The first Five-year Plan was launched in The plan also focused on self-reliance in agricultural production and defence. The GAAT is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
Answer: GAAT Explanation: Over the past 60 years, the WTO, which was established in , and its predecessor organization the GATT have helped to create a strong and prosperous international trading system, thereby contributing to unprecedented global economic growth. The second WTO ministerial meeting, held in Geneva in May , included a celebration of the 50th anniversary of the system.
FEMA became an act on the 1st day of June, Answer: Explanation: The quota system was first introduced in A quota is a government-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period.
Countries use quotas in international trade to help regulate the volume of trade between them and other countries. She does an excellent job in following through with ordering problems. Farid, on the other hand, is better with customer relations, and customers seem to like him better.
Safa would like to promote Farid, but she has two concerns. Her first concern is she does not want it to be perceived that she is being unfair because Farid is family. Her second concern is she suspects that some customers are prejudiced against Lisa because she is female. Most customers are male, and Safa suspects that they may give Farid more consideration than Lisa.
Define and discuss the WPH framework for business ethics, and within that framework propose a solution. Be sure to fully address the populations, purposes, and guidelines included within "W," "P," and "H. Ethical relativism b. Situational ethics c. Consequentialism d.
Deontology e. Virtue ethics f. Ethics of care 89 Nora's roommate, Abigail, is getting ready to go out. Abigail had her hair styled and bought a new dress. Abigail asks Nora how she looks. Unfortunately, the stylist did a terrible job and the new dress is extremely unflattering. Abigail has no time to change. Discuss what Nora would say to Abigail, and why, under the following principles: a.
Deontology b. Act utilitarianism c. Rule utilitarianism d. Virtue ethics 90 What does a reference to the "social responsibility of business" mean? Should businesses consider community expectations, and why or why not? Bloom's: Understand AACSB: Diversity Accessibility: Keyboard Navigation 8 In an ethical analysis using the WPH Framework referenced in the text, owners are the most important stakeholders and should receive the greatest consideration in decision making regardless of the type of problem addressed.
Answer: E Explanation: A The court found that given that Kendall's dermatologist was unaware of, and therefore did not warn her of, the risk of her condition resulting from Accutane, a reasonable person in the plaintiff's situation would not have been aware of the potential for the medication to cause her illness. Therefore, given that the plaintiff was not made aware of the connection between her illness and the medication until the later lawyer's advertisement, her lawsuit was timely.
B The court found that given that Kendall's dermatologist was unaware of, and therefore did not warn her of, the risk of her condition resulting from Accutane, a reasonable person in the plaintiff's situation would not have been aware of the potential for the medication to cause her illness.
C The court found that given that Kendall's dermatologist was unaware of, and therefore did not warn her of, the risk of her condition resulting from Accutane, a reasonable person in the plaintiff's situation would not have been aware of the potential for the medication to cause her illness.
D The court found that given that Kendall's dermatologist was unaware of, and therefore did not warn her of, the risk of her condition resulting from Accutane, a reasonable person in the plaintiff's situation would not have been aware of the potential for the medication to cause her illness.
E The court found that given that Kendall's dermatologist was unaware of, and therefore did not warn her of, the risk of her condition resulting from Accutane, a reasonable person in the plaintiff's situation would not have been aware of the potential for the medication to cause her illness. Answer: C Explanation: A The unquestionable nature of the rules in most absolutist repositories seems overly inflexible when applied to different situations.
B The unquestionable nature of the rules in most absolutist repositories seems overly inflexible when applied to different situations. D The unquestionable nature of the rules in most absolutist repositories seems overly inflexible when applied to different situations.
E The unquestionable nature of the rules in most absolutist repositories seems overly inflexible when applied to different situations. B Business ethics is the application of ethics to special problems and opportunities experienced by business people. C Business ethics is the application of ethics to special problems and opportunities experienced by business people. D Business ethics is the application of ethics to special problems and opportunities experienced by business people.
