Chapter 1 & 2 Business 151

What is not one of the ways that multi-national corporations demonstrate social responsibility in a foreign country?

They heavily favor company employees in other locations over local candidates

The quantity of a product or service that businesses will make available at various prices is called:

demand

What is an economic system based on complete freedom of trade and little, if any, government control?

Capitalism

At the base of the corporate social responsibility pyramid is:

economic responsibilities

Social responsibility should extend beyond the shareholders to include:

employees, suppliers, consumers, community

When the government decides to cut military spending, it is implementing a(n) _____ policy.

fiscal

What is the 5th factor of production identified by many managers and academicians?

knowledge

Which is an example of a factor of production?

labor

Laws passed by the U.S. Congress concerning how U.S. businesses trade with Cuba would be an example of _____ factors that influence the business environment

political and legal

When a single firm accounts for 100 percent of industry sales, it is an example of:

pure monopoly

As soon as any nation has experienced two consecutive quarterly declines of its gross domestic product, that nation will be in a:

recession

Strategic giving

refers to the practice of tying philanthropy closely to the corporation's mission or goals

Wal-Mart has announced that it will only sell fresh and frozen fish that come from environmentally sound sources and bear the label of the Marine Stewardship Council. Wal-Mart's size gives it a unique opportunity to improve the fishing industry. This concern for _____ is one of many initiatives Wal-Mart is introducing to improve our environment.

social responsibility

Revenue

the money a company earns from providing services or selling goods to customers.

One of the keys to ethical business behavior is:

the number of rules, regulations, and guidelines the company has

corporate philanthropy

the practice of charitable giving by corporations; includes contributing cash, donating equipment and products, and supporting the volunteers' efforts of company employees.

ethics

the set of moral standards for judging whether something is right or wrong.

demography

the study of people's vital statistics, such as their age, gender, race and ethnicity, and location.

The GDP of Poland in 2006 was approximately $512 billion. This $512 billion represents:

the total value of all final goods and services produced in Poland during 2006