BA 476 Quiz 3 Questions PDF

Final Study Guide Team 1: AI Tech bubbles ● Which tech innovations had bubbles ○ Dot-com bubble (1995-2000) ○ Rail, telegraph,automobile, radio, airplane, the internet are all bubbles ● How much the nasdaq increased over a certain amount of time, there is a percentage ○ 1210% ● What are the most cit...

Final Study Guide Team 1: AI Tech bubbles ● Which tech innovations had bubbles ○ Dot-com bubble (1995-2000) ○ Rail, telegraph,automobile, radio, airplane, the internet are all bubbles ● How much the nasdaq increased over a certain amount of time, there is a percentage ○ 1210% ● What are the most cited risks with AI? ○ Legal and regulatory, concentration of power, lack of transparency, misinformation, data bias, privacy Team 2: Gold rush vs bitcoin ● What is not a significant consequence of the gold rush? ○ Implementation of sustainable mining practices ● What is the supply cap of bitcoin? ○ 21 million ● What is true about Blockchain? ○ Each block in a blockchain contains a cryptographic hash of the previous block Team 3: Prison reform ● What are the differences between private prisons vs federal prisons? ○ $80.7B per year spent on public prisons and jails ○ Private prisons generate $10.3B per year ○ Private prisons 8% of prison population ○ Federal prisons 11% of prison population ● What did the War on Drugs do? ○ Prison population increased from 329,000 to 627,000 ● What were the different efforts made by different countries to reduce recidivism rates? ○ Australia: performance-based contracts for private prisons, reward if recidivism rates 14% below public prisons ○ Germany / Netherlands: rehabilitation, resocialization, normalization ○ USA: mass incarceration Team 4: Sports gambling ● What are the state of regulations for gambling in today’s time ○ 30 states can legally gamble sports ○ The Bradley Act, overturned in 2018 by SCOTUS, allows states to legalize sports gambling ● What percentage of american have wagered a bet in the last year ○ 70% ● What are some of the first gambling and lotteries in the US and why were they established? ○ Colonies established lotteries to raise revenue ■ Lavish casinos by the early 1800s ■ Other examples were horse racing and population increase ○ South had more open attitude towards gambling ■ New orleans was the gambling capital ○ Establishments started on river towns before being pushed out more west Team 5: gambling ● What happened during the early history and which cities were popular for gambling during the pre 1900s? ○ Settlers in JamesTown VA, created lottery to raise money ○ Illegal gambling houses present since the 1600s ○ Gambling hubs: ■ New orleans ■ San francisco ● Who in AC was the main figure for pioneering gambling? ○ Enoch “Nucky” Johnson ● Who was Bugsy siegel? ○ Founded El Rancho, the largest hotel and casino ○ Founded Flamingo, the first resort (was later killed for it) Team 6: diamonds ● How are lab diamonds similar to real diamonds? ○ They have the same composition, physical and optical properties ● What are the new advancements in the industry in the us? ○ Chemical Vapor Deposition (CVD) ■ Higher quality, larger nearly indistinguishable from natural diamonds, and overall process is less energy intensive ● What % of the diamond market is lab-grown in 2022? ○ 10% Group 7: Automobiles ● Which company made a seatbelt? ○ Volvo ● What was the regulatory agency related to Ford pinto? ○ NHTSA ● What are the product enhancements that started in automotive and had applications in other industries? ○ Assembly line and industrial robotics ● What were the similar public reactions to automotives and now EVs? ○ Fear and uncertainty Group 8: Investment banking ● What services does IB provide? ○ Raise money for larger institutions like big companies and government entities by selling securities (such as shares or bonds) to investors ● What was the Unemployment rate during the panic of 1837? ○ 25% ■ Rates of joblessness exceeded 25% during this panic, banks suspended payments and loans, and speculators thought land value was much higher than it was (investment banks pushed for people purchasing property which drove up prices), total banks assets dropped almost 50% ● What type of market was the real estate market during pre -depression? ○ Market was dominated by small local giants (a few local banks) Group 9: Food and GI ● What departments update dietary guidelines every 5 years? ○ USDA and HSS ● What percentage lives in cities by 1975? ○ 40% ● How many policies were passed and proposed between 1983 and 2022? ○ 25 Group 10: Lipstick ● Who invented the