E Business ethics is the application of ethics to special problems and opportunities experienced by business people. B Ethics is the study and practice of decisions about what is good, or right. C Ethics is the study and practice of decisions about what is good, or right. D Ethics is the study and practice of decisions about what is good, or right. E Ethics is the study and practice of decisions about what is good, or right.
B An ethical dilemma is a problem about what a firm should do for which no clear, right decision is available. C An ethical dilemma is a problem about what a firm should do for which no clear, right decision is available. D An ethical dilemma is a problem about what a firm should do for which no clear, right decision is available. E An ethical dilemma is a problem about what a firm should do for which no clear, right decision is available.
Answer: C Explanation: A Businesses operate in a community. Communities have expectations for behavior of individuals, groups, and businesses. B Businesses operate in a community. C Businesses operate in a community. D Businesses operate in a community. E Businesses operate in a community.
Answer: C Explanation: A The social responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders. B The social responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders.
C The social responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders. D The social responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders. E The social responsibility of business consists of the expectations that the community imposes on firms doing business inside its borders. Answer: A Explanation: A Community expectations must be honored to a certain extent, even when a firm wishes to ignore them, because firms are always subject to the implicit threat that legislation will impose social obligations on them.
B Community expectations must be honored to a certain extent, even when a firm wishes to ignore them, because firms are always subject to the implicit threat that legislation will impose social obligations on them. C Community expectations must be honored to a certain extent, even when a firm wishes to ignore them, because firms are always subject to the implicit threat that legislation will impose social obligations on them.
D Community expectations must be honored to a certain extent, even when a firm wishes to ignore them, because firms are always subject to the implicit threat that legislation will impose social obligations on them.
E Community expectations must be honored to a certain extent, even when a firm wishes to ignore them, because firms are always subject to the implicit threat that legislation will impose social obligations on them. Bloom's: Evaluate AACSB: Ethics Accessibility: Keyboard Navigation 24 The Economist published an interview of top American business executives, who listed four factors they believe are essential for profits and corporate citizenship to function as partners. Answer: E Explanation: A A report published by the Economist lists the results of interviews with CEOs who identified four factors that executives believe are essential for profits and corporate citizenship to function as partners: leadership at all levels, employee engagement, rigorous measurement of achievements and public-private partnerships.
B A report published by the Economist lists the results of interviews with CEOs who identified four factors that executives believe are essential for profits and corporate citizenship to function as partners: leadership at all levels, employee engagement, rigorous measurement of achievements and public-private partnerships.
C A report published by the Economist lists the results of interviews with CEOs who identified four factors that executives believe are essential for profits and corporate citizenship to function as partners: leadership at all levels, employee engagement, rigorous measurement of achievements and public-private partnerships.
D A report published by the Economist lists the results of interviews with CEOs who identified four factors that executives believe are essential for profits and corporate citizenship to function as partners: leadership at all levels, employee engagement, rigorous measurement of achievements and public-private partnerships.
E A report published by the Economist lists the results of interviews with CEOs who identified four factors that executives believe are essential for profits and corporate citizenship to function as partners: leadership at all levels, employee engagement, rigorous measurement of achievements and public-private partnerships. Answer: B Explanation: A The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business.
B The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business. C The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business.
D The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business. E The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business.
Bloom's: Understand AACSB: Ethics Accessibility: Keyboard Navigation 26 A company wants to open a branch in a foreign country but discovers it would have to bribe government officials to get a permit to obtain the materials necessary to build its headquarters.
For instance, when McDonald's opened its doors in Moscow, it made arrangements to receive its supplies from foreign providers. These arrangements ensured that the franchise did not have to engage in questionable business practices.
