Business final DE
Which of the following statements about cooperatives is true? A. Cooperatives increase their members buying power. B. Cooperatives have a limited life span. C. Cooperatives have the same liabilities as partnerships. D. Cooperatives cannot legally compete with taxable entities. E. None of the above statements about cooperatives is true.
A. Cooperatives increase their members buying power.
Which of the following is an example of a natural trade barrier? A. Distance B. Price C. Product characteristic D. Exchange controls E. Custom regulations
A. Distance
_____ is the set of moral standards for judging whether something is right or wrong. A. Ethics B. Social responsibility C. The marketing concept D. Consumerism E. Legality
A. Ethics
Which of the following statements about ethics training is true? A. Ethics training is formal training to develop awareness of inappropriate behavior and to practice appropriate responses. B. Ethics training is best done informally to allow employees to feel free to admit their mistakes. C. One of the purposes of ethics training is to get employees to admit when and where they have acted unethically. D. The most effective ethics training begins with the development of a personal code of ethics. E. The most effective ethics training involves new recruits; the ethics of long-time employees cannot be changed
A. Ethics training is formal training to develop awareness of inappropriate behavior and to practice appropriate responses.
_____ refers to sending work functions to another country resulting in domestic workers losing their jobs. A. Outsourcing B. Repositioning C. Downsizing D. Restructuring E. Worker mobility
A. Outsourcing
_____ is the concern of businesses for the welfare of society as a whole. A. Social responsibility B. Business ethics C. Consumerism D. The marketing concept E. Business morality
A. Social responsibility
How has terrorism affected global trade? A. Terrorism has curtailed the liberal inflows of skilled and blue-collar workers. B. Terrorism has led to tighter emigration policies. C. Terrorism has resulted in merchandise be moved more quickly across nations. D. Companies are stocking less inventory than ever before. E. Terrorism has not affected global trade.
A. Terrorism has curtailed the liberal inflows of skilled and blue-collar workers.
. It has been alleged that a Coca-Cola water bottling plant in India has caused illegal water shortages in fifty villages that surround the bottler. If this accusation is true, than Coke was operating at which stage of the social responsibility pyramid? A. ethical B. legal C. economic D. stakeholder E. philanthropic
C. economic
A homebuilder who disposes of asbestos shingles by burying them on his own property may please the home owner because it is a less expensive means of disposal but will be punished by various legal agencies if any become aware of his crime. At which stage of the social responsibility pyramid is the builder most likely operating? A. ethical B. legal C. economic D. stakeholder E. philanthropic
C. economic
When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As a sole proprietor, McAnem: A. found it easy to raise capital B. had no trouble finding qualified employees C. found the business to be easy and inexpensive to form D. had limited liability E. was able to take advantage of various tax deductions
C. found the business to be easy and inexpensive to form
The U.S. has one of the very few areas in the world where kaolin can be mined. Kaolin is a necessary ingredient in many products ranging from stomach medication to paper. The U.S.-produced kaolin is sold all over the world. Kaolin is a(n) _____ for the countries that purchase it. A. embargo B. tariff C. import D. export E. countertrade
C. import
The United States buys copper from Chile's Escondido copper mine. The copper is used to make wiring for the U.S. telecommunications industry and for many other purposes. For the U.S., the copper is an example of a(n): A. embargo B. tariff C. import D. export E. countertrade
C. import
. _____ is the practice of charitable giving by corporations; includes contributing cash, donating equipment and products, and supporting the volunteers' efforts of company employees. A. Economic responsibility B. Financial empowerment C. Ethical responsibility D. Corporate philanthropy E. Corporate benevolence
D. Corporate philanthropy
Which of the following statements about the partnership as a form of business ownership is true? A. Termination of the partnership is simple. B. Liability for the partners is limited. C. Disagreements between partners are rare. D. Formation of the partnership is simple. E. Stockholders in partnerships have voting rights
D. Formation of the partnership is simple
