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Study Resources (Business Management)

  100.Technology and capital are considered two separate factors of production. 101.When farmers rent land in order to increase crop production, they are acquiring capital. 102.Technology is considered to be capital. 103.All factors of production are found in equal amounts in all businesses. 104.Natural resources are linked to the factor payment of rent. 105.Entrepreneurship is synonymous.
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  81.________ is an economic system in which private property is eliminated. a.socialism b.capitalism c.monopoly d.communism 82.________ has a blend of both planned and free enterprise system. a.Capitalism b.Communism c.A mixed market economy d.A private government economy 83.A country has a strong private sector, along with publicly owned enterprises. Entrepreneurs and private-sector investors are entitled to profits, after taxes, and even.
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  121.The price of gasoline rises sharply. One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left. 122.The demand curve will shift to the right as consumers have more money to spend. 123.Microeconomics and macroeconomics have no correlation. 124.Equilibrium price is the prevailing market price at.
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  73.Which of the following can improve ethical reasoning in a company? a.whistle-blowing b.practical training sessions c.mission statement d.organizational culture 74.A formal statement that defines how the organization expects and requires employees to resolve ethical questions is ________. a.social responsibility statement b.an organizational culture c.a code of conduct d.an ethical environmental statement 75.Jack Welch, former CEO of General Electric, is respected.
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  130.J.P. Morgan, Eli Whitney, and Andrew Carnegie are examples of inventors of the marketing era. 131.The marketing era occurred before The Great Depression. 132.Consumer orientation and branding are indicative of the marketing era. 133.It is more expensive to maintain loyal customers than to market to potential new customers. 134.During the next few years, the.
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  MULTIPLE CHOICE 33.During a meeting with government regulators, Nicole voluntarily points out a potential problem with a new product her company is testing. Nicole has shown ________. a.honesty b.loyalty c.truthfulness d.integrity 34.A company removes a profitable product from the market because it may be dangerous. This company is demonstrating ________. a.ethical behavior b.green marketing c.conflict of interest d.social welfare 35.Bob takes.
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  63.Linda does not make personal long-distance phone calls at work because it will cost her employer money. Which stage of ethical development is Linda in? a.conventional b.traditional c.post-conventional d.pre-conventional 64.Brianna focuses on her duty to family and work and bases her actions on the expectations of various groups in her life. At which stage of.
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  71.Which of the following market structures best describes the U.S. auto industry? a.monopolistic competition b.pure competition c.oligopoly d.monopoly 72.Unless it is regulated or only temporary, the market situation called ________ is prohibited in the United States through antitrust legislation. a.communism b.monopoly c.oligopoly d.monopolistic competition 73.Control over price by individual firms is highest in a(n) ________. a.pure monopoly b.regulated monopoly c.oligopoly d.monopolistically competitive industry 74.Barriers to.
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  101.The purpose of a restrictive monetary policy is to: a.stimulate spending b.reduce the cost of borrowing c.stimulate employment d.curb rising prices and overexpansion 102.Fiscal policy ________. a.reduces the money supply b.increases the money supply c.always results in increasing the national debt d.can be used to increase economic activity 103.The Federal Reserve reduces the amount of money banks can lend. As.
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  163.Helping employees stop smoking is an example of a social responsibility revolving around public health. 164.Paying corporate taxes is an example of corporate philanthropy. 165.Environmental issues are more of a social concern for government organizations. 166.Consumerism is the public demand that a business consider the wants and needs of its customers in making.
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  83.Rene’s boss has offered him a raise if Rene agrees to spend the night with her. This is an example of: a.social responsibility b.sexual harassment c.sexism d.whistle-blowing 84.On average, women with a college degree earn less money than men with a college degree. This is an example of: a.social responsibility b.sexual harassment c.sexism d.whistle-blowing 85.Companies that adhere to high ethical.
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MATCHING       Complete the following using the terms listed. a.Consumer Price Index (CPI) b.inflation c.gross domestic product (GDP) d.fiscal policy e.monetary policy f.equilibrium price g.budget deficit h.pure competition i.supply j.demand k.productivity l.recession m.microeconomics n.oligopoly o.monopoly 1.The point where the supply and demand curves meet is the _____. 2._____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them. 3._____.
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  MATCHING       Complete the following using the terms listed. a.Securities and Exchange Commission (SEC) b.Occupational Safety and Health Administration (OSHA) c.Sarbanes Oxley d.integrity e.corporate philanthropy f.social responsibility g.business ethics h.sexual harassment i.code of conduct j.conflict of interest k.product liability l.post-conventional stage m.Regulation FD n.whistle-blowing o.discrimination   1.A formal statement that defines how an organization expects and requires employees to resolve ethical questions is a(n) _____. 2.Cash contributions, donations of equipment.
