MIE 201 Test 1

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Which one of the following statements is NOT accurate in describing approaches to​ CSR?

A company is simply being defensive when it engages in CSR while in the glare of public criticism.

Member countries of the​ ________ represent 40 percent of the​ world's population and more than half of the​ world's gross domestic product​ (GDP).

APEC

Which of the following statements INNACURATELY describes one of the responsibilities of businesses toward their​ employees?

Affirmative action programs guarantee equal opportunities in​ housing, transportation,​ education, employment, and other areas for people in the United States who have disabilities.

Among the four perspectives on corporate social​ responsibility, which one results in both philanthropy and strategic​ CSR?

Companies have a duty to help​ society, in addition to simply paying taxes and following the law.

Which one of the following statements about consumerism is NOT​ accurate?

Consumerism is a synonym for materialism.

Every company takes risks in order to conduct business. Which of the following statements linking risk and reward is not​ correct? A.Without entrepreneurs and companies willing to accept​ risk, very little would get done in the economy. B. The risk associated with business decisions needs to stay attached to those decisions. C.Businesses take risks in anticipation of future rewards. D. Without​ rewards, businesses would have no incentives to take risks. E. Any company that believes it can pursue rewards without facing risks has strong​ decision-making entrepreneurs.

E. Any company that believes it can pursue rewards without facing risks has strong​ decision-making entrepreneurs.

Which one of the following examples is NOT correct in distinguishing philanthropy from strategic corporate social​ responsibility?

If a company helps develop the workforce by supporting job training​ efforts, it is considered generic philanthropy.

Which one of the following statements does NOT reflect true understanding of the demand and supply​ relationship?

If demand​ weakens, the businesses can keep the prices consistent.

What is the difference between monopolistic and oligopolistic​ competition?

Monopolistic competition has numerous sellers who offer products that can be distinguished from competing​ products, whereas in an​ oligopoly, the number of competitors in the market is quite small.

Which one of the following statements does NOT accurately describe foreign exchange rates and currency​ valuations?

a currency is called strong relative to another when its exchange rate is lower than what is expected normal

While still​ controversial, _____________ was created to encourage organizations to hire and promote individuals whose economic success may have been otherwise hindered through established practices.

affirmative action

The broadest indicator of international trade is the​ ________.

balance of payments

​A(n) _______ is a firm pursing profits that offers products and services projected to fulfill​ consumers' needs.

business

The framework that outlines how a firm plans to generate revenue is known as​ a(n) ____________.

business model

Which of the following represents a specific procedure set in place to allow companies some independence in dealing with the environmental influence of toxins and​ emissions?

cap and trade

An economic system centered on financial liberty and competition is known as​ ___________.

capitalism

Which legislation addresses job​ discrimination?

civil rights act of 1964

Company LMT competes with other companies in the industry by offering the lowest prices around. By offering products at the lowest possible cost compared with other​ companies, Company LMT has​ a(n) ____________.

competitive advantage

The theory of comparative advantage supports which motivation for countries and companies to trade​ internationally?

concentrating on relative strengths

Which of the following is a recurring measurement that determines changes in the costs of a specific set of customer products and​ services?

consumer price index

​___________ is a movement that insists companies take into account customer demands and interests.

consumerism

The top managers at ABCD International have always believed that every business has responsibilities to the community in which it does business beyond chasing the profits. This refers to​ ________.

corporate social responsibility

The​ ____________ function ensures consumers have the assistance and information they require​ before, during, and after a purchase is made.

customer support

A business accused of negligent behavior that markets itself as being socially responsible without making significant enhancements in its business practices is employing​ a(n) __________ approach to CSR.

cynical

Which of the following views of corporate social responsibility involves a reaction to pressures from​ activists?

defensive CSR

​____________ is an economic situation in which costs fall steadily throughout the economy.

deflation

A​ _____________ charts the amount of merchandise consumers tend to buy at varying costs.

demand curve

The WTO is guided by five​ principles, which do NOT include​ ________.

dictating policies to national governments

​________________ is not one of the primary functions of the IMF.

discouraging unfair practices

Aaron was in an accident a few years ago and is now in a wheelchair. Although being in a wheelchair does not affect his ability to​ work, he finds getting hired and obtaining promotions difficult. Aaron is most likely a victim of​ ___________.

discrimination

​___________, such as smart phones and social​ media, fundamentally change the nature of an industry and can be influential enough to create or destroy whole companies.

disruptive technologies

Which function can be utilized for both marketing products to retailers and delivering products after the​ sale?

