Ch. 1 Quiz

Labor union

Which of the following is a public sector, not-for-profit organization? -Library -Museum -Labor union -Charitable group

private property

Namesh recently sold his Ford Taurus to a personal friend. Namesh's sale of his automobile illustrates the right to _____. -private property -freedom of choice -set ground rules for competitive activity -profit making

True

Not-for-profit organizations are commonly exempt from federal, state, and local taxes. -True -False

The right to private property

Which of the following is considered to be the most fundamental right of the private enterprise system? -The right to private property -The right to fair competition -The right to guaranteed profits -The right to exercise price discrimination

Businesses are nonprofit organizations that provide services to the public.

Which of the following statements is NOT true regarding businesses? -Successful businesses seek to meet their social and ethical responsibilities. -Businesses provide goods and services necessary to an economic system. -Businesses are the economic pulse of a nation. -Businesses are nonprofit organizations that provide services to the public.

human resources

A company that values employees as sources of ideas and innovation is utilizing its _____. -capital -natural resources -human resources -entrepreneurship

True

Managers are beginning to recognize the different needs of workers of different ages. -True -False

False

The current philosophy among managers today is best described as transaction management. -True -False

False

When farmers rent land in order to increase crop production, they are acquiring capital. -True -False

True

When government sets ground rules for competitive activity, the intent is to reduce "cutthroat" competition. -True -False