Management 302 ASU Exam 1 Test
Questions All Actual Answers 2025-
2026 Updated.
General Agreement on Tariffs and Trades (GATT) - Answer International treaty that
committed signatories to lowering barriers to the free flow of goods across national borders and
let to the WTO
World bank - Answer International institution set up by 44 nations in order to promote
general economic development in the world's poorer nations, through investments in
infrastructure and other initiatives
International Monetary Fund (IMF) - Answer Often referred to as the lender of last resort,
the International Monetary Fund was set up to maintain order in the international monetary
system
United Nations - Answer International organization made up of 193 countries,
headquartered in New York City, formed in 1945 to promote peace, security and cooperation
Group of 20 - Answer Finance ministers and central bank governors of the 19 largest
economies in the world, plus representatives from the European Union and the European
Central Bank
international trade - Answer process by which a firm exports goods or services to consumers
in another country
foreign direct investment - Answer direct investment in business operations in a foreign
country
moore's law - Answer Microprocessor power doubles and production costs drops by 50%
every 18 months
stock of fdi - Answer the total accumulated value of foreign-owned assets at a given time
international business - Answer any firm that engages in international trade or investment
, communist - Answer Those who believe socialism can be achieved only through revolution
and totalitarian dictatorship
social democrat - Answer Those committed to achieving socialism by democratic means
privatization - Answer The sale of state-owned enterprises to private investors.
democracy - Answer Political system in which government is by the people, exercised either
directly or through elected representatives.
representative democracy - Answer A political system in which citizens periodically elect
individuals to represent them in government
communist totalitarianism - Answer version of collectivism advocating that socialism can be
achieved only through a totalitarian dictatorshi
theocratic totalitarianism - Answer A political system in which political power is monopolized
by a party, group, or individual that governs according to religious principles.
tribal totalitarianism - Answer A political system in which a party, group, or individual that
represents the interests of a particular tribe (ethnic group) monopolizes political power.
right wing totalitarianism - Answer A political system in which political power is monopolized
by a party, group, or individual that generally permits individual economic freedom but restricts
individual political freedom, including fre
legal system - Answer System of rules that regulate behavior and the processes by which the
laws of a country are enforced and through which redress of grievances is obtained.
contract - Answer A document that specifies the conditions under which an exchange is to
occur and details rights and obligations of the parties involved.
contract law - Answer the body of government that governs contract enforcement
Questions All Actual Answers 2025-
2026 Updated.
General Agreement on Tariffs and Trades (GATT) - Answer International treaty that
committed signatories to lowering barriers to the free flow of goods across national borders and
let to the WTO
World bank - Answer International institution set up by 44 nations in order to promote
general economic development in the world's poorer nations, through investments in
infrastructure and other initiatives
International Monetary Fund (IMF) - Answer Often referred to as the lender of last resort,
the International Monetary Fund was set up to maintain order in the international monetary
system
United Nations - Answer International organization made up of 193 countries,
headquartered in New York City, formed in 1945 to promote peace, security and cooperation
Group of 20 - Answer Finance ministers and central bank governors of the 19 largest
economies in the world, plus representatives from the European Union and the European
Central Bank
international trade - Answer process by which a firm exports goods or services to consumers
in another country
foreign direct investment - Answer direct investment in business operations in a foreign
country
moore's law - Answer Microprocessor power doubles and production costs drops by 50%
every 18 months
stock of fdi - Answer the total accumulated value of foreign-owned assets at a given time
international business - Answer any firm that engages in international trade or investment
, communist - Answer Those who believe socialism can be achieved only through revolution
and totalitarian dictatorship
social democrat - Answer Those committed to achieving socialism by democratic means
privatization - Answer The sale of state-owned enterprises to private investors.
democracy - Answer Political system in which government is by the people, exercised either
directly or through elected representatives.
representative democracy - Answer A political system in which citizens periodically elect
individuals to represent them in government
communist totalitarianism - Answer version of collectivism advocating that socialism can be
achieved only through a totalitarian dictatorshi
theocratic totalitarianism - Answer A political system in which political power is monopolized
by a party, group, or individual that governs according to religious principles.
tribal totalitarianism - Answer A political system in which a party, group, or individual that
represents the interests of a particular tribe (ethnic group) monopolizes political power.
right wing totalitarianism - Answer A political system in which political power is monopolized
by a party, group, or individual that generally permits individual economic freedom but restricts
individual political freedom, including fre
legal system - Answer System of rules that regulate behavior and the processes by which the
laws of a country are enforced and through which redress of grievances is obtained.
contract - Answer A document that specifies the conditions under which an exchange is to
occur and details rights and obligations of the parties involved.
contract law - Answer the body of government that governs contract enforcement
