EXAM 1 CH. 1-2-3-4
true
A company accused of irresponsible behavior that promotes itself as being socially responsible without improving its business practices is said to have a cynical CSR.
restrictive import standards
A country can assist its domestic producers by implementing ________ such as special business licenses and limiting foreign companies' access to them.
value of its imports exceeds the value of its exports
A country has a trade deficit when the ________.
value of its exports exceeds the value of its imports
A country has a trade surplus when the ________.
total flow of money into the country minus the total flow of money out of the country
A country's balance of payment equals the ________.
false
A country's balance of trade is the total value of its imports less the total value of its exports.
true
A deep and prolonged recession can be considered as a depression.
ethical dilemma
A situation in which you must choose between two conflicting but arguably valid alternatives would be known as a(n) ________.
involves selling a product at a price lower than the cost of production
Dumping ________.
true
Economics is the study of how a society uses its scarce resources to produce and distribute goods and services to its citizens.
False
In a free-market economy, companies generally have limited autonomy in deciding which customers they want to focus on and how they want to compete.
intellectual
In the global marketplace, which of the following is often a type of key asset needed to successfully utilize an advantage?
true
Internal auditors verify the work of the company's accounting effort and look for opportunities to improve efficiency and cost effectiveness.
tax havens
International companies can use ________ to shield some of their income from higher tax rates in their own countries.
striving to excel
Performing at a high level, and continuing to improve is an indication of ________ in one's pursuit of professionalism.
true
The European Union has created a currency of its own.
false
The North American Free Trade Agreement was formed by twelve North and South American countries.
true
The Occupational Safety and Health Act of 1970 set mandatory standards for safety and health and established the Occupational Safety and Health Administration (OSHA) to enforce them.
watchdog group that works to reduce business-government corruption around the world
Transparency International is a(n) ________.
stability and functionality
What does society owe business?
A measure of a country's economic output.
What is gross domestic product?
reduced costs and risks, and better leveraging of investments in branding
What is the advantage of franchising internationally?
sustainability
What is the broad effort to minimize resource depletion and reduce pollution?
pressuring businesses to consider consumer needs
What is the meaning of the term "consumerism"?
listen actively
What should be done to limit your own filters and biases and to truly seek to improve the communication process?
disruptive
What types of technologies are strong enough to create or destroy companies?
recovery
When a downward swing or recession is over, the economy enters into a period of ________.
standardization
When considering how to market a product internationally, what can be used to ensure the exact same product is sold everywhere around the world?
cyclical
When demand for goods and services drops, businesses reduce production, thereby requiring fewer workers. The unemployment resulting because of this phenomenon is known as ________ unemployment.
Americans with Disabilities Act (ADA)
Which Act guarantees equal opportunities in education and employment for those with health issues that require reasonable accommodation to perform certain job tasks?
Allowing private businesses to operate in an industry that was previously operated by the government.
Which of the following actions of the government indicates the privatization of an industry?
ensuring that the office building adheres to safety standards
Which of the following activities would be a part of facilities management?
Taxes paid and purchases made by the employees they support
Which of the following allows profit-seeking companies to indirectly generate the vast majority of the money in a nation's economy?
The increasing integration and interdependence of world-wide national economies.
Which of the following best describes economic globalization?
process R&D
Which of the following enables companies to design new and better ways to run their operations?
scarcity
Which of the following has the effect of creating competition for finite resources, thereby forcing trade-offs by participants in the economy?
Extending protections to overseas employees of U.S. companies.
Which of the following is a key provision of the Civil Rights Act of 1991?
governmental intervention in trade
Which of the following is a main feature of protectionism?
The chief executive officer of an IT company purchases shares in the company as he learns that the company is being taken over by a leading, global IT firm.
Which of the following is an example of insider trading?
corporate profits
Which of the following is considered to be one of the key lagging economic indicators?
Equal Employment Opportunity Commission (EEOC)
Which of the following regulatory agencies is responsible for monitoring the hiring practices of companies and can require them to compensate individuals who have been victimized by unfair hiring practices?
human resources
While in the past, ________ was viewed as a tactical function, today it is viewed as being strategic and focused on global competition.
knowledge workers
Who are those employees whose main contribution to an organization is the application of business knowledge?
forensic accountants
Who are those responsible for investigating financial crimes?
true
Widespread concern for the environment dates to the 1960s when ecology entered mainstream discussion.
demand curve
A(n) ________ shows the relationship between the amount of product that buyers will purchase at various prices, all other factors being equal.
affirmative action
Activities undertaken by businesses to recruit and promote members of groups whose economic progress had been hindered through either legal barriers or established practices are known as ________.
motivate and train diverse workforces
An HR specialist is most likely to be responsible for which of the following activities?
disruptive technologies
Because they fundamentally change the nature of an industry, ________ can be powerful enough to create or destroy entire companies.
economic indicators
Business and political leaders use ________ such as rates of interest or unemployment to measure and monitor economic performance.
true
Businesses add value by transforming lower-value inputs (like paper and ink) into higher-value outputs (like textbooks).
disrupting communities
Businesses can impact society in both positive and negative ways. Occupying land and displacing existing businesses are examples of ________.
false
Capital is the collective intelligence of an organization.
an ethical lapse
Choosing an unethical course of action, even where choices are clear, results in ________.