lipstick tube? ○ James Mason Junior ● What shades did Elizabith Arden release? ○ Victory Red and Montezuma Red ● What dictator did not like red lipstick? ○ Hitler Group 11: Arms industry ● What does the American arms industry include? ○ It is a global business ○ It includes manufacturing, selling, and improving weapons and equipment, and involves cyber-warfare ● Who likened the arms industry to “Humanity hanging from, a cross of iron”? ○ Dwight D. Eisenhower ● What era marks the transition to mechanized arms? ○ Civil war Group 12: lending fraud ● What was the Panic of 1884 and what bank collapsed? ○ Marine National Bank ● Timeline: What important financial crisis happened in the 1980s-1990s? ○ Savings and Loan Crisis ● Mortgage crisis in 2008: what types of things have been securitized? ○ Student loans, music rights, airline leases Group 13: E-cigs ● What were the illegal activities from juul to get kids addicted to drugs? ○ candy/fruit flavors, product placement in kids tv shows/magazines ○ At kids eye level on store shelves, partnerships with schools ○ Mimic food products, celebrity endorsements ● Who was the Michigan alum Marlboro man? ○ Leo Burnett ● What did the masters settlement do? ○ Companies make annual payments in perpetuity to states, and overhaul some business practices ○ Released manufacturers from liability for healthcare costs caused by smoking Group 14: Influencer marketing ● What was the primary marketing system during the second era in the 1900s? ○ Radio and tv ● Which era knows creators? ○ Influencers ● Which era and law protected consumers from deceptive marketing? ○ FTC Act of 1914 ○ Wheeler-Lea Act Group 15: Technology Antitrust ● What was AT&T’s main argument against the third antitrust case? ○ Natural monopoly ● What was IBM’s original name? ○ The Computer-Recording-Tabulating Company ● Google Execs used which actions to protect them against antitrust violations? ○ All of the following ■ CC lawyers on all emails to claim attorney-client privilege ■ Avoid terms like: dominance, market shares, network effects, leverage, winning ■ Use incognito chat mode that deletes messages in 24 hours Group 16: Disney ● How does Disney pursue vertical integration today? ○ Own different stages of production process, and own distribution and broadcasting ■ Acquisition of ABC and ESPN ■ Launch of Disney+ ● What are the differences between backward and forward integration? ○ Forwards integration: closer to consumer ○ Backwards integration: closer to manufacturing ● How does standard oil compared to Disney vertically integrate? ○ Control oil fields, pipelines, refineries, retail Group 17: Space ● What tech advancements were a result of the space race? ○ Memory foam, LEDs for cancer treatment, GPS, freeze-dried food ● What was the structure of the space program during the cold war? ○ Led by NASA, high involvement from private sector such as companies like GM ● What is the general distribution of economic power in the modern space industry? ○ Private ventures Final Study Guide Whaling: ● Started in Long Island around 1650, nantucket in 1690 and by 1730 Nantucket deployed 25 vessels each crewed by 12-13 men, Between 1771-1775 Massachusetts ports housed 300+ ships ● Whaling Continued ○ Industry suffered during the American Revolution ■ British navy blockade american ports ■ Nantucket-based industry never recovered ○ Post war growth ■ – New Bedford, MA: 10 ships in 1815, 36 in 1820, 75 in 1841, 329 in 1857 ● Westward and Northward ○ Searched for whales in the Arctic in 1849 ○ San Francisco became a whaling port, especially with the opening on the transcontinental railroad in 1869 • Many merchants and offices moved from New Bedford and Nantucket to San Francisco ○ Increase in demand for baleen – Bowhead whale, found in the Arctic, supplied lots of baleen ○ Decrease in demand for whale oil – Market for sperm whale products, primary target for Atlantic whalers, declined ● Products ■ Ambergris ● Found in the intestines of sperm whales, used for perfume and musk ■ Baleen ● Sieve-like structure that hangs from the upper jaw ● Used as a plastic-like material in dresses and corsets ■ Blubber ● Boiled down into oil ● Whale oil used in lamps and lighting ■ Spermaceti ● Wax found in the head, used to make candles ○ Timeline ■ In 1731 Boston merchant Thomas hancock becomes middleman for sale of whale oil to English ■ In 1751 manufacture of spermaceti candles began in Providence and Newport. The oil from the head of the spermaceti whale was recognized for its value in making candles; led some whalers to specialize in sperm whales ■ 