B Multinational companies face an ethical dilemma: They must decide whether to pay bribes or find alternative sources of supplies. C Multinational companies face an ethical dilemma: They must decide whether to pay bribes or find alternative sources of supplies. D Multinational companies face an ethical dilemma: They must decide whether to pay bribes or find alternative sources of supplies. E Multinational companies face an ethical dilemma: They must decide whether to pay bribes or find alternative sources of supplies.
Answer: E Explanation: A The definition of business ethics refers to standards of business conduct and does not result in a set of correct decisions. B The definition of business ethics refers to standards of business conduct and does not result in a set of correct decisions.
C The definition of business ethics refers to standards of business conduct and does not result in a set of correct decisions. D The definition of business ethics refers to standards of business conduct and does not result in a set of correct decisions.
E The definition of business ethics refers to standards of business conduct and does not result in a set of correct decisions.
Answer: D Explanation: A Law and business ethics serve as an interactive system—informing and assessing each other.
For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws B Law and business ethics serve as an interactive system—informing and assessing each other.
For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws C Law and business ethics serve as an interactive system—informing and assessing each other.
For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws D Law and business ethics serve as an interactive system—informing and assessing each other. For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws E Law and business ethics serve as an interactive system—informing and assessing each other. For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws Diff: 2 Topic: Business Law and Business Ethics Learning Objective: How are business law and business ethics related?
For example, our ethical inclination to encourage trust, dependability, and efficiency in market exchanges shapes many of our business laws. The principles of contract law facilitate market exchanges and trade because the parties to an exchange can count on the enforceability of agreements. Legal rules that govern the exchange have been shaped in large part by our sense of commercial ethics.
B Law and business ethics serve as an interactive system—informing and assessing each other. C Law and business ethics serve as an interactive system—informing and assessing each other. D Law and business ethics serve as an interactive system—informing and assessing each other. E Law and business ethics serve as an interactive system—informing and assessing each other. Answer: A Explanation: A Different ethical understandings prevail in different countries. Thus, ethical conceptions shape business law and business relationships uniquely in each country.
B Different ethical understandings prevail in different countries. C Different ethical understandings prevail in different countries. D Different ethical understandings prevail in different countries. E Different ethical understandings prevail in different countries. Answer: C Explanation: A The revelations of Enron and WorldCom suggested quite blatantly that the business world could not be allowed to regulate itself ethically, and their downfall in part led to many federal regulations designed to promote truthfulness and ethical practices among business managers.
B The revelations of Enron and WorldCom suggested quite blatantly that the business world could not be allowed to regulate itself ethically, and their downfall in part led to many federal regulations designed to promote truthfulness and ethical practices among business managers.
C The revelations of Enron and WorldCom suggested quite blatantly that the business world could not be allowed to regulate itself ethically, and their downfall in part led to many federal regulations designed to promote truthfulness and ethical practices among business managers.
D The revelations of Enron and WorldCom suggested quite blatantly that the business world could not be allowed to regulate itself ethically, and their downfall in part led to many federal regulations designed to promote truthfulness and ethical practices among business managers. E The revelations of Enron and WorldCom suggested quite blatantly that the business world could not be allowed to regulate itself ethically, and their downfall in part led to many federal regulations designed to promote truthfulness and ethical practices among business managers.
Answer: D Explanation: A The principle of rights asserts that whether a business decision is ethical depends on how the decision affects the rights of all involved, a principle that is foundational to Western culture. B The principle of rights asserts that whether a business decision is ethical depends on how the decision affects the rights of all involved, a principle that is foundational to Western culture. C The principle of rights asserts that whether a business decision is ethical depends on how the decision affects the rights of all involved, a principle that is foundational to Western culture.
D The principle of rights asserts that whether a business decision is ethical depends on how the decision affects the rights of all involved, a principle that is foundational to Western culture. E The principle of rights asserts that whether a business decision is ethical depends on how the decision affects the rights of all involved, a principle that is foundational to Western culture.
