by companies wishing to avoid working with vendors who use sweatshops? ✔✔Developing and imposing a company internal code of conduct for vendor labor practices A major footwear brand company is contracting the manufacturing of its products to a contractor's manufacturing plant overseas. The footwear company has been accused of turning a blind eye to sweatshop practices at other overseas contract locations before. How should the footwear company ensure that the contractor will comply with the standards set forth in the code of conduct that explicitly prohibit this practice? ✔✔Require that the factories be available for inspections What did the Worst Forms of Child Labor Convention, 1999 define? ✔✔The age at which a person becomes an adultWhich convention protects decent working hours for a cruise ship director who travels in international waters? ✔✔Maritime Labor Convention, 2006 _____________ relates to the objectives and commitments of each party, as well as the terms that govern the transaction. ✔✔contract law __________ are legally enforceable promises that, if breached, result in compensable damages. ✔✔contracts what is the difference between vertically and horizontally structured laws? ✔✔In a vertical structure of law, there is some higher authority that imposes a rule of law on the people. (example US dept of Justice) International law or law between sovereign states, are best thought of in a horizontal structure. Since each state is sovereign, that means that one sovereign state is not in a legally dominant or authoritative position over the other. Which result occurs when a legally enforceable contract between two businesses from different countries is broken? ✔✔The party who has been affected can seek damages.Which two primary sources of law govern contracts in the United States? ✔✔Common law comes from custom and from precedents set by other court decisions. The Uniform Commercial Code provides some a standardized laws and regulations for commercial transactions such as sales. They are the two primary sources of law that govern contracts in the United States. ________________________ is a standardized set of laws and regulations for transacting business. Then _______ code was established because it was becoming increasingly difficult for companies to transact business across state lines given the various state laws. ✔✔The Uniform Commercial Code (UCC) How is contract law structured as it applies to global business among nations? ✔✔horizontal Which condition is part of a contract between international companies that are based in different nations? ✔✔choice of law clause (specifies the laws and the jurisdiction under which international disputes will be settled. International businesses operating in different countries include such clauses in their contractual agreements to clarify ahead of time how disputes will be settled)Which laws must a U.S. company follow when engaging in business with other countries? ✔✔Both the United States and the host country's laws Which law allows organizations damaged by an oil spill to ask for compensation and file a civil lawsuit? ✔✔Oil Pollution Act Which type of laws deals with the rules for securing and enforcing legal rights to inventions, designs, and artistic works? ✔✔Intellectual property Which type of intellectual property law protects a company's brand? It is any word, phrase, symbol, design, or combination thereof that identifies the source of a company's products or services, and it is protected by law. ✔✔trademark what are the three ways to protect intellectual property (IP) rights? ✔✔patents, trademarks, and copyright.what are the differences between patents, trademarks, and copyright? ✔✔patent is a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. trademark is a symbol, word, or words legally registered or established by use as representing a company or product. copyright is the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same The McDonalds golden arch is a classic example of what intellectual property? ✔✔trademark what type of infringement is downloading movies and music without proper payment for use considered? ✔✔copyright what is the World Intellectual Property Organization (WIPO) major functions? ✔✔develop a global IP infrastructure, build international respect for IP, and implement global policy related to IPWhich intellectual property right describes a chemical company's filing on their innovative industrial process invention? ✔✔patent A patent is filed to protect the right to an innovative invention, which must be a manufactured product, an apparatus, chemical composition, or a manufacturing process. Which organization aims to develop a global intellectual property infrastructure? ✔✔WIPO __________________ is a U.S. federal law that aims to protect investors by making corporate disclosures more reliable and accurate. The Act was spurred by major accounting scandals, Billions of dollars were lost as a result of these financial disasters. ✔✔Sarbanes-Oxley Act (commonly referred to as SOX) How does the Sarbanes-Oxley Act (SOX) attempt to increase the public's trust in American companies? ✔✔By requiring public companies to have and reveal a code of business conduct and ethics Which act affects the global business landscape by clarifying auditor independence issues, accountability of senior executives, disclosure of insider trading, and intellectual property rights? ✔✔Sarbanes-Oxley Act (SOX)An accountant for a transnational company feels pressure from senior management to hide losses from the firm's operational activities. The requested action is legal but certainly does not give an accurate financial picture of the firm's current finances and could influence foreign investment. What type of stimulus is being used in regards to this company's organizational ethics? ✔✔internal The aim of ___________________ is to increase long-term profits and shareholder trust through positive public relations and high ethical standards. ✔✔Corporate social responsibility (CSR) A company is reviewing how ethical consumerism is being addressed in the organization. It is hoping to improve its awareness of this factor and how it will influence future business decisions. How does this factor affect business decisions? ✔✔Companies must remember that their consumers may care about more than just the final product. A company that released a new vehicle marketed as being environmentally friendly is found to have cheated when testing the vehicle's total emissions. The company would like to repair damage from the negative publicity by changing its image and catering more to ethical consumers.