1768-1772 Whale oil accounted for 53 % of exports to great britain from the northern colonies ■ 1846 ws peak year for American whaling industry (80% of worlds whaling vessels made up 70,000,000 in property value ● 1859 petroleum was discovered in Pennsylvania; kerosene (a by product) quickly replaced whale oil as lantern fuel The house of Medici: ○ Italian banking family ○ Gether prominence under Cosimo de’ Medici in the Republic of Florence in the early 1400s Basic Legal Tenants: ● Protection of private property ● Rule of law ● Trial by jury Gold rush ● Commenced in 1848 and profoundly influenced the socio-economic fabric of the state and the nation. ● James W. Marshall found a few gold nuggets in the American River near Coloma, California. ● The sudden influx of gold into the money supply spurred inflation but also increased personal wealth for those lucky enough to strike gold. ● The rise in the state's population prompted significant infrastructural growth. ● San Francisco was particularly transformed from a small settlement of about 200 residents in 1846 to a booming population of about 36,000 by 1852. ● Demand for goods and services outpaced supply, leading to a rise in business enterprises. ● The Bank of California, founded by William Ralston in 1864, also prospered as it facilitated mining speculations, land acquisitions, and development of infrastructure. ● California bypassed the usual process of becoming a federal territory before its admission as a state. ● It hastened the establishment of a transcontinental railroad ● In 1851, the California Legislature passed an act that created a legal system to deal with crime in the goldfields. ● California was also one of the first states to implement an income tax. ● Indigenous populations in the gold-rich regions suffered greatly. ● Environmental degradation and reckless mining practices also had far-reaching consequences and have left a permanent mark on California's land. Civilian Conservation Corps (CCC) ● Send home $25, keep $5 for themselves ● The CCC was established by the Emergency Conservation Work (ECW) Act in 1933. ● It was one of the first programs launched under the New Deal to address the economic hardships of the Great Depression. ● Aimed to alleviate high levels of unemployment, especially among young men, by providing them with meaningful and gainful employment. ● Focused on conservation and development of natural resources, including forests, parks, and public lands. ● The CCC primarily recruited unemployed, unmarried men aged 18 to 25. At its peak, the program had over 2.5 million enrollees. ● Enrollees engaged in a variety of projects related to conservation and land improvement. ○ These projects included reforestation, soil conservation, trail construction, fire prevention, and the development of recreational facilities. ● The military-style organization provided structure and discipline. ● Many received basic education and vocational training during their time in the program. ● The CCC had a lasting impact on the environment. The program contributed significantly to reforestation efforts, soil erosion control, and the development of public recreational areas, leaving a positive legacy in many parts of the country. Federal Communications Commission (FCC) ● Established by the Communications Act of 1934 and is an independent agency of the U.S. government. ● Primary mission is to regulate interstate and international communications by wire and radio in the United States. ● This includes regulating telecommunications services, broadcast stations, cable services, satellite communications, and emerging technologies. ● Key Responsibilities: ○ Allocating and managing the use of radio frequency spectrum. ○ Licensing and regulating telecommunications services and facilities. ○ Overseeing broadcast media, including TV and radio stations. ○ Promoting competition in the communications industry. ○ Ensuring the availability of communication services to all Americans. ○ Enforcing regulations related to emergency communications, privacy, and network security. Federal Trade Commission (FTC) ● Established in 1914 and is an independent agency tasked with protecting consumers and promoting competition. ● Prevent anticompetitive business practices, protect consumers from deceptive or unfair practices, and maintain competition in the marketplace to ensure a level playing field for businesses. ● Key Responsibilities: ○ Enforcing antitrust laws to prevent monopolistic behavior and anti-competitive practices. ○ Investigating and taking action against deceptive or unfair business