_____ is the money a company earns from providing services or selling goods to customers. A. Profit B. Opportunity C. Gross margin D. Revenue E. Amortization
D. Revenue
_____ is the practice of limiting investments to securities in companies that behave in accordance with the investor's beliefs about ethical and social responsibility. A. Corporate philanthropy B. Investor paternalism C. Strategic giving D. Social investing E. Ethical financing
D. Social investing
Which of the following is a disadvantage of sole proprietor ownership? A. Ease and low cost of formation B. Freedom from government regulation C. All profits to the owner D. Unlimited liability E. Ease of dissolution
D. Unlimited liability
In perfect competition, there is: A. only one producer B. a large number of buyers and few sellers C. no relationship between supply and demand D. a large number of sellers producing nearly identical products E. a large number of buyers who demand low prices
D. a large number of sellers producing nearly identical products
In Canada, the government owns the communications, transportation, and utilities industries, while most other activity is carried on by private enterprise. Canada is an example of: A. private enterprise B. communism C. private governmentalism D. a mixed economy E. social capitalism
D. a mixed economy
Which of the following is an example of a demographic factor? A. a person's attitude toward premarital sex B. a person's love of reading C. a person's value system D. a person's age E. all of the above
D. a person's age
The _____ measures prices paid by producers and wholesalers for commodities, including raw materials and finished products. A. wholesale cost index B. GDP index C. purchasing power index D. raw material price index E. producer price index
E. Producer Price Index
Franchisors in foreign countries must be aware of: A. currency exchange B. local culture C. language differences D. political risks E. all of the above
E. all of the above
Restricted operating freedom in franchising means that the franchisee must conform to: A. franchise product standards B. facilities design C. operating rules D. a specific, defined territory E. all of the above
E. all of the above
Which of the following describes a disadvantage associated with a corporation? A. double taxation B. cost of formation C. government regulations D. complexity of formation E. all of the above
E. all of the above
The difference between a country's total payments to other countries and its total receipts from other countries is called its: A. balance of trade B. financial surplus C. financial deficit D. balance of exchange E. balance of payments
E. balance of payments
In 1993, Purdue Pharmaceuticals of Stamford, Conn. applied for the first in a series of patents on Oxycontin, a painkiller. The U.S. Patent and Trademark Office (PTO) granted those patents based on the manufacturer's contention that the drug contained a novel innovation: It had been engineered so that only a very small dose was required for the drug to be effective for 90 percent of patients. Seven years later, a generic drug maker, Endo Pharmaceuticals, applied to the FDA for permission to sell its own, lower-priced version of Oxycontin. Purdue's patents acted as a(n) _____ and prevented Endo from entering the market. A. inflationary tool B. purchasing power equalizer C. oligopolistic tool D. market contractionary tool E. barrier to entry
E. barrier to entry
In the chocolate market, Green & Black is acting at the _____ responsibilities level of the pyramid of corporate social responsibility when it makes a profit, does so by abiding by the laws, and helps cocoa farmers by agreeing to pay above-market prices for cocoa. A. stakeholder B. societal C. cultural D. corporate E. ethical
E. ethical
Who owns a corporation? A. its employees B. its board of directors C. its president D. its board of directors and major stockholders E. everyone who owns a share of stock in the corporation
E. everyone who owns a share of stock in the corporation
Which of the following statements about a socialist economic system is true? A. The government owns or controls the major industries. B. The government owns no major industries. C. Private individuals own and control the major industries. D. Private individuals own all companies and industries. E. Major industries are internationally-owned.
A. The government owns or controls the major industries.
Which of the following statements about utilitarianism is true? A. Utilitarianism is designed to create both winners and losers. B. The application of the utilitarianism concept will only produce winners. C. There are no negative costs associated with utilitarianism. D. Using utilitarianism, a manager can accurately calculate how his or her decision will affect the majority of its stakeholders. E. Utilitarianism is a legal concept—not an ethical one.