Answer: E Explanation: A "Guanxi" refers to a sort of relationship building and is an intricate system of interpersonal networks woven together by social ties. B "Guanxi" refers to a sort of relationship building and is an intricate system of interpersonal networks woven together by social ties. C "Guanxi" refers to a sort of relationship building and is an intricate system of interpersonal networks woven together by social ties. D "Guanxi" refers to a sort of relationship building and is an intricate system of interpersonal networks woven together by social ties.
E "Guanxi" refers to a sort of relationship building and is an intricate system of interpersonal networks woven together by social ties. B The WPH framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions. C The WPH framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions. D The WPH framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions.
E The WPH framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions. Answer: C Explanation: A The framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions.
There is no reference to ranking stakeholders at a higher level. B The framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions.
C The framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions. D The framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions.
E The framework addresses whom a decision would affect, the purpose of the decision, and the guidelines on how to make ethical decisions. A Employees but not shareholders B Management but not employees C Shareholders, employees, customers, and management D Shareholders but not employees E Customers but not employees or shareholders Answer: C Explanation: A The stakeholders of a firm are the many groups of people affected by the firm's decisions. B The stakeholders of a firm are the many groups of people affected by the firm's decisions.
C The stakeholders of a firm are the many groups of people affected by the firm's decisions. D The stakeholders of a firm are the many groups of people affected by the firm's decisions. E The stakeholders of a firm are the many groups of people affected by the firm's decisions. Answer: D Explanation: A The legality of the decision in choosing a method of production, how to compete with competing firms, and the social responsibilities of the firm is the minimal standard that must be met for the firm to be an ethical business.
A The community, shareholders, and future generations B The community and shareholders only C Future generations only D The community only E The shareholders only Answer: A Explanation: A The stakeholders of a firm are the many groups of people affected by the firm's decisions. B The Golden Rule is referenced as the idea that we should interact with other people in a manner consistent with the way we would like them to interact with us.
C The Golden Rule is referenced as the idea that we should interact with other people in a manner consistent with the way we would like them to interact with us.
D The Golden Rule is referenced as the idea that we should interact with other people in a manner consistent with the way we would like them to interact with us. E The Golden Rule is referenced as the idea that we should interact with other people in a manner consistent with the way we would like them to interact with us.
B Positive abstractions that capture our sense of what is good or desirable are called values. C Positive abstractions that capture our sense of what is good or desirable are called values. D Positive abstractions that capture our sense of what is good or desirable are called values.
E Positive abstractions that capture our sense of what is good or desirable are called values. The exhibit identifies four important values influencing business ethics: freedom, security, justice, and efficiency.
B The idea that we should interact with other people in a manner consistent with the manner in which we would like them to interact with us is called the Golden Rule. C The idea that we should interact with other people in a manner consistent with the manner in which we would like them to interact with us is called the Golden Rule.
D The idea that we should interact with other people in a manner consistent with the manner in which we would like them to interact with us is called the Golden Rule. E The idea that we should interact with other people in a manner consistent with the manner in which we would like them to interact with us is called the Golden Rule. Answer: E Explanation: A As set forth in Exhibit , the Public Company Accounting Oversight Board is responsible for ensuring that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit.
The act also requires that companies devise a system that allows employees to report suspicions of unethical behavior within the company.
The act also protects these whistle-blowers from being fired or from retaliation by their employer for reporting a possible problem within the company. B As set forth in Exhibit , the Public Company Accounting Oversight Board is responsible for ensuring that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit. C As set forth in Exhibit , the Public Company Accounting Oversight Board is responsible for ensuring that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit.
D As set forth in Exhibit , the Public Company Accounting Oversight Board is responsible for ensuring that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit.
E As set forth in Exhibit , the Public Company Accounting Oversight Board is responsible for ensuring that auditors and public accounting firms compile accurate and truthful financial reports for the companies they audit.