practices, including false advertising and fraud. ○ Promoting consumer protection by ensuring truthful and transparent business practices. ○ Conducting economic analysis and research to inform policy decisions related to competition and consumer protection. ○ Overseeing mergers and acquisitions to prevent anticompetitive effects. Wheeler-lea Amendment ● The Act amended the Federal Trade Commission (FTC) Act of 1914 and expanded the powers of the Federal Trade Commission. ● It Broadened Scope of Unfair Practices, focused on Consumer Protection, Increased Penalties, and implemented Advertising Regulation. ● The Wheeler-Lea Act strengthened the role of the Federal Trade Commission as a regulatory body overseeing fair business practices and consumer protection. Armstrong investigation - insurances ● NY Senator William W. Armstrong ● Investigated the largest insurance companies ● 450 page report (1905) ● Called for changes in actuarial and marketing practices ● NY adopted many of the recommendations ● “Tonic” effect → other states also adopted ● Post Armstrong Trials: great sense of distrust throughout the country regarding banking and insurance interests ● 1905: life insurance companies met in Chicago for ALC ● Resolutions adopted at the conference ● Favored individual state laws over federal control ● Opposed laws requiring payment to conduct business and extreme taxation Energy (coal, nuclear, petroleum etc) Dust Bowl ● 1930s, Great Plains Region of the US, Oklahoma, Kansas, e.t.c. ● Natural and human-induced factors ● Drought ● Over farming and extensive cultivation ● Mechanized farming methods ● Wind erosion ● Economic hardships due to loss of crops and mass migration to other area of the country ● Major health consequences such as respiratory problems ● The federal government responded to the crisis with various initiatives, including the Soil Conservation Service (now the Natural Resources Conservation Service) and the Civilian Conservation Corps (CCC), which aimed to address soil erosion and unemployment. ● Crop rotation, contour plowing, and the planting of windbreaks became crucial strategies to prevent soil erosion. Federal Reserve Act (1913) ● Created the federal reserve system ● national banking system ● Established 12 districts throughout the country ● Originally intended to facilitate commercial banking Agricultural Adjustment Act (AAA) ● Enacted on May 12, 1933, during the first term of President Franklin D. Roosevelt. ○ A key component of the New Deal ● A series of programs and policies designed to address the economic challenges of the Great Depression. ● The AAA sought to address the problem of overproduction and low crop prices by establishing programs to reduce agricultural surpluses. It provided for crop subsidies to farmers who agreed to reduce production, aiming to stabilize commodity prices and provide economic relief to struggling farmers. ● Amended in 1938 - One notable change was the introduction of price supports, which involved the government providing financial assistance to farmers to ensure they received a fair return for their crops. Fair Labor Standards Act (FLSA) ● The Fair Labor Standards Act (FLSA) was implemented on June 25, 1938. President Franklin D. Roosevelt signed the FLSA into law as part of the New Deal legislation during the Great Depression. ● Establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for employees in the private and public sectors. ● The primary goal of the FLSA is to ensure fair compensation and protect the rights of workers. Federal Food Drug & Cosmetic Act ● Key provisions include: ○ Food Safety and Labeling: It empowers the FDA to set and enforce regulations regarding food additives, color additives, and contaminants to ensure that food is safe for consumption. ○ Drug Approval and Safety: It outlines the process for drug approval, clinical testing requirements, and post-market surveillance to monitor and address safety concerns. ○ Cosmetic Regulation: This includes overseeing the labeling of cosmetic products and taking action against products containing harmful ingredients. ○ Medical Devices: The FDA classifies medical devices into different categories based on their risk, and each category is subject to varying levels of regulatory scrutiny. ○ Adulteration and Misbranding: Adulteration refers to the introduction of impurities, contaminants, or unsanitary conditions, while misbranding involves false or misleading labeling. Rural Electrification Act (1936) ● Created nonprofit electrical cooperatives among farmers ● Congress lends money to the cooperatives