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Q1: Which economist argued that it was the function of the enterprise that was the most vital ingredient in bringing about technological change

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Answer: Joseph Schumpeter

Q2: What is meant by the term “comprador capitalism”

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Answer: A form of capitalism in developing countries whereby ruling elites and foreign commercial interests siphon off profits preventing these being re-invested into the businesses.

Q3: The idea of “creative destruction”, as developed by the economist Schumpeter, is best described as

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Answer: The way in which innovation will be constant and will involve the replacement of existing businesses by companies using new and better technology.

Q4: If, as a result of a technological change, a company is able to develop new methods of production and thus improve quality and reduce costs this would be an example of

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Answer: Process innovation

Q5: Appropriate Technology

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Answer: Is technology that is best suited to the local internal and external environment in which a business operates.

Q6: The exercise of political authority at a higher level than the nation-state is often referred to as

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Answer: Supra-national governance

Q7: The transfer of assets from the public sector to the private sector is referred to as

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Answer: Privatization

Q8: In which year did the UK join the European Union (then known as the European Economic Community or EEC)

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Answer: 1973

Q9: Who, as shadow Chancellor of the Exchequer in 2006, stated the case for lower taxes

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Answer: George Osborne

Q10: What is the principal failing of the market from a social-democratic point of view

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Answer: The unjust distribution of property, income and life-chances

Q11: According to research by the Economist Intelligence Unit (2011) what percentage of the world’s population live in full democracies

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Answer: 11.3

Q12: The process of contesting and negotiating workplace rules on the basis of the different interests and values of employers and employees may be referred to as

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Answer: Workplace politics

Q13: The initials CBI stand for

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Answer: Confederation of British Industry

Q14: In 2011 British Prime Minister David Cameron declared his ambition that Britain must become one of the best places on the planet to do

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Answer: Business

Q15: Under the last Labour government in Britain (2005-10) the top rate of income tax was raised to

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Answer: 0%

Q16: Who was Prime Minister of Britain in 2103

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Answer: David Cameron

Q17: In his speech at the 2012 Conservative party conference how did Cameron characterise the position of Britain’s economy in the world today

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Answer: ‘We are in a global race’

Q18: In England and Wales which of the following is a source of law

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Answer: Acts of Parliament

Q19: Case law is a system where

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Answer: Judges of lower Courts must follow the decisions of the Supreme Court and Court of Appeal

Q20: EU Law has established rights of free movement for

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Answer: Goods services and persons

Q21: The simplest form of business organization is

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Answer: A Sole Trader

Q22: Limited liability means

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Answer: The owners of a business are not liable for its debts

Q23: Bakan argues that in managing a business the directors must

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Answer: Only consider the best interests of the members

Q24: The stated aim of the Government’s deregulation policy is to

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Answer: To do Regulatory Impact Assessments

Q25: EU Regulations

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Answer: Apply automatically in each state in the EU

Q26: Scottish law is

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Answer: Different from the law of England and Wales in some respects

Q27: Which of the following requirements can private companies dispense with

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Answer: Having annual meetings

Q28: Which of the following do directors of a company have to take into account when making a decision

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Answer: All of the above

Q29: What mechanism can the courts use to exercise control over legislation

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Answer: A declaration of incompatibility

Q30: Which of the following bodies has a role in enforcing the law of the European Union

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Answer: The European Commission

Q31: In May 2005, how much did the British government estimate the annual cost of the administrative burden to business to be

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Answer: £13.7 billion

Q32: Which of the following is a form of delegated legislation

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Answer: A statutory instrument

Q33: According to Lord Goldsmith what is the primary motivation for most people when investing in a company

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Answer: To make money

Q34: The Agreement on Trade Related Aspects of Intellectual Property is supervised by

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Answer: The World Trade Organization

Q35: In what ways can a shareholder exercise control over the work of the company

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Answer: All of the above

Q36: Which of the following cases dealt with the company having a separate legal personality

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Answer: Salomon v Salomon

Q37: What role do auditors play in the running of a company

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Answer: Reviewing and reporting on the company accounts

Q38: What was the principal driver of UK population change in the early years of this century (1999-2007)

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Answer: Net migration – excess of in migration over out migration

Q39: What was the UK population according to the 2011 census estimate (in millions)

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Answer: 63.2

Q40: In 2000 the world population was 6.12 billion. By 2050 this is projected by the United Nations to increase to (billions)