A Efficiency, security, profit maximization, and ethics B Security, ethics, community standards, and universalization C Ethics, efficiency, golden, and television test D Ethics, community standards, golden rule, and universalization E Freedom, security, justice, and efficiency Answer: E Explanation: A Exhibit , The WPH Process of Ethical Decision Making, reflects that "freedom" "security," "justice," and efficiency are all part of the Purpose process in the WPH Framework.
A Self-conscious B Television C Primary D Powell E Golden Answer: B Explanation: A The "public disclosure" test for ethical behavior is sometimes referred to as the television test because it requires us to imagine that our actions are being broadcast on national television.
B The "public disclosure" test for ethical behavior is sometimes referred to as the television test because it requires us to imagine that our actions are being broadcast on national television. C The "public disclosure" test for ethical behavior is sometimes referred to as the television test because it requires us to imagine that our actions are being broadcast on national television.
D The "public disclosure" test for ethical behavior is sometimes referred to as the television test because it requires us to imagine that our actions are being broadcast on national television.
E The "public disclosure" test for ethical behavior is sometimes referred to as the television test because it requires us to imagine that our actions are being broadcast on national television. Walgreens failed the public disclosure test when it illegally dumped waste products. Walgreens likely would have behaved differently had it considered the public disclosure test. C The public disclosure test refers to the fact that we tend to care what others think of us.
D The public disclosure test refers to the fact that we tend to care what others think of us. E The public disclosure test refers to the fact that we tend to care what others think of us. In considering the possible complicity, the company's decision was shaped by the: A WPH Method B Golden rule C Public disclosure test D Universalization test E Profit Motive Answer: D Explanation: A The universalization test causes companies to wonder: "Is what I am about to do the kind of action that, were others to follow my example, makes the world a better place for me and those I love?
Values are positive abstractions that capture our sense of what is good or desirable. They are ideas that underlie conversations about business ethics. We derive our ethics from the interplay of values. Values represent our understanding of the purposes we will fulfill by making particular decisions. B When we think about the ultimate reason or purpose for why we make decisions in a business firm, we turn to the basic unit of business ethics—values.
C When we think about the ultimate reason or purpose for why we make decisions in a business firm, we turn to the basic unit of business ethics—values. D When we think about the ultimate reason or purpose for why we make decisions in a business firm, we turn to the basic unit of business ethics—values.
E When we think about the ultimate reason or purpose for why we make decisions in a business firm, we turn to the basic unit of business ethics—values. Answer: C Explanation: A In Exhibit , the value of freedom was also defined as "To Possess the capacity or resources to act as one wishes. Answer: C Explanation: A In Exhibit , the value of security was also defined as "To possess a large-enough supply of goods and services to meet basic needs" B In Exhibit , the value of security was also defined as "To possess a large-enough supply of goods and services to meet basic needs" C In Exhibit , the value of security was also defined as "To possess a large-enough supply of goods and services to meet basic needs" D In Exhibit , the value of security was also defined as "To possess a large-enough supply of goods and services to meet basic needs" E In Exhibit , the value of security was also defined as "To possess a large-enough supply of goods and services to meet basic needs" Diff: 2 Topic: The WPH Framework for Business Ethics Learning Objective: How can we use the WPH framework for ethical business decisions?
Answer: D Explanation: A In Exhibit , the value of efficiency was also defined as "To maximize the amount of wealth in society" B In Exhibit , the value of efficiency was also defined as "To maximize the amount of wealth in society" C In Exhibit , the value of efficiency was also defined as "To maximize the amount of wealth in society" D In Exhibit , the value of efficiency was also defined as "To maximize the amount of wealth in society" E In Exhibit , the value of efficiency was also defined as "To maximize the amount of wealth in society" Diff: 2 Topic: The WPH Framework for Business Ethics Learning Objective: How can we use the WPH framework for ethical business decisions?
Practice Final Exam Questions 2 -- Answers. Part A. Multiple Choice Questions. For each question, you are encouraged to give a reason or show work for partial credit. None of the above answers
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