Business, Ethics & Society: Exam 3 Review

Hazardous air pollutants are chemical emissions that pose a health risk of serious illness such as cancer or birth defects with small inhalation exposures. A. True B. False

A. True

Chemical emissions that pose a health risk of serious illness such as cancer with even small inhalation exposures are known as: A. Criteria pollutants. B. Hazardous air pollutants. C. Volatile organic compounds. D. Condensibles.

B. Hazardous air pollutants.

Which of the following, released by industrial activity and combustion, is composed of small fragments suspended in the air? A. Methane B. Particulate matter C. Volatile organic compounds D. Toluene

B. Particulate matter

Ozone, when present in this major layer of the Earth's atmosphere, screens out ultraviolet energy harmful to living tissue. A. Mesosphere B. Stratosphere C. Troposphere D. Thermosphere

B. Stratosphere

Assets that a person accumulates and owns at a certain point in time are called: A. Income. B. Equity. C. Wealth. D. Microfinance.

C. Wealth.

The federal government eliminates a complex set of laws that used to regulate the banking industry so that the industry can operate largely free of government control or intervention. This is an example of _____________________. A. Liberalization B. Privatization C. Globalization D. Deregulation

A. Liberalization

What is the name for the series of reforms that President Roosevelt established to revive the economy during the Great Depression? A. New Deal B. Square Deal C. Fair Deal D. New Frontier

A. New Deal

A __________ effluent is a runoff that enters surface waters from diffuse sources. A. Nonpoint B. Volume C. Line D. Area

A. Nonpoint

Although many firms conduct business across national boundaries, most global commerce is carried out by a small number of powerful firms. A. True B. False

A. True

At the beginning of the 20th century, no country in the world had universal suffrage. A. True B. False

A. True

Congressional not only passes and amends laws but also approves presidential nominees as head regulators and makes appropriations to agencies. A. True B. False

A. True

Productivity rises more quickly when countries produce goods and services for which they have a natural talent. A. True B. False

A. True

Regulation is the effort by governments to achieve economic or social outcomes by directing the behavior of citizens, groups, and corporations. A. True B. False

A. True

The Code of Federal Regulations is a daily government publication containing proposed rules, final rules, and notice of other actions by federal regulatory agencies. A. True B. False

A. True

The United States is not a party to the Kyoto Protocol. A. True B. False

A. True

The importing of foreign goods by U.S. firms is called foreign direct investment. A. True B. False

A. True

The maximum achievable control technology is a performance standard used by the Environmental Protection Agency to control emissions of hazardous air pollutants. A. True B. False

A. True

The removal or substantial reduction of the body of regulation covering an industry is known as deregulation. A. True B. False

A. True

Under the World Trade Organization's most favored nation rule, member countries may not discriminate against foreign products for any reason. A. True B. False

A. True

What U.S. company is the best example of using globalization to reduce the price of its products? A. K-Mart. B. Toys R Us. C. Walmart. D. Macy's.

C. Walmart.

Microfinance refers to: A. Banks lending money to a very small number of businesses. B. Banks lending money to low-income businesses. C. Banks lending very small amounts of money to wealthy businesses. D. Banks charging low fees for all business loans.

B. Banks lending money to low-income businesses.

A(n) __________ is an animated, interactive realm of plants, animals, and microorganisms inhabiting an area of the nonliving environment. A. Niche B. Ecosystem C. Biotope D. Ionosphere

B. Ecosystem

According to the theory of dualism, humans and nature are one. A. True B. False

B. False

Disease caused by industrial pollution is far more significant than disease caused by older, non-industrial forms of pollution. A. True B. False

B. False

Indoor air in developed nations contains a mixture of pollutants including combustion by-products from cooking such as carbon monoxide and asbestos. A. True B. False

B. False

Ozone-depleting gases such as chlorofluorocarbons are tiny, tough molecules that defy natural breakdown processes. A. True B. False

B. False

The Clean Water Act is effective in eliminating polluted factory outflows. A. True B. False

B. False

The World Bank makes currency exchange easier for member countries so that they can participate in global trade. A. True B. False

