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BADM TEST 1
| Question | Answer |
|---|---|
| Materials, machinery, and workers are assembled in one place. | factory system |
| The government spends more than it receives. | federal deficit |
| A market situation in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors. | monopolistic competition |
| The process of distinguishing Colgate from Crest toothpaste. | product differentiation |
| The average level of output per worker per hour. | productivity |
| A study of how wealth is created and distributed. | economics |
| An organized effort to produce and sell goods and services for a profit. | Business |
| A system where individuals own and operate the majority of businesses. | capitalism |
| A person who takes the risk and invests in a business. | Entrepreneur |
| Value of all goods and services produced within a country during a one-year period. | gross domestic product |
| The majority of small business firms are successful at the end of ten years. T or F | F |
| For a business to be organized, it must combine four types of resources: workers, natural resources, capital, and ownership. T or F | F |
| The equilibrium price means that the supply and demand for a product are in balance. T or F | T |
| Under communism, individual consumers determine what will be produced. T or F | F |
| Hewlett-Packard Corporation and Dell Computer use product differentiation in the marketplace. T or F | T |
| If a firm’s sales revenues exceed its expenses, the firm has earned a profit. T or F | T |
| Fiscal policy determines the level of interest rates. T or F | F |
| The ultimate objective of business firms should be to satisfy the needs of their customers. T or F | T |
| Adam Smith is the father of communism and advocated a classless society. T or F | F |
| A business cycle consists of four states: peak, recession, trough, and recovery. T or F | T |
| Demand is a | relationship between prices and the quantities purchased by buyers. |
| The process of separating work into distinct tasks is called | Specialization |
| What term implies that there shall be no government interference in the economy? | Laissaz-faire |
| When the level of prices in an economy rise, it’s called | Inflation |
| The total of all federal deficits is called | National Debt |
| The ability to work well with many types of people in the workplace is referred to as | Cultural diversity |
| Best Buy and Walmart are both examples of | Marketing Intermediaries |
| The study of the national economy and the global economy is referred to as | Macroeconomics |
| How well off an individual or a society is, mainly in terms of want satisfaction through goods and services is referred to as | Standard of living |
| A monthly index that measures changes in prices that consumers pay for goods is referred to as the ... | Consumer price index |
| An application of moral standards to business situations | Business Ethics |
| Provides legal protection for employees who report corporate misconduct. | Sarbanes-Oxley Act of 2002 |
| A guide to acceptable and ethical behavior as defined by the organization. | Code of Ethics |
| All activities undertaken to protect the rights of consumers. | Consumerism |
| Informing the press or government officials about unethical practices within one’s organization. | Whistle-Blowing |
| A Latin phrase meaning “let the buyer beware.” | Caveat Emptor |
| A racial, religious, political, national, or other group regarded as different from the larger group of which it is a part. | Minority |
| A plan designed to increase the number of minority employees at all levels within an organization | Affirmative Action Program |
| Workers with little education or vocational training and a long history of unemployment. | Hard-Core Unemployed |
| The contamination of water, air, or land. | Pollution |
| The field of business ethics applies moral standards to business situations. T or F | T |
| Business ethics rarely involves the application of moral standards to the business activity of a normal company. T or F | F |
| The economic model of social responsibility emphasizes the effect of business decisions on society. T or F | F |
| Consumerism consists of all activities undertaken to protect the rights of consumers. T or F | T |
| Manufacturers are not required by law to inform consumers about the potential dangers of using their products. T or F | F |
| Affirmative-action plans encompass all areas of human resources management, including recruiting, hiring, training, promotion, and pay. T or F | T |
| Hard-core unemployed workers are those with little education or vocational training. T or F | T |
| The EPA was created by the government to develop new improved ways to clean and improve the environment. T or F | F |
| Consumers will probably pay in large part for cleaning up our environment through increased taxes or increased product cost. T or F | T |
| A key step in developing and implementing a social responsibility program is the environmental audit. T or F | F |
| Business ethics | is the application of moral standards to business situations. |
| Customers expect a firm’s products to | Be safe, reliable, and reasonably priced |
| Some AIG executives were aware of the financial problems the company was facing and yet failed to reveal this information to the public. | Unethical |
| Bribes are | Unethical |
| What are three sets of factors that influence the standards of behavior in an organization? | Opportunity, individual factors, social factors |
| Informing the press or government officials about unethical practices within one’s organization is called | Whistle-blowing |
| Social responsibility | s costly but provides tremendous benefits to society and the business. |
| Caveat emptor | Is latin phrase meaning "Let the buyer beware" |
| Where does social responsibility of business have to begin? | Management |
| Primary emphasis in the economic model of social responsibility is on | Production |
| The total value of a nation’s exports minus the total value of its imports over some period of time. | Balance of trade |
| The ability to produce a specific product more efficiently than any other nation. | Absolute advantage |
| Selling and shipping raw materials or products to other nations. | Exporting |
| The ability to produce a specific product more efficiently than any other product. | Comparative advantage |
| All business activities that involve exchanges across national boundaries. | International business |
| The total flow of money into a country minus the total flow of money out of that country over the same period of time. | Balance of payments |
| A tax levied on a particular foreign product entering a country. | Import duty |
| A complete halt to trading with a particular nation or in a particular product. | Embargo |
| An international barter transaction. | Countertrade |
| An internationally supported bank that provides loans to developing countries to help them grow. | Multilateral development bank (MDB) |
| The United States has enjoyed a trade surplus during the last two decades. T or F | F |
| Tariff is a tax levied on a particular foreign product entering a country. T or F | T |
| Quotas may be set on worldwide imports or on imports from a specific country. T or F | T |
| The participants in the Kennedy Round have succeeded in reducing tariffs by less than 20 percent T or F | F |
| Licensing and exporting can be considered relatively low-risk methods of entering foreign markets. T or F | T |
| A letter of credit is issued in favor of the importer. T or F | F |
| A letter of credit is issued by the transport carrier to the exporter to prove that merchandise has been shipped. T or F | F |
| Strategic alliances are partnerships formed to create competitive advantage on a worldwide basis. T or F | T |
| A firm that has no ties to a specific nation or region and operates on a worldwide scale is called a national enterprise. T or F | F |
| The International Monetary Fund (IMF) makes short-term loans to developing countries experiencing balance-of-payment deficits. T or F | T |
| By definition, every country has a(n) advantage in some product. | Comparative |
| Purchasing products or materials in other nations and bringing them into one’s own country is | Importing |
| General Motors and Ford products produced in the United States are found around the world. The United States is _________ these automobiles. | Exporting |
| __________is the exportation of large quantities of a product at a price lower than that of the same product in the home market. | Dumping |
| A complete halt to trading with a particular nation or in a particular product is called a(n) | Embargo |
| The World Trade Organization was created by the | Uruguay round |
| CAFTA, NAFTA, OECD, and OPEC are all examples of | International economic communities |
| Foreign licensing is similar to | Franchising |
| Established in 1944 and headquartered in Washington, D.C., the World Bank is an example of | MDB |
Created by:
Edens