A. Utilitarianism is designed to create both winners and losers.
Jayson Tully is contemplating the purchase of a Popeye's Chicken franchise. Tully has made a list of the disadvantages that he assumes he will face as a new business owner. Which of the following is actually an advantage? A. assistance in building plans B. conformity to operating procedures C. royalty fees D. defined territory E. up-front franchise fee
A. assistance in building plans
The Sara Lee Company sells the Hanes brand of hosiery in the United States. The manufacturer of this hosiery brand in Great Britain sells it under the brand name of Pretty Polly. The Sara Lee Company is using _____ to broaden its global marketing base without investing in overseas plants and equipment. A. contract manufacturing B. joint venture C. cooperative agreement D. a licensing agreement E. limited partnership
A. contract manufacturing
One of the reasons for the growing inflation rate in Argentina is due to increases in production costs of goods and services which occurred as a result of a decline in a suitable labor force. This would be an example of a _____ inflation. A. cost-push B. demand-push C. supply-side D. cost-pull E. demand-pull
A. cost-push
Three Sisters Specialty Foods, owned by Judith Coker, Millie Humphreys, and Jade Watson, sells eggless cake mixes for people on a restricted diet. Coker recently purchased an industrial grade mixer without conferring with her sisters who were upset when they learned that they were all three liable for the payments on the mixer. Three Sisters is an example of a: A. general partnership B. closely held corporation C. limited partnership D. joint partnership E. private corporation
A. general partnership
When Linda McAnem began Stirya, a New York-based computer services company, she ran it as a sole proprietorship. As the business grew, she realized that she did not want to be personally liable for the business's debts and wanted her business accounts to be separate from her personal accounts. Therefore, she should have: A. incorporated Stirya B. found limited partners C. created a general proprietorship D. created an S proprietorship E. franchised the business
A. incorporated Stirya
For most agricultural products, farmers produce homogeneous products, sell them to a common market, and generally cannot affect prices greatly. This is an example of which kind of market structure? A. perfect competition B. monopolistic competition C. imperfect competition D. a pure monopoly E. an oligopoly
A. perfect competition
During a two-month period Lladro Comercial, S.A., the manufacturer of handcrafted porcelains, donated ten percent of its retail profits to the Susan G. Komen Breast Cancer Foundation. The action was legal and ethical and allowed the company to still be profitable. According to the pyramid of corporate social responsibility, it was acting at the _____ responsibilities level. A. philanthropic B. societal C. cultural D. corporate E. ethical
A. philanthropic
The highest level of the corporate social responsibility pyramid is: A. philanthropic responsibilities B. economic responsibilities C. legal responsibilities D. responsibilities to stakeholders E. ethical responsibilities
A. philanthropic responsibilities
A company that has a global vision: A. recognizes and reacts to international business opportunities B. is interested in nothing more complicated than exporting C. follows its competition into foreign markets D. has a very nationalistic view of the world E. does not see competition from foreign marketers as a threat
A. recognizes and reacts to international business opportunities
The first step to incorporating a company is to: A. select the company's name B. write the articles of incorporation C. buy necessary licenses and pay required taxes D. hold an organizational meeting E. create a board of directors
A. select the company's name
In 2006, the nation of Zimbabwe reduced the value of its currency by 60 percent to bring its value more in line with the relative value of most other world currencies. This reduction of value is called: A. deregulation B. re-evaluation C. devaluation D. comparative disadvantage E. exchange ratio
C. devaluation
. 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. A. social responsibility B. consumerism C. macroeconomics D. organizational culture issues E. stakeholder satisfaction
A. social responsibility
Which of the following is the BEST example of a not-for-profit business? A. the American Cancer Society B. McDonald's C. Kellogg's D. FedEx delivery service E. Hightower Construction Company
A. the American Cancer Society
Which of the following is the best example of a service? A. the pleasure you derive from seeing a good play B. the license tags you purchased for your car C. the hamburger you bought for lunch D. the gallon of milk you purchased at the convenience store E. the grill on which you cook steak
A. the pleasure you derive from seeing a good play
In 2018, Rwanda exported $98 million and imported products valued at $243 million. Rwanda has a(n): A. unfavorable balance of trade B. negative balance of payment C. negative balance of trade D. negative trade deficit E. positive trade deficit
A. unfavorable balance of trade
Which of the following is an example of a disadvantage associated with a partnership? A. unlimited liability B. possibility of more available credit C. diversity of management D. flexibility E. ease of formation
A. unlimited liability
Which of the following factors would most likely result in a dramatic change in demand? A. Cheaper production technology B. An expectations about future prices C. The multiplier effect D. The 80/20 principle E. A change in the price of raw materials used in the production process
B. An expectations about future prices
