Business & Marketing Final

Thinking about the consequences is part of which step of the ethical dilemma response process? a. Consider all your potential actions. b. Get the facts. c. Reflect on the outcome. d. Identify the dilemma.

a. Consider all your potential actions.

Which of the following is an economic question that must be answered by all economic systems: a. How will products be allocated? b. How can competition be increased? c. How can government control be limited? d. How can the profit motive be encouraged?

a. How will products be allocated?

What type of economic system is used in the United States? a. Market b. Socialist command c. Traditional d. Communist command

a. Market

What can producers do to overcome a problem with limited human resources? a. Offer training and retraining b. Decrease automation c. Reduce benefits d. Increase use of natural resources

a. Offer training and retraining

Determine which of the following is a true statement about socialist command economies: a. Products are produced based on the government's master plan. b. Wages are based on the availability of workers. c. The government tells people where to work. d. Individuals are not permitted to operate private businesses.

a. Products are produced based on the government's master plan.

Which of the following is most likely to happen if you avoid an ethical dilemma instead of responding to it: a. The problem will get worse. b. People will respect you. c. The situation will get better. d. You will become a better person.

a. The problem will get worse.

Which of the following is a characteristic of economic services: a. Useful b. Tangible c. Non-transferable d. Freely available to everyone

a. Useful

What question should you ask yourself if you do not handle an ethical dilemma correctly? a. What can I do differently next time? b. How will other people react? c. How can I avoid ethical dilemmas? d. Who or what can be blamed?

a. What can I do differently next time?

Unethical actions a. are not always illegal. b. always have legal consequences. c. are acceptable if everyone else does them. d. only affect the person doing them.

a. are not always illegal.

If you decide what to do in an ethical dilemma by going with the option that feels right, you are checking in with your a. gut feeling. b. supervisors. c. logical processes. d. role models.

a. gut feeling.

An economic good or service that is scarce is one that is a. in limited supply. b. not made in America. c. readily available. d. not test-marketed.

a. in limited supply.

The economic system that allows people to own their own businesses and distribute the products they produce is a __________ economy. a. market b. totalitarian c. communist d. socialist

a. market

Cotton is an example of a __________ resource. a. natural b. labor c. land d. capital

a. natural

Finding alternative sources of power for consumer use, such as replacing gas and oil with solar energy, is an example of responding to limited __________ resources. a. natural b. human c. capital d. technology

a. natural

Businesses produce goods and services to sell to others by using such items as capital goods, land, and willing workers. These items used in production are examples of economic a. resources. b. markets. c. credit. d. capital.

a. resources.

The way in which a country makes economic decisions is called its economic a. system. b. resources. c. vote. d. market.

a. system.

How would a business's computers be classified? a. As parts b. As equipment c. As supplies d. As an installation

b. As equipment

What determines whether an economic product is an industrial product or a consumer product? a. The price of the product b. Who buys and uses the product c. The origin of the product d. Who produces the product

b. Who buys and uses the product

One way in which many businesses demonstrate their social responsibility toward employees is by providing them with a. free meals. b. a safe working environment. c. regular entertainment. d. a stress-free atmosphere.

b. a safe working environment.

A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ g good. a. capital b. consumer c. ultimate d. industrial

b. consumer

Integrity, trust, and accountability are examples of a. consequences. b. ethical principles. c. ethical situations. d. technical skills.

b. ethical principles.

A company that transforms cotton into wearable clothing is considered a a. raw-goods producer. b. manufacturer. c. service business. d. builder.

b. manufacturer.

One way in which a business can show its social responsibility is by __________ its profits. a. dividing b. maximizing c. reducing d. controlling

b. maximizing

Natural and human resources are two categories of economic resources. The third category is a. water. b. money. c. capital goods. d. salespeople.

c. capital goods.

A producer is someone who a. sells products. b. is very creative. c. makes things. d. employs others.

c. makes things.

Ethical dilemmas should be thought of as a. challenges. b. easily avoidable. c. opportunities. d. emergencies.

c. opportunities.

If you want to behave ethically, it's important to a. do what you say you'll do when others are watching. b. make sure other people are acting with integrity. c. respect other people and their belongings. d. think about the short-term repercussions of your actions.

c. respect other people and their belongings.

Retailing takes place whenever goods are a. offered for sale. b. exchanged for other goods. c. sold to the ultimate consumer. d. sold in a retail establishment.

c. sold to the ultimate consumer.

Susan is willing to pay a high price for the brand of china that she wants for her home. This china would be classified as a(n) __________ product. a. shopping b. industrial c. specialty d. convenience

c. specialty

A socially responsible business will attempt to give customers a. lower quality products at reduced prices. b. high-quality products at high prices. c. the best products at the best prices. d. the best products no matter what they cost.

c. the best products at the best prices.

A characteristic of human wants is that they are a. limited. b. unchanging. c. unlimited. d. consistent.

c. unlimited.

A business that produces a product should be socially responsible to the __________ of the product. a. endorsers b. providers c. users d. producers

c. users

The two main divisions of the trade industry are a. producers and retailers. b. manufacturers and wholesalers. c. wholesalers and retailers. d. wholesalers and producers.

c. wholesalers and retailers.

Which of the following is a way to show accountability: a. Treating others the way you'd like to be treated b. Following rules and laws c. Respecting the property of others d. Accepting responsibility for your mistakes

d. Accepting responsibility for your mistakes

Determine whether the following statement is true or false: Trade industries all have the same form of ownership. a. True; they all belong to a chain. b. True; they are all independently owned. c. False; they may be corporations or partnerships. d. False; they may be independent or belong to a chain.

d. False; they may be independent or belong to a chain.

What do service businesses sell? a. Retail merchandise b. Raw goods c. Wholesale merchandise d. Intangible activities

d. Intangible activities

Which of the following describes the services offered by trade industries: a. They are always limited. b. They vary from day to day. c. They are always full line. d. They may be limited or full line.

d. They may be limited or full line.

The connection between the social responsibility of a business and the community in which the business operates is that the business's social responsibility __________ the community. a. depends upon b. targets only c. targets the area outside d. has an effect on

d. has an effect on

Sugar and flour that are purchased to make baked goods are classified as a. parts. b. installation. c. supplies. d. materials.

d. materials.

Pablo follows the same ethical beliefs whether he's hanging out with his friends, working on a group project, or working at his part-time job. Pablo follows ethical a. situations. b. problems. c. consequences. d. principles.

d. principles.

Farms, mines, and lumber companies are examples of a. builders. b. manufacturers. c. trade industries. d. raw-goods producers.

d. raw-goods producers.

Cash-register tapes and shipping forms used by a business would be classified as industrial a. equipment. b. parts. c. materials. d. supplies.

d. supplies.