distribution

FixIt​ Tools, an Indian tool​ manufacturer, has just entered the German market. FixIt started selling large quantities of its tools at a significantly lower price than the cost of production and below what FixIt would charge in India. This practice is called​ ________.

dumping

​________________ occurs when expenditure​ declines, the job market​ drops, and the economy as a whole declines.

economic contraction

The​ _____________ involves the circumstances that form the behavior of consumers and merchants and affect the cost and accessibility of products and services.

economic enviroment

Which of the following transpires when the economy is developing and buyers are spending​ currency, inspiring a rise in hiring and​ salaries, and motivating higher customer purchasing​ levels?

economic expansion

_____________ refers to the analysis of how a society utilizes its limited assets to create and allocate various products and services.

economics

When ABC Manufacturing buys parts and materials in large quantities and thereby obtains much better pricing and cost​ savings, it is utilizing​ _____.

economies of scale

Service businesses create value by performing activities that provide benefits to​ consumers, such as​ _____________.

enteratainment

Which of the following terms describes a scenario in which an individual is given multiple conflicting​ options, each with valid​ arguments, and is forced to make a decision between those options even though each option may be​ unfavorable?

ethical dilemma

Amanda works at a retail store in the mall. She has recently been promoted and now is in charge of opening and closing the​ store, which involves handling money. After counting the money from the register at the end of the​ day, she comes up with an extra​ $25 that somehow​ wasn't accounted for. Since the money​ isn't officially​ recorded, she wonders whether it would be okay to take the money or whether she should put the money in the bank and explain the situation to her boss in the morning. She decides that she deserves the extra money for her hard work and pockets the​ $25. Which of the following describes​ Amanda's actions?

ethical lapse

Your roommate is from France and often judges individuals and groups according to French​ standards, behaviors, and customs. This tendency is called​ ______.

ethnocentrism

When Company A sells products outside the country in which those products are​ produced, it is engaging in which of the​ following?

exporting

Which two business functions listed below ensure that a corporation has the resources it needs to​ operate, and develop reports for company management and government​ regulators?

finance and accounting

​______________ involves the utilization of government funds and expenditures in order to motivate the business cycle.

fiscal policy

Countries and companies trade internationally for all of the following reasons EXCEPT​ ________.

focusing on competitors strengths

​________ occurs when a company enters a foreign market through ownership and control of assets in that country.

foreign direct investment

Which of the following is an economic system in which judgements about what to manufacture and in what amounts are determined by the​ market's shoppers and​ retailers?

free market system

If a​ country's government elects to bankroll exporters for their products by giving financial​ support, such subsidies will not lead to​ ________.

free trade

A company is using​ a(n) __________ when it views the world as a single integrated market and maintains a highly centralized control on all units.

global strategy

​_____________ create value by making tangible and intangible things.

goods-producing business

Matt is a manager at Lawn Care Products​ (LCP). His primary responsibilities include​ recruiting, hiring, and supporting employees as well as making sure the company is in compliance with regulations regarding employee rights and workplace safety. Which function does Matt perform at​ LCP?

human resources

Which of the following involves corruption in which private information is stolen and manipulated in order to acquire types of financing as well as to commit other methods of​ fraud?

identity theft

Member countries of the European Union benefitted from switching to the common currency called the euro for all of the following reasons EXCEPT​ ________.

in reducing transparency in pricing

Which of the following describes an economic situation in which costs increase gradually through the economy as a​ whole?

inflation

Which of the following involves systems that permit companies to promote communication and information usage in order to offer new services to their​ customers?

information technology

Mark works at​ EFG, Inc. and has access to sensitive stock market information. Mark often uses that information to make decisions about when to buy and sell​ stocks, often before the public has any such information. Which of the following describes​ Mark's actions?

insider trading

Which of the following allows a firm to use some or all of another​ company's intellectual property in exchange for a​ fee?

licensing

The​ _________________ is comprised of specific​ consumers, influences that affect the purchasing behavior of those​ consumers, and competitors that sell similar products to those consumers.

market enviroment

The​ ___________ function's responsibility involves finding opportunities in the​ marketplace, working with research and development to create products that take advantage of those​ opportunities, creating promotional strategies to connect with likely​ consumers, and establishing prices.

marketing

​__________ is analysis of economic activity among​ firms, customers, and industries that collectively establish the extent of products and services that are required and distributed at various prices.

microeconomics

​_________________ is the political procedures and actions put into place in order to control the​ country's currency source.

