Bus 475 final exam answers set 4

93) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman?

A. Corporate social audit.

B. Corporate citizenship.

C. Stakeholder interest.

D. Maximizing profits.

E. Moral minimum.

94) If a minor wishes to be bound to a contract after becoming an adult, she must: A. Bring an action to verify the contract.

B. Give back the goods or services received as a minor.

C. Disaffirm the contract.

D. Ratify the contract.

95) Which of the following statements is true regarding the relationship of law and ethics?

A. Depending on the circumstances, the law can require a higher, lower, or the same standard of conduct as ethics demands.

B. The legal requirements will almost always be the same as the ethical requirement because the law is based on the ethical standards.

C. In some cases ethics will require a higher standard of conduct than the law, but never vice versa.

D. In some cases the law will require a higher standard of conduct than ethics, but never vice versa.

96) Information which comes to the knowledge of an agent is: A. Will result in termination of the agency arrangement if it is not communicated to the principal.

B. Required to be communicated to the principal in all circumstances.

C. Is imputed to the principal.

D. Can be disclosed to the principal only with the third party’s consent.

97) Which of the following is true about “proof of claims?�

A. They can generally be filed any time within one year of the filing of the bankruptcy petition.

B. They must be field by both secured and unsecured creditors in order for the creditor to receive a distribution from the bankruptcy estate.

C. They need not be filed by secured creditors whose security covers the amount of their debt.

D. They are never used by secured creditors.

98) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.

A. Great Britain, Paraguay B. Canada, Venezuela C. Canada, Mexico D. Mexico, Canada E. Mexico, Venezuela 99) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?

A. Ecuador B. Japan