B. False

The ecosystem is home to multiple biospheres. A. True B. False

B. False

The impact of a regulation on employment, productivity, and innovation is a direct and easy way to calculate the costs of regulation. A. True B. False

B. False

Which of the following is a daily publication from the U.S. government that contains rules and notices of public meetings by regulatory agencies? A. Official Congressional Directory B. Federal Register C. Code of Federal Regulation D. United States Reports

B. Federal Register

Small particles formed in the atmosphere by photochemical reactions of gases found in urban smog are known as: A. Inorganic compounds. B. Precipitants. C. Condensibles. D. Volatile organic compounds.

C. Condensibles.

The belief that history is a narrative of improvement in which humanity moves from lower to higher levels of perfection is known as: A. Capitalism. B. Speciesism. C. Progress. D. Sustainable development.

C. Progress.

The three strategies of globalization can be summarized using what three words? A. Channels, operations, and chains. B. Export, locate, and purchase. C. Sell, make, and buy. D. Ethics, import, and sell.

C. Sell, make, and buy.

Which of the following business models is an example of the "sharing economy" or "collaborative consumption." A. Jane sets up a business called "Baby Friends," which is an auction site where moms can sell their children's old toys, clothes, and other items they have outgrown. B. Mike starts a business called "Let's Get Outside," which is an app that lets people request camping gear they need for a trip, and someone else in the network that has that camping gear can offer to rent it to them for that particular trip. C. Don's List is a website that allows people to post free classified ads online where they can sell their goods or services. D. Communication Co., a large cellular service provider, builds a system of satellites that can provide world-wide, high speed internet access at an affordable price.

D. Communication Co., a large cellular service provider, builds a system of satellites that can provide world-wide, high speed internet access at an affordable price.

A(n) __________ agency is a regulatory agency run by commissioners who serve fixed terms free of political control. A. Traditional Executive Branch B. General Regulatory C. Federal Executive Department D. Independent Regulatory

D. Independent Regulatory

The environmental Kuznets curve is a(n) __________ curve. A. S-shaped B. J-shaped C. Inverted J-shaped D. Inverted U-shaped

D. Inverted U-shaped

Gases that evaporate from liquid or solid carbon-based compounds and, which, in sunlight react with other pollutants to form urban smog are known as: A. Particulate matters. B. Gas flares. C. Greenhouse gases. D. Volatile organic compounds.

D. Volatile organic compounds.

Measuring the benefits of federal regulation is easier than calculating the costs of these regulations. A. True B. False

A. True

One way to characterize the cost of regulation is to calculate its total dollar cost. A. True B. False

A. True

Maximum achievable control technology is a performance standard used by the Environmental Protection Agency to control: A. Emissions of hazardous air pollutants. B. Emissions of criteria pollutants. C. Water pollutants. D. Land pollutants.

A. Emissions of hazardous air pollutants.

Which of the following is true about guidance? A. It is legally binding. B. It is issued exclusively by Congress. C. It is intended to clarify official regulations. D. It does not affect existing rules.

A. It is legally binding.

The State of Texas decides that drinking soda and other sugary drinks is a public health hazard because of the increased risk of diabetes and obesity that it causes. However, there is a fear that any attempts to outlaw soda, tax it, or decrease drink sizes will be met with a public outcry. Thus, the State of Texas instead passes a law the requires all soda cans and bottles to have a label which clearly states the health hazards of drinking soda. This is an example of a _______________ regulation. A. Voluntary B. Market incentive C. Required disclosure D. Command and control

C. Required disclosure

What type of warranty is an unstated warranty that a product is reasonably fit for its ordinary purpose? A. Express warranty of reasonableness B. Implied warranty of reasonable use C. Implied warranty of fitness for a particular purpose D. Implied warrant of merchantability

D. Implied warrant of merchantability

The theory of land ethic: A. Holds that human domination of nature should cease. B. Indicates bias toward the members of one's own species and against those of members of other species. C. Means distributing land from the rich to the poor. D. Implies an ethical duty to nature as well as humanity.

D. Implies an ethical duty to nature as well as humanity.