Intro to Business Test 1

Russia and China are both rich in natural resources and human resources, and both countries have a solid level of capital. Yet, neither country is wealthy. The missing ingredient seems to be _____.

Entrepreneurship

Minsk Revel, a food and beverage company, recently faced criticism when customers found worms in some of its products. As a result, the company was obligated to have a better level of transparency between its production processes and its consumers. Identify the dimension of the social environment that this scenario exemplifies.

Ethics

Consumerism is a widely accepted social movement. Which of the following can be considered a consumer's right?

Expressing legitimate complaints easily

In the context of universal ethical standards, being open-minded and not taking advantage of others exemplifies the core value of _____.

Fairness

Capitalism is an example of a planned economy.

False

Quotas are taxes levied against imports

False

Socialism is an economic system that encourages privatization and believes that all enterprises should be publicly owned.

False

Socially responsible employers stick to the state laws and do not go beyond them when it comes to providing a good working environment to employees.

False

Speed-to-market is the rate at which a company's competitors copy its product innovations.

False

Which of the following is a recommended practice to avoid race or ethnicity bias?

Forgo any references to race or ethnicity

Olivia, the CEO of a company, generally uses words such as "she" and "her" to refer to managers and other employees. She also uses feminine examples in her presentations to the entire company. As a result, the male employees of the company feel excluded. Given this information, it can be concluded that Olivia shows _____.

Gender bias

In the context of foreign direct investment, which of the following statements is true of a partnership?

It is a formal, long-term agreement

Identify a true statement about exporting.

It represents an especially strong opportunity for small and mid-sized companies.

To achieve its basic mission of promoting international economic cooperation and stable growth, the International Monetary Fund (IMF):

Lends money to member nations

Which of the following statements is true of the World Trade Organization (WTO)?

Ministers of the WTO meet every two years to address current world trade issues.

Tornio, a steel company, imports iron ore from Marquette iron range in Michigan. In this scenario, the iron ore obtained by Tornio can be classified as _____.

Natural resources

_____ is a form of communication that does not involve the use of words.

Nonverbal communication

Which of the following is an example of a natural monopoly?

Public utilities

In the _____,leading-edge firms look beyond each immediate transaction with a customer and aim to build long-term ties.

Relationship era

In the context of monetary policy, the _____ is a rule set by the Fed, which specifies the minimum amount of funds a bank must hold, expressed as a percentage of the bank's deposits.

Reserve requirement

In the context of creating and delivering successful verbal presentations, which of the following is a tip for dynamic delivery?

Slow down and listen to yourself.

A country has an absolute advantage when it can produce more of a good than other nations, using the same amount of resources.

True

Effective communication happens when one transmits relevant meaning to one's audience.

True

In the context of business ethics, in an ethical dilemma,every potential course of action has some significant negative consequences.

True

In the context of the barriers to international trade, the infrastructural differences between two countries fall into the category of economic differences

True

Planned obsolescence represents a clear violation of social responsibility.

True

Sustainable development means weaving environmentalism throughout the business decision-making process.

True

The clothing industry is an example of monopolistic competition.

True

The personal needs, the culture, and the family of an individual influence his or her ethical choices.

True

As globalization gains speed, intercultural communication will:

become increasingly pivotal to long-term business success.

Nonprofit organizations:

account for more paid workers than the entire construction industry.

In the context of the social environment dimension of business, _____ is the measurable characteristics of a population.

demographics

A capitalist system depends on fair competition among business to:

drive higher quality and lower prices

In the context of global trade, a balance of payments deficit means that:

more money flows out than in

Macroeconomics involves the study of:

the gross domestic product of a country

Gregory was a typist at a corporate firm. When the company adopted a special voice recognition software for the purpose of documentation, Gregory's job became redundant. Therefore, he was laid off. The increased use of technology in most companies has made Gregory's skills inessential, and he remained unemployed for a long time. In the given scenario, Gregory is facing _____.

Structural unemployment

Which of the following is a key dimension of the business environment?

The technological environment

In the context of monitoring ethics and social responsibility,which of the following statements is true of a social audit?

The threat of government legislation keeps some industries motivated to self-regulate.

Which of the following statements is true of organizational barriers to communication?

They are hard to change

The U.S. government uses the consumer price index (CPI) and the producer price index (PPI) to evaluate:

Inflation

Which of the following statements is true of profit in a business?

It is the financial reward that comes from starting and running a business

Identify a true statement about the Federal Reserve.

It manages the monetary policy of the United States.

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

True

Voice mail is an example of a communication channel with low channel richness.

True

Which of the following is a difference between corporate philanthropy and corporate responsibility?

Unlike corporate philanthropy, corporate responsibility focuses on the actions of the business itself rather than donations.

In the context of creating and maintaining an ethical organization,Robert Lane, former CEO of Deere, a highly performing, highly ethical corporation, declares that to establish an ethical culture, _____.

ethical words must be backed up with documented practices, processes, and procedures, all understood around the globe

In the context of active listening, one of the dos for better listening is the use of _____.

nonverbal communication

In the context of business communication, one should:

not use slang in either written or verbal communication.

Which of the following countries is involved in countertrade?

An Asian country that provides sugarcane to an African country in exchange for jute

A(n) _____ refers to a group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations.

Common market