What are the benefits associated with free trade and globalization? A. Prevents employers from using pay cuts to threaten employees B. An open economy that spurs innovation C. Higher probability that inflation will arrest economic growth D. Decreased per capita income E. All of the above
B. An open economy that spurs innovation
_____ are organizations formed by individuals or businesses with similar interests to achieve greater economies of scale and economic power through collective ownership. A. Limited partnerships B. Cooperatives C. Joint ventures D. Franchises E. Vertical mergers
B. Cooperatives
_____ is the reduction of a currency's value relative to another currency. A. Evaluation B. Devaluation C. Currency leveling D. Deregulation E. Exchange depreciation
B. Devaluation
_____ is the sense of national consciousness that boosts the culture and interests of one country over those of all other countries. A. Unionism B. Nationalism C. Federalism D. Multinationalism E. Domestic loyalty
B. Nationalism
When a single firm accounts for 100 percent of industry sales, it is an example of: A. an oligopoly B. a pure monopoly C. monopolistic competition D. imperfect competition E. monopolistic socialism
B. a pure monopoly
Spanish customers view toothpaste as a cosmetic while consumers in the Netherlands view it as a necessary part of daily hygiene and use three times as much their Spanish counterparts. This example of _____ shows how important it is for marketers to understand. A. local content laws B. cultural differences C. nationalistic standards D. expropriation laws E. trade regulations
B. cultural differences
Double taxation in a corporation means: A. the corporation must pay taxes twice a year B. earnings of the corporation and dividends of the shareholders both are taxed C. corporations can double their earnings without higher taxes D. corporations must pay both state and federal taxes E. none of the above
B. earnings of the corporation and dividends of the shareholders both are taxed
Laws have curtailed smoking, and as a result, the sale of cigarettes is down. Rather than fighting the law, the cigarette industry is looking for ways to take their business beyond cigarettes. Many experts believe that the cigarette producers have found a way around the law with the promotion and distribution of smokeless tobacco, which has shown consistent sales gains over the last decade. In terms of the social responsibility pyramid, at which level is the cigarette industry operating? A. ethical B. legal C. economic D. stakeholder E. philanthropic
B. legal
. Many weight-loss programs advertise that they can help individuals lose a great deal of weight without any changes in the individual's lifestyle. Typically when the person who has lost the weight leaves the program, he or she regains all the lost weight. This yo-yoing is almost as bad for the body as the excess weight. These weight-loss programs are engaged in _____ behavior. A. legal and irresponsible B. legal but irresponsible C. illegal but responsible D. legal and responsible E. all of the above
B. legal but irresponsible
Of all forms of business ownership, corporations account for the largest share of both: A. number of firms and sales B. sales and profits C. income and employees D. number of firms and employees E. bankruptcies and employees
B. sales and profits
Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans? A. demographic change B. social change C. global competition D. emerging technology E. evolving economic systems
B. social change
U.S. Steel has established an alcoholic rehabilitation program for the city of Pittsburgh. The company provides the facilities and the personnel to operate the program. U.S. Steel is practicing: A. macroeconomics B. social responsibility C. environmental services D. the marketing concept E. social welfare
B. social responsibility
The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called: A. capitalism B. socialism C. communism D. public enterprise E. laissez faire
B. socialism
Jules Sylvester had always loved reptiles. When he was asked by a movie producer if he could locate some anaconda snakes for a movie, a business was born. Sylvester is the proud owner and operator of Reptile Rentals. The California-based business, which he started with no financial help from anyone, is often called on to provide "creepy, crawly" moments in the movies. Jules Sylvester is an example of a: A. sole partnership B. sole proprietorship C. S corporation D. limited partnership E. general proprietorship
B. sole proprietorship
Which of the following is NOT an argument for tariffs that protect domestic businesses and workers? A. the infant-industry argument B. the maintenance of improved quality of products to protect consumers C. the protection of small businesses D. the job-protection argument E. the protection of industries and technology vital to defense preparedness
B. the maintenance of improved quality of products to protect consumers
_____ financing is a form of financing consisting of funds raised through the sale of stock in a business. A. Credit B. Debt C. Equity D. Monetary E. Venture
C. Equity
. To avoid double taxation, a new entrepreneur may elect to organize as a(n): A. cooperative B. multiple proprietorship C. S corporation D. conventional corporation E. C corporation
C. S corporation
Which of the following statements about utilitarianism is true? A. Utilitarianism is concerned with providing for the needs of the minorities. B. The concept of utilitarianism supports affirmative action programs. C. Utilitarianism holds that an action that affects the majority adversely is morally wrong. D. Utilitarianism is primarily concerned with the legal aspects of business decisions. E. None of the above statements about utilitarianism is true.
