1) Imagine that your friend is the CEO of a company, called Magna Clothes, that manufactures cool new clothing accessories for both men and women. Now that it has achieved a large following and a level of success in the United States, Magna Clothes wants to start conducting business abroad. Your friend knows you have taken a management class and has asked you to explain the history and significance of the World Trade Organization (WTO). Which of the following statements are true? Check all that apply.
The WTO seeks to establish impartial procedures for resolving trade disputes among its members.
The WTO seeks to reduce remaining trade barriers through multilateral negotiations.
The WTO is headquartered in Belgium.
Existence of the WTO has allowed most member countries to replace their local currencies with a universal currency beginning in 2002.
2) Magna Clothes is considering Europe as the primary region for its international ventures. That would require Magna Clothes to become familiar with the European Union (EU) and its business practices. Which of the following statements accurately describe the EU? Check all that apply.
The purpose of economic communities such as the EU is to decrease fees and tariffs, thereby increasing the exchange of goods and services across national borders.
Mexico and Canada are seeking membership in the EU.
Few new countries have joined the EU since it was established in the 1950s.
Many EU members adopted the use of a uniform currency, the euro, to replace their country-specific currencies.
3) Which of the following are necessary for a code of ethics to be effective on campus? Check all that apply.
Professors must serve as models of ethical conduct.
Automatic penalties must attach to various types of ethical violations.
Students who violate the code of ethics must be disciplined.
Students and faculty must regularly be reminded of the code of ethics’ requirements.
4) Most professors and publishers find nothing unethical about using prepublished test banks. But suppose the University of Central Florida explicitly told professors that using test banks is unethical at UCF. This information would appear in the university’s:
Student handbook
Class syllabi
Course descriptions
Code of ethics