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Answer: 9.15

Q41: It has been estimated that life expectancy is increasing so fast that half the babies born in the UK in 2007 will live to be at least

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Answer: 103

Q42: The Pensions (Turner) Commission in 2004 proposed staged increases in the state pension age so that by 2050 it would be

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Answer: 68

Q43: From 2006 UK employers were able to set 65 as a mandatory age of retirement for their employees. This retirement age was referred to as

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Answer: Default retirement age (DRA)

Q44: London is often described as a ‘cosmopolitan’ city. This means that it

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Answer: Is a city with an ethnically diverse population

Q45: Which category of occupations in the UK declined from roughly 3 in 4 of the workforce in 1911 to 3 in 8 in 1991

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Answer: All manual occupations

Q46: The lowest paid (median full-time gross weekly earnings) occupation group in the UK in 2012 was

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Answer: Sales and customer service

Q47: Poland and the other eastern European ‘A8’ former communist ‘accession countries’ joined the EU in

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Answer: 2004

Q48: Who first argued that the purpose of business was to make a profit

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Answer: Milton Friedman

Q49: How many headings are there in Petrobras’s Social Responsibility Policy

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Answer: 7

Q50: In what year did War on Want issue an alternative CSR report

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Answer: 2007

Q51: CR is

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Answer: The integration of social and environmental concerns in to the daily business of the company

Q52: What were the issues of the BAT Malawi case

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Answer: Monitoring the conditions and rights of those involved in or related to the supply chain

Q53: What is ‘whistleblowing’

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Answer: The practice of an employee informing relevant management or external organizations about malpractice in the corporation

Q54: The Globally Responsible Leadership Initiative (GRLI) was partly founded by

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Answer: The UN Global Compact

Q55: What is a triple bottom line audit

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Answer: A social, economic and environmental audit

Q56: What was the effect of the use of Caterpillar tractors between 2000 and 2004

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Answer: The destruction of 4,170 homes in Palestine

Q57: What did Caterpillar seek to protect in their Global Code of Practice

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Answer: The health and safety of others and the firm

Q58: What are the three modes of responsibility

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Answer: Agency, accountability and liability

Q59: Define business ethics

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Answer: The systematic study of ethics in business

Q60: Which U.S. company was responsible for the explosion of a chemical plant in Bhopal in 1984

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Answer: Union Carbide

Q61: Which crisis led to a questioning of BP’s credentials as a responsible company

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Answer: The Deepwater Horizon oil rig blow out

Q62: What is stage one of the ethical decision making process

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Answer: Data gathering

Q63: Which of the following adjustments would be made to any increase in GDP in order to derive an ‘Index of Sustainable Economic Welfare’ (ISEW)

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Answer: Subtract the costs of environmental degradation

Q64: Which of the following is NOT a characteristic of the “emissions trading” policy instrument

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Answer: All producers are required to be equally efficient in reducing emissions of the pollutant

Q65: Which one of the following characteristics is widely regarded as being an important aspect of sustainable development

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Answer: Inter-generational equity

Q66: Which one of the following gases is not included in the category ‘greenhouse gases’

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Answer: Hydrogen

Q67: Which one of the following is not a ‘renewable’ energy source

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Answer: Coal

Q68: Why is transport one of the most intractable factors in considering the global environmental problem

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Answer: Transport demand grows faster than possible technological improvements can reduce the output of greenhouse gases and the depletion of nonrenewable fossil fuel reserves

Q69: What do we mean when we say “think globally, act locally” in relation to environmental problems

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Answer: While these problems, as we experience them in relation to sustainability issues, are produced by processes operating at a global level, we all have a role to play in our local context in making individual and collective responses, as communities and companies, which will help ameliorate the effects of these problems

Q70: A “green transport plan” is

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Answer: A plan devised by a company or organization to reduce the environmental impact of the transport demands generated by itself and its employees

Q71: ISO 14001 is

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Answer: An international standard setting out best practice for carrying out audits by companies of their environmental management systems and policies

Q72: Focusing on reducing carbon production to reduce carbon dioxide emissions is argued to be the wrong variable to focus on because

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Answer: The focus should be on carbon consumption

Q73: A scientific hypothesis, such as the influence of increased carbon dioxide emissions since 1945 on global temperatures, is tested by

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Answer: Checking the predictions of the hypothesis against relevant data