C. Utilitarianism holds that an action that affects the majority adversely is morally wrong.
The original purpose of the _____ was to help build infrastructure in developing countries and to help relief the debt burden of these countries. A. Federal Reserve Bank B. Central Bank C. World Bank D. International Funding Bank E. International Monetary Fund
C. World Bank
74. Clarence Danvers is buying a Cinnabon franchise at the airport in Tulsa. Danvers knows that he will get all of the following benefits EXCEPT: A. a proven track record B. a set operating procedures C. assistance in personal income tax preparation D. standard goods and services E. national advertising
C. assistance in personal income tax preparation
Utilitarianism: A. states that any act that jeopardizes the individual's rights is wrong B. creates win-win situation C. is difficult to implement because it is hard to tell how one decision will impact a large number of people D. supports the belief that life should be fair E. is easy to implement because of its childlike simplicity
C. is difficult to implement because it is hard to tell how one decision will impact a large number of people
The franchise agreement: A. must be approved by the Securities and Exchange Commission (SEC) B. guarantees that the franchisee will make a profit C. is the contract that details the terms of the franchise D. guarantees that the franchisor will make a profit E. removes any liability from the franchisor if the franchisee does not make a profit
C. is the contract that details the terms of the franchise
The standard of living is low in Honduras. This means: A. it has a positive balance of trade B. it has higher wages than the U.S. C. its citizens cannot afford to buy much D. it has a negative balance of trade E. it attracts risk-aversive entrepreneurs
C. its citizens cannot afford to buy much
A _____ is when two or more companies form a special entity to undertake a specific project, usually for a specific period of time. A. general partnership B. limited-time partnership C. joint venture D. cooperative E. C corporation
C. joint venture
The Ford Motor Company has investing $6 billion to build a "world car," the midsize Mondeo. The car was designed in the U.S., Germany, and the United Kingdom to be adaptable to any market in the world. Ford is a(n) _____ company. A. intercultural B. interpartnership C. multinational D. nationalistic E. conglomerate
C. multinational
French language purists on both sides of the Atlantic are on the warpath. Fed up with the growing prevalence of English on the Web, a French state institution founded in the 17th century to maintain the purity of the language unveiled a dictionary of newly-coined French equivalents to English Internet terms in 2000. This is symptomatic of the difficulties in doing business in France because in many situations, the business must be conducted in French. Therefore, it is easy to assume that _____ is extremely important in France. A. unionism B. federalism C. nationalism D. multinationalism E. domestic loyalty
C. nationalism
Which of the following is a disadvantage for the fast-food franchisee? A. on-going management training programs B. a peer group for support C. royalty fees D. short-term credit for buying supplies E. recognized name and product
C. royalty fees
The most common form of business organization is the: A. general partnership B. corporation C. sole proprietorship D. cooperative E. limited partnership
C. sole proprietorship
Seeds of Change manufactures and markets certified organic entrees. Its mission reads, "At Seeds of Change, we're committed to making delicious foods that are healthy for you as well as the planet." In support of this mission, the company donates money to support environmental protection activities. In other words, Seeds of Change engages in: A. consumerism B. social investing C. strategic giving D. strategic paternalism E. consumer-based donating
C. strategic giving
Which of the following is NOT an example of a good that would be sold in a department store? A. wedding dress B. white linen table clothes C. the advice of a wedding planner D. silk flower bouquets E. book on wedding etiquette
C. the advice of a wedding planner
The quality of life is: A. measured by subtracting the supply of goods and services from the demand for goods and services B. determined by the money left over after all expenses are paid C. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time D. measured by the output of goods and services people can buy with the money they have E. higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.
C. the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time
Croutakie seemed like a great idea. Chef Leo Nyami and Sara Rice decided to take advantage of the popularity of shitake mushrooms and create some shitake mushrooms products that could be sold to restaurant patrons and other gourmets through their new company. The mushrooms are expensive, and there were other unexpected financial problems, so Nyami and Rice asked Bill Ng to become a limited partner. This means that Ng: A. is limited in the number of hours he can work each month B. is limited in the amount he can invest C. qualifies for a limited income tax rate D. agrees not to participate in day-to-day management of the firm E. agrees to limit his expertise to a certain area, such as finance or marketing
D. agrees not to participate in day-to-day management of the firm
A German law that prohibited the use of hops grown outside of the country in the production of German-made beer was overturned in the late 1980s. This law was an example of a(n): A. controlled purchase policy B. restrictive purchase regulation C. domestic-only law D. buy-national regulation E. domestic-content law
D. buy-national regulation
The Department of Natural Resources spent money to promote the use of national parks as perfect sites for a summer vacation causing motels, campgrounds and other tourist attractions in the private sector to become less attractive to consumers. Consequently consumers spent more money on trips to the national parks and less money in the private sector for their vacations resulting in _____. A. deficit spending B. demarketing C. public-sector inflation D. crowding out E. fiscal flushing
