Markets and Regulation
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Adam Smith's theory of the 'invisible hand' suggests that:
a. Government intervention is crucial in markets.
b. Individual self-interest benefits the economy.
c. Markets function best in a state of chaos.
d. Wealth should be distributed equally.
Market failure occurs when:
a. The market reaches equilibrium.
b. There is perfect competition.
c. Resources are misallocated.
d. There is government intervention.
Ethics
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Kant's Categorical Imperative implies that:
a. Actions are based on their consequences.
b. Moral principles are absolute and universal.
c. Virtue is the basis for morality.
d. Happiness is the ultimate moral goal.
Utilitarian ethics would consider an action right if it:
a. Respects individual rights. b. Is based on duty and rules.
c. Results in the greatest good for the greatest number.
d. Aligns with virtue and moral character.
International Business and Globalization
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Ethical relativism in international business suggests that:
a. Ethics are the same across all cultures.
b. Companies should follow their home country's ethics in foreign countries.
c. Ethical standards vary and are culturally dependent.
d. Universal ethical standards should be applied globally.
The concept of 'hypernorms' in international business refers to:
a. Extremely strict norms in certain countries.
b. Norms that are above and beyond legal requirements.
c. Fundamental principles that are universally accepted.
d. Norms that are specific to hypermarkets.
Worker Rights and Unionization
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A primary reason for the formation of labor unions is to:
a. Increase the company's profits.
b. Ensure management has control over workers.
c. Provide social outings for employees.
d. Advocate for workers' rights and collective bargaining.
In the context of employment, 'voice' refers to:
a. The ability of workers to express opinions and concerns.
b. The communication style of management.
c. The official announcements from a company.
d. The dialogue in union meetings.
Employment-at-Will
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Employment-at-will means that:
a. Employees can be dismissed by an employer for any reason.
b. Employment contracts are always temporary.
c. Employees can never be fired.
d. Employers must provide a reason for termination.
Diversity, Equity, Inclusion
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'Structural bias' in the workplace refers to:
a. Personal prejudices of individual employees.
b. Biases built into the policies and practices of an organization.
c. The physical structure of the workplace.
d. The hierarchical structure of management.
Sustainability
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A key aspect of sustainability is:
a. Short-term economic gain.
b. Focusing solely on environmental issues.
c. Balancing environmental, social, and economic factors.
d. Ignoring social aspects for technological advancement.