Consumer Product Safety Commission
Consumers have the right to buy safe products, and to buy them safely. Who enforces this?
the notion that business has obligations to society beyond the pursuit of profits
Corporate social responsibility refers to ________.
true
Deflation is an economic condition in which prices fall steadily throughout the economy.
false
Demand refers to the quantities of a good or service that producers will provide on a particular date at various prices.
false
Etiquette is the quality of performing your job to the best of your ability and conducting yourself with purpose and pride.
true
Exporting is the least risky form of international business activity.
Learn how respect is communicated in various cultures.
How can a person improve the communication process when working with a person from another culture?
By reducing cost and boosting efficiency.
How can using sustainable development become a smart business strategy?
moral hazard
If individuals and companies believe they can pursue rewards without facing the risks that should be attached to those pursuits, they are more likely to engage in irresponsible and even unethical behavior. This situation is known as a(n) ________.
global
In a ________ strategy, managerial control is highly centralized and major decisions for the company's international operations are made at the company's headquarters in the home country.
free-market system
In a ________, companies can decide what to produce, how to produce, whom to sell to, and at what price to sell.
false
Joint ventures are short-term partnerships between two or more companies to jointly develop, produce, or sell products.
true
Leading economic indicators suggest changes that may happen in the economy in the future.
false
Macroeconomics studies economic behavior among consumers, businesses, and industries that collectively determine the quantity of goods and services demanded and supplied at different prices.
false
Making a morally wrong decision is not the same thing as an ethical lapse.
economic behavior among consumers and businesses
Microeconomics is the study of ________.
false
One of the fundamental consumer rights that form the basis of much of the consumer-related legislation in the United States is the right to know the lowest available price of a good in the local market.
true
Providing short-term loans to countries that are unable to meet their financial obligations is a primary function of the International Monetary Fund.
diversity initiatives
Question 6 0 / 4 pts What can employers use to develop programs that eliminate barriers in the workplace?
false
Tariffs are politically motivated restrictions that revoke a company's normal trade relations status.
true
The World Trade Organization is a permanent forum for negotiating, implementing, and monitoring international trade procedures.
supply curve
The ________ depicts the relationship between prices and quantities that sellers will offer for sale, regardless of demand.
Nuclear Waste Policy Act
The ________ establishes procedures for creating geologic repositories of radioactive waste.
International Monetary Fund
The ________ was established to foster international financial cooperation and provide short-term loans to countries that are unable to meet their financial obligations.
economic
The conditions that affect the cost and availability of goods, services and labor, and the behavior of buyers and sellers are BEST described as the ________ environment.
false
The demand curve will shift to the left if the price of substitute products increases.
etiquette
The expected norms of behavior in a particular situation are referred to as ________.
false
The legal systems in the United States and the United Kingdom are based on civil law.
legal and regulatory
The policies and practices of government bodies would shape the ________ environment for a business.
is fundamental to businesses in every modern economy
The risk and reward relationship ________.
false
The term "disability," as used in the federal Americans with Disabilities Act, means only those people with physical handicaps, such as hearing or vision loss or loss of mobility.
technological environment
The term ________ refers to forces resulting from the practical application of science to innovations, products, and processes.
false
The term stakeholders refers only to those people who have invested money in the company's stock.
true
Theocratic law is law based on religious principles.
personal demeanor
Your professionalism, and how others view your efforts, is affected by your ________, and is a vital element in promoting workplace harmony.
Research and development
________ activities are intended to identify new ideas that have the potential to result in new goods and services.
A transnational strategy
________ allows a company to reap the benefits on international scale and stay responsive to local market dynamics.
Sustainable development
________ is defined as meeting the needs of the present without compromising the ability of future generations to meet their own needs.
Entrepreneurship
________ is lead by innovation, initiative, and the willingness to take the risks in creating and operating businesses.
Economics
________ is the study of how a society uses scarce resources to produce and distribute goods.
ecology
________ is the study of the relationship between organisms and the natural environment.
Fiscal
________ policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.
Market environment
________ refers to a company's target customers, the buying influences that shape the behavior of those customers, and competitors that market similar products to those customers.
Transparency
________ refers to the degree to which information flows freely within an organization, among managers and employees, and outward to stakeholders.
Information technology (IT)
________ systems can be used to promote communication and data usage through the company or to customers.
Frictional
________ unemployment is the natural movement of workers into and out of jobs, such as when a person quits one job without first lining up a new job.
