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Study Resources (Business Management)

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. Attempting to bring about changes in economic activity through changes in the size of the nation’s money.
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  63. Monopolistic competition has _____. a. many buyers and sellers, who have some control over price b. few sellers, but only one major buyer c. many sellers, who sell a homogeneous product d. no barriers to keep out new competitors 64. Consumers can choose from hundreds of different kinds and producers of cheese, each with.
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  146. The new employer–employee relationship requires firms to establish rigid rules to govern employee activities. 147. The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them. 148. Critical thinking skills and creativity are essential qualities for today’s managers. 149. In business, creativity.
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  119. Individual employees have a major influence over ethical expectations and behavior. 120. An individual employee acting ethically will have little influence on his or her coworkers. 121. The U.S. Sentencing Commission was created to protect employees who claim that they were unaware of ethical violations that they were accused of committing. 122..
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  132. The equilibrium price occurs at the point of intersection between the supply and demand curves. 133. In order to control the rising price of housing, the county council enacts rent controls. This mandated price is below the equilibrium price. Consequently, a shortage in the supply of housing may result. 134. If.
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  TRUE/FALSE 109. Social and ethical issues are a bigger concern in smaller companies than larger companies. 110. Social responsibility is a concept that pertains only to small businesses. 111. The Sarbanes-Oxley Act requires companies that have a code of ethics to publish them. 112. Bayarmaa discovered unlawful conduct at her company and notified authorities..
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  103. Fiscal policy involves: a. curbing political activities by limiting the spending on political campaigns. b. controlling the flow of foreign currency by reducing exports and increasing imports. c. adjusting money supply by varying the exchange rate of the national currency. d. influencing economic activities by making decisions about taxes and government spending. 104. In.
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  126. The Nike swoosh is an example of a brand. 127. The current philosophy among managers today is best described as transaction management. 128. Transaction management was introduced during the era of Industrial Revolution. 129. Technology has revolutionized business communications. 130. Relationship management refers to ongoing, mutually beneficial ties between an organization and its.
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  116. Competitive differentiation is discouraged for a business to be successful. 117. Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs. 118. Entrepreneurs are very conservative and usually invest only in sure winners. 119. During the era of Industrial Revolution, the focus was on agriculture and.
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  162. When a constant amount of inputs generates increased outputs, an increase in productivity occurs. 163. The core inflation rate consists of an economy’s inflation rate after removing energy and food prices. 164. Inflation benefits consumers with fixed incomes. 165. Because energy and food prices fluctuate excessively from month to month, the Consumer.
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  152. The government of a country owns the railways, utilities, energy companies, and financial institutions. Ownership of small, less critical businesses is in private hands. This is an example of socialism. 153. A country with a mixed economy is a combination of socialism and communism with a stronger public sector. 154. In.
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  84. A formal procedure that identifies and evaluates all company activities relating to social issues is known as a(n) _____. a. ethical profile b. social audit c. social inventory d. mission analysis 85. In addition to financial assessments, Dominic has arranged for his company to conduct a(n) _____ to evaluate activities that relate to social.
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  TRUE/FALSE 112. Changes in overall government spending have a macroeconomic effect. 113. Decisions made by individual consumers and businesses have an insignificant impact on overall economic conditions. 114. Microeconomics examines not just the economic policies of individual nations, but the ways in which those individual policies affect the overall world economy. 115. Macroeconomics deals.
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  159. The primary social responsibility of a company is to its customers. 160. Corporations often neglect to consider that electronic products are extremely recyclable. 161. Social audits measure the level of volunteer work conducted in communities. 162. External groups often conduct their own evaluations of businesses, and reports of these evaluations are usually.
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  149. Formally stating that employees must not discriminate on the basis of race, gender, or age in their dealings with customers is something that could be found in a company code of conduct. 150. ”Maintaining an atmosphere of cultural integrity” is an example of something that might be found in a.
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  27. Distinguish between demand-pull inflation and cost-push inflation. Give an example of each. 28. Describe the relationship between productivity and Gross Domestic Product (GDP). 29. Describe the four categories of unemployment. a. Frictional unemployment is experienced by members of the workforce who are temporarily not working but are looking for jobs. b. Seasonal unemployment.
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  43. If the prices of substitute goods decrease, the demand curve will shift to the _____ and the price will _____. a. right; fall b. left; fall c. right; rise d. left; rise 44. A demand curve will shift to the left if the _____. a. number of buyers increases b. future expectations become more optimistic c. buyers’.
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  106. When farmers rent land in order to increase crop production, they are acquiring capital. 107. Entrepreneurship is synonymous with “risk-taking.” 108. The private enterprise system encourages government intervention. 109. The private enterprise system is enhanced by maximized government participation. 110. Adam Smith’s “invisible hand” refers to the battle among businesses for consumer acceptance. 111..
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  83. During a recession, which of the following businesses is most likely to do well? a. North Sun Ships, a luxury cruise service b. Red Couture Inc., a designer store for clothes and accessories c. Save Market, a chain of discount stores d. Ink Theory, a store that sells premium pens 84. _____ is the.
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  93. Naomi graduated from college in May and is currently looking for a job. This is an example of _____. a. structural unemployment b. cyclical unemployment c. seasonal unemployment d. frictional unemployment 94. The recent recession has left Anya, a manager previously in a hotel, unemployed. This is an example of_____. a. cyclical unemployment b. frictional unemployment c..