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  133.Whistle-blowing can be effective with the cooperation of higher level managers. 134.Every organization must have a code of conduct. 135.A code of conduct is a formal document that must be printed. 136.If companies provide a code of conduct and ethical training, there is no need to hire a compliance officer or to provide.
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  ESSAY 16.Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category? 17.What is economics? Why is understanding economics important in your life? 18.List the factors that should cause a supply curve to shift to the left. 19.List the factors that should cause a demand curve to shift to.
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  43.How should a businessperson deal with a conflict of interest? a.ignore it b.send an email to his/her manager c.disclose it or avoid it d.report it only to close friends 44.Which of the following statements best justifies why a company should act in an ethical manner? a.The government will take action if a firm fails to act.
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  131.Natural resources include technology, tools, information, physical facilities, and financial capabilities. 132.Forces of nature, such as a hurricane, can affect the supply curve. 133.The BP oil spill in the Gulf of Mexico made the supply curve for the seafood industry shift to the left. 134.Assume the number of new home buyers suddenly increases..
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  153.Solving family crises and caring for elderly parents are considered quality of life issues. 154.The Equal Employment Opportunity Commission (EEOC) was created to fight age discrimination in the workplace. 155.Product liability protects the reputation of consumers against consumer allegations. 156.Employers have a responsibility to their employees to provide a safe working environment. 157.The Equal.
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  41.If buyers’ incomes increase, the demand curve will shift to the ________ and the price will ________. a.right; rise b.left; fall c.right; fall d.left; rise 42.Which of the following statements about demand curves is true? a.When the price falls, demand increases. b.When the price rises, demand stays the same. c.When the price rises, demand increases. d.When the price falls,.
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  110.The private enterprise system is enhanced by maximized government participation. 111.Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs. 112.Entrepreneurs are very conservative and usually invest only in sure winners. 113.In the private enterprise system, government has no role to play in ensuring fair competition. 114.The private.
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  90.“Newman’s Own” is a food product line that gives 100 percent of its after-tax profits to charity. This company is practicing ________. a.business ethics b.social responsibility c.customer satisfaction d.creativity 91.When management’s decisions align with social and economic issues, the company is practicing ________. a.creativity b.business ethics c.social welfare d.social responsibility 92.Social responsibility would include all of the following EXCEPT ________. a.supporting.
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  91Consumers often turn to lower-priced retailers for the goods they need during a business cycle of ________. a.recovery b.prosperity c.recession d.depression 92James is trained as a bookbinder. With the increase in electronic books, the demand for his services is scare. He is experiencing ________unemployment. a.seasonal b.structural c.cyclical d.frictional 93.Economists refer to a nation’s ________ as an indicator of its economic.
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  141.Capitalism also is referred to as a private enterprise system. 142.Under pure competition, there are definitely a handful of buyers that have more control over price. 143.No two countries have exactly the same economic system. 144.The pet food industry is an example of a pure monopoly. 145.Because there are only a few manufacturers of.
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  161.Cyclical unemployment occurs when the economy slows down and mid-managers, for example, are laid off. 162.Wild price fluctuations are considered to be inevitable in countries experiencing rapid economic growth. 163.Economic growth leads to expanded job opportunities, improved wages, and an increased standard of living. 164.During a recession, business spending falls but consumer spending.
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  60.Henry Ford is noted in business history for introducing the moving assembly line, which greatly reduced the cost of producing a car. Assembly lines first became common during the ________. a.relationship era b.marketing era c.Industrial Revolution d.production era 61.Inventors such as Robert McCormick and Eli Whitney were part of the ___________. a.marketing era b.colonial era c.age of industrial.
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  27.Describe the relationship between productivity and Gross Domestic Product (GDP). 28.Describe the four categories of unemployment. 29.Briefly describe budget deficit, national debt, budget surplus, and balance budget and how the terms relate to the government finances. 30.What is monetary policy? What governmental agency controls monetary policy? Describe actions that are used to influence.
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  53.Which of the following is not a minimum requirement for ethics compliance programs? a.high-level personnel responsible for compliance b.government regulation c.consistent enforcement d.consistent improvement 54.Roberto decides not to cheat on his exam because he fears he will be caught and receive no credit if he is caught. In which stage of ethical development is Roberto? a.Post-conventional b.Pre-conventional c.traditional d.conventional 55.Technology.
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  MULTIPLE CHOICE 31.The study of macroeconomics is ________. a.concerned with studying the overall economy b.primarily concerned with individual businesses and decisions c.not related to microeconomics d.not related to government decisions concerning spending and taxes 32.________ is the study of the economic choices of individual consumers, families, or businesses. a.Macroeconomics b.Microeconomics c.Entrepreneurship d.Consumer behavior 33.Which of the following fields is concerned with.
