Business 101 Taylor LeeU Spring 2022 Exam 1

Service business employ approximately ______ percent of the U.S. work force.

86

Refer to satellite communications. Now that Steven plans to open his own business, he needs to look at the factors of production. Which of the following is not a factor of production?

Demand

Intel expects its code of ethics and shared values to provide all of the following benefits except

Describe what to do in every ethical situation

_____ is the exportation of large quantities of a product at a price lower than that of the same product in the home market

Dumping

When was GATT first established?

End of World War II

The federal agency charged with enforcing laws to protect the environment is the

Environmental protection agency

Which of the following is the most effective way to encourage ethical business behavior?

Establisha dn enforce a corporate code of ethics

Copley Pharmaceutical, Inc. recently pled guilty to federal criminal charges for falsifying drug manufacturers' reports to the Food and Drug Administration. This is an example of a company that failed to exercise proper ____________.

Business Ethics

What does the government encourage in order to protect the consumer's right to choose?

Competition

The purpose of specialization is to

Increase the efficiency of industrial workers

The use of the factory system in the US helped to usher in the

Industrial Revolution

Which president stated that consumers have the right to service?

John F. Kennedy

A ______ is a partnership formed to achieve a specific goal or to operate for a specific period of time.

Joint venture

The economic model of a society responsibility holds that society will benefit most when business is left alone to produce and market profitable products that society needs. This economic model is based on the notion that

Social responsibility is a privilege and duty of every business

Refer to Home Inspirations. Mary feels that for productivity to improve, the company must practice

Specialization

The newest forms of international business structure developed to create competitive advantage on a worldwide basis are called

Stratigic alliances

When a country imports more than it exports, it has a(n) _____.

Unfavorable balance of trade (trade deficit)

A person who risks his or her time, effort, and money to start and operate a business is called a(n)

entrepreneur

a price at which the demanded quantity is equal to the quantity supplied of that produced is called the _____ price

equality

A favorable balance of payments means that

exports and other payments exceed imports and other receipts

The united states does not sell fighter jets, such as F-16, to Libya. The rationals for this restriction is most likely to

protect national security

The socioeconomic model of social responsibility places primary emphasis on

quality of life

A social audit is a

report of what a business has done and is doing about social issues

A whistle-blower is a person who

reports illegal or unethical conduct within his or her organization.

Othe following, which is not considered a basic management function necessary to be an effective manager?

selling

_____ is the process of developing and promoting the differences between one's products and other similar products.

Product differentiation

Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted fro inflation?

Real gross domestic product

The recognition that business activities affect society and the consideration of that impact when making business decision is referred to as

Social responsibility

Refer to Landfall Service. because the company is known for its ability to produce lawn furniture more efficiently than any other company in the world, the company must have a(n) _____ advantage.

Absolute

When a country exports more than it imports, it has a(n)

Favorable balance of trade

When the US government spends mroe than it receives within a fiscal year, this is called the

Federal deficit

What are the three sets of factors that influence the standards of behavior in an organization?

Financial Factors, opportunity, morals

In a communist country such as North Korea, emphasis is placed on producing that type of goods?

Goods needed by the government

Method creates sustainable household products such as soaps, detergents, and household cleaners. The company does not test on animals, use biodiesel fuel to power their U.S. truck shipments, and makes their core cleaning bottles from 100% recycled plastic. Method is participating in

Green Marketing

The process of creating, making, delivering, adn promoting products that are environmentally safe is called

Green marketing

Pollution does all of the following except

Has had little impact on climate change

______ resources are th eindividuals who provide labor for an organization in exchange for wages.

Human

A Limit on the amount of a particular good that may be brought into a country during a given period of time is called a(n)

Import quota

Organizations that combine raw materials, machinery, and labor to produce goods are called

Manufacturing businesses

All of the following are material resources fro Honda Motor Company except

Money

Although changes have occurred over the years,______ is historically considered to have a communist economy

North Korea

What individual factor most affected Marilyn's ethical decision?

Personal goals

Which of the basic consumer rights was violated by the ladder company?

The right to safety

Xavier and Yvette are discussing starting a business that would employ 86% of the nation's work force. What type of business will they open?

They will open a service business

By definition, every country has a(n) _______ advantage in some product

comparative

Despite trade restrictions, international business is

growing

Refer to Mama's coffee. Before he got his job, another description for the employee who was hired over Eun-Sang would be

hard-core unemployed

Arguments for the government imposing restrictions on foreign trade include

helping the foreign country become more competative

The Export-Import Bank of the United States

is an independent agency of the U.S. government

Informing the press or government officials about unethical practices within one's organization

whistle-blowing