Extortion
occurs when someone in authority extracts payments under duress.
Which of the following is an ethical philosophy that advocates a decision that provides the most good or the least harm?
Utilitarianism
is a theory of morality that advocates actions that foster happiness or pleasure and oppose actions that cause unhappiness or harm. When directed toward making social, economic, or political decisions, a utilitarian philosophy would aim for the betterment of society as a whole.
Extortion
occurs when someone in authority extracts payment under duress.
Which of the following sets trade rules for its member nations and mediates disputes between nations?
An organization that replaced GATT;
the WTO
sets trade rules for its member nations and mediates disputes between nations.
Which of the following terms refers to limitations set by a government on the amount of product allowed to enter or leave a country?
What Is
a Quota
? 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.
Which of the following describes the WTO?
The World Trade Organization (WTO) is
the only global international organization dealing with the rules of trade between nations
. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
How do countries benefit by being members of economic communities quizlet?
The price of one country’s currency in terms of another country’s currency. How do you countries benefit by being members of economic communities?
Trade policies are coordinated and there are less restrictions on imports and exports
.
What are the seven steps in ethical decision making?
- State the problem. …
- Check the facts. …
- Identify relevant factors (internal and external).
- Develop a list of options. …
- Test the options. …
- Make a choice based on steps 1-5.
- Review steps 1-6.
What is a good example of utilitarianism?
When individuals are deciding what to do for themselves alone, they consider only their own utility. For example, if you are choosing
ice cream for yourself
, the utilitarian view is that you should choose the flavor that will give you the most pleasure.
What are the 5 ethical frameworks?
- The Utilitarian Approach. …
- The Rights Approach. …
- The Fairness or Justice Approach. …
- The Common Good Approach. …
- The Virtue Approach. …
- Recognize an Ethical Issue.
- Get the Facts.
- Evaluate Alternative Actions.
How can a nation benefit from effectively exporting its goods quizlet?
How can a nation benefit from effectively exporting its goods?
Its businesses can invest in the future.
have fewer economic restrictions. Which group primarily helps settle trade disputes?
What role does competition play in international trade?
What role does competition play in international trade?
It drives down prices for consumers.
What is the most common reason why countries create trade agreements?
What is the most common reason why countries create trade agreements?
have fewer economic restrictions
.
Which of the following accurately defines tariff?
Which of the following accurately defines a tariff?
A special tax placed on foreign goods sold in the U.S.
… This is an agreement which eliminates or greatly reduces tariffs on trade.
Which type of goods becomes more expensive as a result of tariffs?
The type of good that become expensive as a result of tariffs is
IMPORTED GOODS
. Governments usually use tariffs to protect and to promote domestic goods. Putting tariffs on imported goods makes them more expensive and discourage consumers from buying them.
Which of the following best describes a negative balance of trade quizlet?
Which of the following BEST describes a negative balance of trade?
The value of a country’s imports exceeds the value of its exports.