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  120.One factor that led to the Industrial Revolution was the mechanization of agriculture. 121.Assembly lines were introduced during the production era. 122.A key element of the production era was the use of consumer research. 123.In consumer orientation, a company creates a product first, and then determines if the consumer will likely purchase the.
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  143.There are times when managers and supervisors will be unable to practice the behaviors outlined in the code of conduct. 144.A company’s CEO alone determines the ethical climate of the business. 145.Mangers who practice social responsibility still realize the larger importance in considering profits. 146.The primary social responsibility of a company is to.
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  93.Consumer Rights include all of the following EXCEPT the right to ________. a.boycott b.choose c.be heard d.be informed 94.According to ________ standards, when a drug company purchases a television ad, the company is required to describe potential side effects of the drug, or at least provide a phone number or Web site address for additional.
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  51.According to a supply curve, ________. a.as prices rise, quantity of a product supplied falls b.as prices fall, quantity of a product supplied increases c.as prices rise, the quantity of a product that is supplied also rises d.as prices rise, consumers will buy in larger quantities 52.If the cost of producing a good or service.
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  103.Truthfulness is more significant than integrity. 104.Adhering to deeply felt ethical principles in business situations is known as loyalty. 105.The only safe way to handle a potential conflict of interest is to avoid situations in which one might occur. 106.Loyalty and honesty often conflict with one another in the business world. 107.An advertising agency.
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  151.A country with a “mixed economy” is a combination of the private enterprise system and a planned economy with a stronger public sector. 152.There has been recent legislation to have all regulated monopolies in the U.S. deregulated. 153.Most communist systems allow private ownership of less critical industries. 154.Natural monopolies often are industries with.
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  123.Jorge is a lawyer whose work habits help his company, as well as society in general. Jorge is at the post-conventional stage of moral and ethical development. 124.Successful managers are often able to discover that there is a clear-cut answer between what’s right and what’s wrong. 125.On-the-job ethical dilemmas are common. 126.Employers expect.
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  61.The three major types of economic systems are ________. a.capitalism, oligopoly, and planned economies b.capitalism, pure competition, and planned economies c.capitalism, monopoly, and mixed economies d.capitalism, planned economies, and mixed economies 62.Most industrialized nations operate economies based on ________. a.planned economies b.private enterprise systems c.communist systems d.socialist systems 63.Entrepreneurs have the most economic freedom in which type of economy? a.socialism b.capitalism c.communism d.mixed economy 64.Monopolistic.
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  80.________ is the ability to perceive marketplace needs and what an organization must do to satisfy these needs. a.critical thinking b.social responsibility c.vision d.creativity 81.This process includes activities such as looking beneath the surface for deeper meaning and connections that can help identify crucial issues and solutions. a.      critical thinking b.social responsibility c.vision d.creativity 82.For today’s managers, which of the.
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  140.It is predicted that technology will completely eliminate all cubicle jobs. 141.Today, workers are much less likely to remain with the same employer throughout their entire careers. 142.Outsourcing is the use of outside vendors to produce goods or fulfill services and functions that were previously handled in-house or in-country. 143.Research indicates that work.
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  111.Which of the following does not make up part of the national debt? a.Taxes b.Treasury bills c.Treasury notes d.Treasury TRUE/FALSE 112.Changes in overall government spending have a macroeconomic effect. 113.Not-for-profit organizations must make economic decisions. 114.Economics deals only with the allocation of abundant resources by business. 115.Macroeconomics deals with taxing and spending decisions made by governments. 116.Decisions made by individuals.
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  50.By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competition. This difference is known as Warner Electronics’ ___________. a.private enterprise system b.competitive differentiation c.capitalism d.natural resources 51.All of the following are basic rights within a private enterprise system EXCEPT ________. a.private property b.guaranteed profits c.freedom of choice of investment d.freedom of choice.
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  70.Which of the following is NOT a new trend in hiring and the workforce? a.telecommuting b.job sharing c.rigid job structures d.increase in part-time and temporary workers 71.The number of people age 65 or over will ________ by 2025. a.decrease by approximately 10 percent b.double c.increase by approximately 50 percent d.increase by approximately 10 percent 72.Diverse employee teams tend to perform.
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  113.Businesses must find a balance between doing what is right and doing what is profitable. 114.Individual employees have a major influence over ethical expectations and behavior. 115.An individual employee acting ethically will have little influence on his or her coworkers. 116.Technology has helped decrease unethical behavior exhibited by businesses. 117.Some employees rationalize questionable or.
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