monetary policy

Which term describes a condition in which a sole company controls a particular market to the extent that it has the ability to control​ prices?

monopoly

Company XYZ creates autonomous subsidiaries in each new country it​ enters, thereby giving local managers independence in decision making and running the unit. Company XYZ is enlisting which of the following​ strategies?

multidomestic strategy

Which of the following involves a political​ system's seizure of particular firms or business​ ventures?

nationalizing

​____________________ attempt to operate efficiently and effectively to accomplish their goals but are not motivated by profits.

not-for-profit organizations

​A(n) ________ represents a market situation in which a small number of sellers offer a certain product or service.

oligopoly

____________ includes people and processes used to produce goods and perform services that a specific company offers.

operation management

Which of the following business functions involves​ purchasing, logistics, and facilities​ management?

operations managment

Which of the following represents the worth of the most attractive option that was ultimately not​ selected?

oppertunity cost

Gross domestic product represents the worth of all the final goods and services created by firms based inside a​ country's boundaries but excludes​ __________.

outputs from foreign operations of domestic firms

​_________ involves a​ company's contributing​ funds, volunteer​ time, products, and services to causes or establishments without concern for immediate company advantages.

philanthropy

In a​ ________ system, governments for the most part dictate the distribution of resources and restrict freedom of choice.

planned

______________ consists of transferring services that were previously performed by the government to business firms.

privatizing

Top managers at​ InfoAll, Inc., believe deeply that they have responsibilities beyond making a profit. They back their beliefs with specific actions taken on their own initiative. This describes which approach to​ CSR?

proactive

Which term is a statistic that assesses fluctuations in the costs of products that businesses are​ purchasing?

producer price index

Which of the following is defined as the value of performing at a high level and behaving with determination and​ pride?

proffesionalism

In a​ business, after all expenses are​ paid, the leftover money is called​ ___________.

profit

Practicing good business ethics involves all of the following EXCEPT​ ________.

putting personal interests above those of other stakeholders

Restricting the quantity of specific goods that nations allow to be imported during a given year is known as​ ________

quotas

Which of the following occurs when​ revenue, employment, and manufacturing decline over at least a​ 6-month period of​ time?

recession

Tips for improving communication with a person from another culture include all of the following EXCEPT​ ________.

regarding the person as a representative of another culture

​__________ is the functional area in charge of visualizing and creating new products.

research and devlopment

___ is the money a company generates through the sale of products and services

revenue

Nicole works at ABC Retailers. Her primary responsibility is to get to know customers to determine their wants and needs in order to persuade them to make a transaction. Which function is Nicole​ performing?

sales

The​ _________ environment involves trends and forces in​ society, such as population trends affecting​ companies, changing consumer​ markets, and fluctuations in the workforce.

social

​_____________ is an economic structure involving government possession and control of significant business activities joined with private possession and control of less vital business activities.

socialism

A company developing an internship program to help improve the workforce and to train potential employees for valuable roles within the company is an example of​ _______.

strategic CSR

Which term describes a​ long-term partnership between Company A and Company B to jointly​ develop, produce, or sell​ products?

strategic alliance

The government of Zenovia levies a surcharge of​ 200% on the value of every electronic product that is brought in the country. This is an example of​ _______.

tarrifs

The​ ________ environment involves the application of science to​ innovations, products, and processes.

technological

Macroeconomics is the study of​ ________.

the analysis of a​ nation's more significant economic​ concerns, such as the manner in which firms​ compete, the impact of government​ policies, and the allocation and preservation of an​ economy's limited resources

The right to buy safe products and to buy them safely includes​ __________.

the right of protection from identity theft

Fundamental consumer rights that form the basis of much of the​ consumer-related legislation in the United States include all of the following EXCEPT​ __________.

the right to sustainable development

​____________ exists in countries whose legal structure is based on religious principles.

theocratic law

Common markets that endorse trade within the region while creating barriers against goods entering the region from nonmember nations are known as​ ________.

trading blocs

When using​ a(n) __________​ strategy, a company uses a mixed approach in which it attempts to gain the benefits of international scale while responding to local needs.

transnational strategy

Choosing the option that delivers the maximum good for the maximum number of people describes the​ ________ approach to resolving ethical dilemmas.

utilitarianim

​__________ occur(s) when an employee witnesses illegal or unethical actions within the company and chooses to reveal the evidence through formal means such as the media or the authorities.

whistle-blowing

A collection of five financial institutions whose main goals are eliminating the most extreme levels of poverty around the globe and enhancing the income of the poorest people in every nation is the​ ________.

world bank


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