Exam I -REVIEW-CH 1-4Exam I -REVIEW-CH 1-4 Student: ___________________________________________________________________________ 1. If Chrysler raises the prices of its new models of pickup trucks by 4 percent and General Motors and Ford follow by raising prices by a similar amount‚ then this is evidence of A. a monopoly. B. an oligopoly. C. pure competition. D. monopolistic competition. E. supply and demand. 2. Because the US government regulates business to ensure competition and protect
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BUS 271 CHAPTER ONE HOMEWORK: TERMS 1. In each statement that follows‚ tell whether descriptive or inferential statistics were used. _D____ a. The average price of a home sold in Allegheny County the week of April 22-28 $75‚328. _D____ b. According to the Census Bureau‚ 20% of all American workers get to work via carpool. __I___ c. The National Eye Institute has halted a clinical trial on a type of eye surgery‚ calling it ineffective and possibly harmful to a person’s
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Homework #1 PAQ p.34 3. Adam Smith‚ who is also considered to be the "father of modern economics‚" believed that self-interest in one’s business and it’s profits would trickle down and help the overall community’s economy. That is what they called the invisible hand‚ when one’s goal of self-profit actually helps the community. The creation of jobs‚ and the contribution of your product or service to the community are examples of how a seemingly selfish business move is actually helping others
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Chapter 31: Agency Formation and Duties • Agency – a relationship between two parties in which one party (the agent) agrees to represent or act for the other party (the principal) Section 1: Agency Relationships • The Restatement (Second) or Agency (an authoritative summary of the law of agency) defines agencies as fiduciary relationships • Fiduciary – (adj) involving trust and confidence • Agency relationships commonly exist between employers and employees • Agency relationships can also
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First Midterm Examination The first midterm exam‚ which counts for 20% of your course grade‚ will be on Thursday‚ October 2‚ in class. Blue books are not necessary; there is no need to bring a blue book to class on exam day. You will be asked to complete the exam on the bubble sheet (provided) and on the exam. This is a closed book exam – consultation of notes and books is not permitted during the exam. You are responsible on this exam both for material presented in class lectures and
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Law and Corporate Managers – Prof. Larry Franklin Question Two A. (i) For refusal In order to honor the LC‚ the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name‚ hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received‚ the BOC cannot make any payments. BOC has to state why it is not going to
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The Nature of Business * The goal of Business A business tries to earn a profit by providing products that satisfy people’s needs. Business’ produce products that have both tangible and intangible characteristics. Primary goal of a business it to EARN PROFIT. Quality product = profitability & stability Stakeholders – employees‚ investors‚ customers‚ community. Companies concerned with how product effects environ. All marketing is to satisfy customers needs and wants. Economics
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Gonzalo Prando Business law September 24‚ 2014 Chapter 5 and 6 5.3 Did Indiana Bell or Indianapolis Power breach their duty of care to Jacobs and proximately cause his death? No‚ Indiana Bell and Indianapolis Power are innocent and did not cause the death of Jacobs. When Indiana Bell and Indianapolis Power put up the polls they did not think that someone would drive double the speed limit and lose control and hit both telephone poles. The poles were twenty-five feet away from Edgewood Avenue. Twenty-five
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Jamie M. Boatwright Business Ethics January 18‚ 2011 Should Aaron Feuerstein rebuild in Malden and pay his employees in the meantime? What do you think of Feuerstein’s decision? What would you have done had you been in his position? I believe that Aaron Feuerstein should proceed with his plans to rebuild in Malden as well as continue to pay his employees some type of severance pay. Although the company faced tough economic hardships that were not at the fault of the employees‚ it should not
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Exam Notes: Chapter 1: Gerontology: study of aging form maturity through old age Agism: a form of discrimination against older adults based on their age Life-span perspective: Divides human development into two stages- Early phase: (childhood and adolescence) rapid age-related increases in peoples size and abilities Later phase: (young adulthood‚ middle age‚ and old age) change are slow‚ but abilities to continue to develop as people continue adapting to the environment. 4 key features:
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