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  TRUE/FALSE 96. Large corporations are defined as businesses, whereas small companies are more of an investment. 97. Companies are not required to be ethical to succeed in the long run. 98. In order to remain viable, not-for-profit organizations need to focus on profits even more than the public service they provide. 99. Just as.
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  90. Which of the following is NOT an example of an internal force that requires organizational change? a. Labor union demands b. Production problems c. New technologies d. New company goals 91. _____ refers to standards of conduct and moral values of a firm. a. Creativity b. Business ethics c. A social audit d. A social responsibility 92. “Newman’s Own”.
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  94. The public demand that businesses give proper consideration to consumer wants and needs in making its decisions is known as _____. a. conservation b. political activism c. ethics d. consumerism 95. Consumer Rights include all of the following EXCEPT the right to _____. a. boycott b. choose c. be heard d. be informed 96. Owing to the vast devastation.
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  ESSAY 16. What is economics? Why is understanding economics important in one’s life? 17. Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category? 18. Describe what drives demand.     .
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  142. Monopolistic competition and pure competition are the same concept. 143. An oligopoly is a market situation where there are only a few sellers of a good or service. 144. The market for pet food is an example of a pure monopoly. 145. The U.S. Postal Service’s delivery of first-class mail is an.
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  139. Loyalty and truthfulness often conflict with one another in the business world. 140. Every business person places the highest value only on loyalty, even at the expense of truth. 141. An employee who “goes public” with the evidence of improper actions by his or her employer is known as a whistle-blower. 142..
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  74. Online simulation training such as the Ethics Challenge can help to improve ethical _____. a. awareness b. reasoning c. leadership d. action 75. Macrozine Inc. provides support for employees faced with ethical dilemmas. An ethics compliance officer is available in the Human Resources office or through an employee hotline. This is an example of.
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  169. Hewlett-Packard’s use of new and recycled plastics in the manufacture of its scanners is an example of acting responsibly to satisfy societal demands. 170. A “green” product that claims to be environmentally friendly must be substantiated in accordance with guidelines presented by the Federal Trade Commission. 171. Most job positions in.
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  64. Embellishing one’s résumé shows a lack of ______ and ______. a. honesty and loyalty b. honesty and integrity c. integrity and loyalty d. competence and loyalty 65. _____ goes beyond truthfulness. a. Honesty b. Loyalty c. Integrity d. Competence 66. Bente knows of a defect in a product his company sells. He will disclose the defect but only if.
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  44. Technology has _____ ethical issues. a. expanded the range of b. further complicated c. made little difference on the range of d. eliminated most 45. Which of the following is not a factor in determining an individual’s ethical development? a. Experiences b. Religion c. Culture d. Social audit 46. Many people rationalize unethical acts at work because they _____. a..
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  MULTIPLE CHOICE   33. Which of the following fields is concerned with understanding the choices people make in using scarce resources? a. Sociology b. Statistics c. Economics d. Accounting 34. _____ is the study of the economic choices of individual consumers, families, or businesses. a. Macroeconomics b. Microeconomics c. Sociology d. Statistics 35. The study of macroeconomics is _____. a. concerned with studying.
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  73. _____ is an economic system in which private property is eliminated. a. Socialism b. Capitalism c. Individualism d. Communism 74. Under the economic system of communism, _____. a. individual rights to profits are not allowed b. government interference is limited c. employees have the complete freedom to choose their own occupation d. businesses are owned by individuals 75. _____.
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  172. All banks must keep some percentage of their checking and savings funds on deposit at the Federal Reserve System. 173. In the United States, monetary policy is largely controlled by Congress. 174. Assume that the Federal Reserve uses its available tools to push down interest rates. Economic activity would likely decrease.
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  136. The need to develop environmentally friendly products and processes is becoming a major new force in business today. 137. A strategic alliance is a partnership formed to create a competitive advantage for the businesses involved. 138. Managers are beginning to recognize the different needs of workers of different ages. 139. During the.
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  30. What is monetary policy? What governmental agency controls monetary policy? Describe actions that are used to influence economic activity. 31. Briefly describe budget deficit, national debt, budget surplus, and balance budget and how the terms relate to the government finances. 32. List four challenges to maintain global competitiveness.     .
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  129. Batzorig is a lawyer whose work habits help his company, as well as society in general. Batzorig is at the postconventional stage of moral and ethical development. 130. Successful managers are often able to discover that there is a clear-cut answer between what’s right and what’s wrong. 131. On-the-job ethical dilemmas.
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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. False Claims Act d. integrity e. social audit f. social responsibility g. business ethics h. sexual harassment i. code of conduct j. conflict of interest k. Product liability l. postconventional stage m. Regulation FD n. Whistle-blowing o. green marketing 1. A formal statement that defines.
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  MULTIPLE CHOICE   34. Business ethics begins with _____. a. a firm’s investors b. the individual employee c. the government d. a firm’s customers 35. When management considers social and economic issues in decision making, the company is practicing _____. a. gatekeeping b. consumerism c. social responsibility d. altruism 36. Businesses have responsibilities to _____. a. investors and customers only b. investors, customers, employees,.
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