D. crowding out
The headquarters, seller, and supplier of the service or method of operation of a franchise is called the: A. contractee B. direct seller C. franchisee D. franchisor E. provisioner
D. franchisor
A company has achieved the level of _____ responsibilities when it has met its ethical, legal, and economic responsibilities. A. altruistic B. societal C. global D. philanthropic E. munificent
D. philanthropic
For Lladro Comercial, S.A., the manufacturer of handcrafted porcelains, its employees, suppliers of the paints used to decorate its porcelains, retailers of its products, and people who benefit from its philanthropy are all: A. investors B. shareholders C. partners D. stakeholders E. agents
D. stakeholders
Hudson Kling mows yards during the summer. Which of the following is an example of revenue for Kling? A. a tire repair kit and extra air filters for the lawn mower B. a trip to the lawn mower repair shop to get his machines blade sharpened C. the new pair of shoes he had to buy because he accidentally ran over a pair with his mower D. the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard E. the gas can he had to buy so his mower wouldn't run out of gas while he mowed Mr. Johnson's fiveyard pasture
D. the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard
In 2018, Country A exported $1.237 billion and imported products valued at $5.552 billion. The difference between the dollar value of its exports and imports represents a: A. positive exchange rate B. positive balance of payment C. trade surplus D. trade deficit E. positive countertrade
D. trade deficit
A country that imports more goods than it exports is said to have a(n): A. positive trade surplus B. positive balance of payment C. favorable balance of trade D. unfavorable balance of trade E. positive trade deficit
D. unfavorable balance of trade
Protectionism: A. prohibits tariffs, embargoes, and import quotas B. allows people to buy and sell where they please C. is based on the concept of absolute advantage D. uses artificial barriers to protect domestic industries E. encourages free trade
D. uses artificial barriers to protect domestic industries
Which of the following statements about strategic alliances is true? A. Strategic alliances are commonly found in markets where there is a pure competition market structure. B. Strategic alliances are not associated with any form of relationship management. C. Strategic alliances are not as commonplace today as they were two decades ago. D. A company that is interested in maintaining, but not improving, its product and service quality is most likely to enter a strategic alliance. E. A strategic alliance is sometimes called a strategic partnership.
E. A strategic alliance is sometimes called a strategic partnership.
Which of the following statements about ethics training is true? A. The most effective ethics training begin with the techniques for solving ethical dilemmas. B. Ethics training is formal training to develop an awareness of questionable business behavior and to practice appropriate responses. C. Ethical training does not have to be boring. D. Fewer than half of all American companies have some type of ethics training programs. E. All of the above statements about ethics training are true.
E. All of the above statements about ethics training are true.
_____ combine the inputs in the production of goods and services for what are intended to be profitable ventures. A. Privateers B. Marketers C. Economists D. Cooperators E. Entrepreneurs
E. Entrepreneurs
_____ are laws that require a company earning foreign currency from its exports to sell the foreign currency to a control agency, usually a central bank. A. Currency policies B. Rates of exchange C. Laws of balanced exchange D. Favorable exchange regulations E. Exchange controls
E. Exchange controls
_____ are goods and services that are made in one country and sold to other countries. A. Tangibles B. Imports C. Tariffs D. Countertrades E. Exports
E. Exports
Which of the following statements about human rights is true? A. Any human right is also a legal right. B. Distributive justice is a human right. C. There is no time when it is appropriate to deny an individual his or her legal rights. D. Human rights are expressed in the U.S. Constitution. E. None of the above statements about individual rights is true.
E. None of the above statements about individual rights is true.
A recent regulation enacted by the Commission for Protective Trade Measures in Russia limits the amount of poultry meat that can be brought into the country and sold in the country each year to 1.05 billion tons. Russia is using a(n) _____ to protect its domestic poultry industry. A. embargo B. boycott C. tariff D. restrictive limit E. import quota
E. import quota
A code of ethics: A. provides employees with the knowledge of what their firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers B. can offer a lengthy and detailed set of guidelines to employees C. is a summary statement of the firm's goals, policies, and priorities D. is considered by some to be public relations gimmicks E. is accurately described by all of the above
E. is accurately described by all of the above
Another factor influencing business ethics is _____, or what is fair according to prevailing standards of society. A. equity B. utilitarianism C. validity D. righteousness E. justice
E. justice
Which of the following is NOT a component of the consumer price index? A. gas purchased by commuters B. pizzas ordered delivered to a birthday party C. entry fees to state and national parks D. tickets to baseball and football games E. lumber used in the construction industry
E. lumber used in the construction industry
With a communist economy system: A. there is complete freedom of trade B. consumers can expect a mixed economic reaction C. there are strong incentives for workers D. basic industries such as railroads and utilities are owned by government, while other industries are owned by the private sector E. none of the above is true
E. none of the above is true
