Business Applications
Which of the following should help you improve your self-concept?
See yourself as a success.
____________ are caused when the price is "too high." The quantiy supplied is more than the quantity demanded.
Surpluses
Which of the following is NOT an element to the tort of negligence?
The plaintiff doesn't need to have been harmed.
"Sold as is" can be used by merchants or sellers as a defense to void all implied warranties.
True
A retail store may detain a customer or worker for alleged shoplifting provided there is a reasonable basis for the suspicion and the detention is done reasonably. In other words, if the above were true, no false imprisonment would take place.
True
A tradeoff is an opportunity cost caused by scarcity. It is the alternative use of a resource foregone when determining how to use that resource to satisfy needs and wants.
True
Punitive damages refers to money given to punish a person who acted in an offensive and egregious manner in an effort to deter the person and others from repeated occurrences of the wrongdoing.
True
The reason why buyers typically demand less of a product when the price increases is that substitute products are usually available.
True
When dealing with customers from other countries, you should be sensitive to their culture. You should be patient and speak slowly, rather than louder.
True
Whenever talking on the phone when serving your customers, you should sell yourself by having a positive attitude, using effective listening techniques, being sincere and honest, being emphathetic, and understanding the customer's needs and problems.
True
Every country in the world must determine the answers to three fundamental economic questions: What goods and services will be produced? How will the goods and services be produced? and ___________________________
Who will receive the goods and services that are produced?
Another name for the market clearing price is the ___________ price.
equilibrium
Implied warranty of merchantability promises that a good is merch
its ordinary purpose for which it was sold
The behavior of producers and sellers is summarized by ____________. _____________ summarizes the behavior of buyers.
supply, Demand
Which word(s) below should you NOT use in customer service activities?
sweetie
For organizations to look upon a relationship with a customer as a marriage is going too far.
False
Those you serve in your organization are your external customers. Those outside the organization are known as your environmental customers. Only external customers are critically important to organizational success and should receive excellent customer service.
False
The sources of law in the United States are constitutions set forth by the federal and state governments, statutes enacted by Congress, administrative rules and regulations put forth by federal, state, and local agencies, and _______
Common Law
A failure to perform one's duties under a contract is referred to as____.
breach
The way in which a country makes these fundamental economic decisions depends on how the economic relationships are organized between its household, __________, and government sectors.
business
The upper limit on prices artificially imposed by government, such as usury laws is called the __________ price.
ceiling
The elements of a contract are agreement, ______, legality, and capacity.
consideration
The continuous attempt to satisfy and keep current customers actively involved in conducting business with the organization is known as ______________.
customer retention
The customer's overall feeling of contentment with customer interactions is ___________________.
customer satisfaction
Anything we do for the customer that enhances his shopping experience is _______________. It is the action of serving others in order to allow them to have the best shopping experience and to be treated as valuable customers.
customer service