Q74: One of the predictions of climate change models is that parts of the world will be subject to drastic climate change: wet areas may experience drought, and dry areas may experience excess water due to changes in rainfall patterns and/or changes in sea levels. However, recent research shows that there has been very little change in world-wide drought since 1950. This shows that

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Answer: We must nevertheless not ignore the importance of water as a crucial resource

Q75: Greenwash is a company’s way of giving itself a more acceptable environmental image as a way of marketing itself and its products, and attracting business, without there necessarily being any real substance in the claims it makes about itself. “Greenwash” is therefore

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Answer: An inevitable business activity which should be encouraged if carried out positively and responsibly

Q76: The idea of the “learning organization” has been put forward as an approach to getting all the employees of a company to act together as a single unified “green” organization. This is an interesting idea, but

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Answer: Is very new in relation to applications in this area, and not much research has been reported so far

Q77: We have had twenty years of international conferences on what to do about the global environmental crisis, and some commentators say absolutely nothing has been achieved. This shows that

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Answer: The environmental crisis is only one of the issues that nations negotiate about, and agreement on environmental issues has to be compatible with agreements on other issues, such as trade

Q78: Macroeconomics is concerned with which one of the following

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Answer: The study of the behaviour and performance of the economy as a whole

Q79: The main objectives of macroeconomic policy are

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Answer: All of the above

Q80: Structural or mismatch unemployment arises in which one of the following situations

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Answer: When labour released from declining industries does not have the skills required to fill, or is not living in the location where there are, existing job vacancies

Q81: The full costs of increased unemployment entail

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Answer: All of the above

Q82: As inflation increases and becomes more volatile, resulting in greater uncertainty, which of the following is most likely to occur

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Answer: The price system becomes less efficient as a coordinating mechanism

Q83: When outflows to the unemployment pool are greater than inflows, the level of unemployment will

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Answer: Fall

Q84: If the economy is operating at its full capacity or potential GDP, following a decline in business confidence which one of the following is most likely to occur

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Answer: Investment is likely to fall and unemployment is likely to increase

Q85: According to the original Phillips curve, as unemployment falls

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Answer: Inflation increases

Q86: The natural rate of unemployment can be reduced by

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Answer: Introducing various supply-side initiatives designed to improve the structure and functioning of the labour market

Q87: The UK’s inflation target in 2012 was which one of the following

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Answer: 0%

Q88: Which of the following is NOT a characteristic of economic globalization

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Answer: Balance of payments equilibrium

Q89: How does the World Bank measure trade openness of a national economy

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Answer: By the combined value of merchandise imports and exports expressed as a percentage of GDP.

Q90: By what percentage did global FDI flows fall between 2007and 2009 following the onset of the global recession

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Answer: 0%

Q91: The global recession starting in 2007 saw total world output contract in 2009 for the first time in 60 years: true or false

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Answer: Correct – True

Q92: Which of the following is NOT a policy associated with the Washington Consensus according to Dani Rodrik

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Answer: Subsidies to encourage exports

Q93: The World Bank characterizes globalization as having undergone three main phases. During which phase was it “in retreat”

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Answer: During the inter-war period in the 20th Century

Q94: The theory of “absolute advantage”

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Answer: Best describes a situation where there are 2 countries, A and B, and potentially two goods which can be traded, which are X and Y. A is absolutely better at producing X and B is absolutely better at producing Y, and so if A specialises in producing X and B in Y, and they trade together then both countries will gain.

Q95: Assume that there are 2 countries, A and B, and that they can both produce 2 goods, X and Y. The theory of comparative advantage predicts that

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Answer: Trade can take place even if country A has an absolute advantage in both providing that B chooses to specialize in the good in which it has the least comparative disadvantage, and A specializes in the one in which it has the greater comparative advantage.

Q96: The term “late industrialization” refers to

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Answer: The belief that it is too late for many countries to industrialize.

Q97: Which of the perspectives outlined in the chapter would be the most closely associated with the “Washington Consensus”

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Answer: Neo-classical Perspective

Q98: Which of the following policies would not have been supported by people who would have regarded themselves as part of the “Washington Consensus” tradition

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Answer: Gradual reduction of controls investment

Q99: What are the implications of the Prebisch-Singer Hypothesis

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Answer: That because the income elasticity of demand for primary goods is inelastic, over time there will be a decline in primary commodity prices and therefore the incomes derived from primary goods.

Q100: Which of the following international organizations is now responsible for developing and maintaining the system of international trade rules and dealing with trade disputes

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Answer: The W.T.O