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| Question | Answer |
|---|---|
| Businesses can protect themselves from the risk associated with lost shipments by | purchasing transportation insurance. |
| One of the benefits of economic freedom is that it provides individuals with | the opportunity for success. |
| A student purchased a laptop to use for homework assignments. In economic terms, this computer would be classified as a(n) __________ good. | capital |
| George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher? | Shopping |
| Which of the following is a pure business risk: | Robbery |
| Penny finds her daily work tasks to be less mundane now that she understands how they contribute to accomplishing the team's shared vision. Which benefit of a shared vision has helped penny in this situation? | It provides focus for team members' energy |
| If you don’t successfully resolve your ethical dilemma, what should you do? | Think about what you can do differently next time. |
| Asking yourself how other people will react to your decisions is part of which step of the ethical dilemma response process? | Make and implement your decision. |
| When Benji faces an ethical dilemma, he thinks about the positives and negatives of each possible solution. Which step of the ethical dilemma response process is Benji completing? | Consider all your potential actions. |
| Most businesses strive to supply goods and services in direct proportion to | demand |
| Which of the following is a potential problem in market economies: | financial loss |
| A major problem for individuals and private businesses in a socialist command economy is | taxes |
| Individuals put limits on their own economic freedom by | making personal economic choices |
| For which of the following do workers compete in a private enterprise system: | jobs |
| One of the differences between private enterprise and other types of economic systems is that in other systems, workers | may be prohibited from improving their standard of living |
| One way that competition helps build a prosperous society is by | creating new jobs |
| Because of competition, people in our society enjoy | a higher standard of living than that of people in many other countries |
| What motivates businesses to produce efficiently and sell effectively? | The hope of making a profit |
| An example of performing business activities in an “out of the ordinary” way is when a business | hires an outside firm to perform its marketing. |
| Which of the following behaviors demonstrates the primary business activity of strategic management: | Planning and organizing for the future |
| Wireless networks are now more common due to | increased distribution of the workforce. |
| A business recently mailed 20% discount coupons to all its loyal customers. Which technique for building positive customer relations does this illustrate? | Be thankful. |
| Businesses can encourage customer communication by | offering incentives. |
| Which of the following is a measure of how well a business generates cash flow: | Return on capital |
| According to the marketing concept, which option shows company commitment? | Setting aside funds to research what customers want |
| What do managers often do after the project has been successfully completed? | Prepare a report |
| Why do managers continually evaluate the progress of a project? | To stay on target |
| Which of the following skills does a project manager need to be able to guide or direct the actions of others in a desired manner | Goal setting |
| An advantage to companies of unionization is | assistance in recruitment. |
| A disadvantage to workers of having a union represent them is that they | have to pay union dues. |
| Which of the following is an advantage to workers of having a union represent them: | Fair treatment of employees |
| A nonpressure strategy that unions and management can use to reach agreement is | arbitration. |
| George has decided to purchase a dishwasher. He is checking the newspaper ads for the best place to get quality goods and services at a reasonable price. What type of product is the dishwasher? | Shopping |
| Even though gasoline prices increased 15 cents per gallon as the result of the new gas tax, Alice continued to buy gas so that she could make her 20-mile drive to work. This is an example of what type of demand? | Inelastic |
| In a private enterprise economic system, consumers can choose from a variety of products as a result of | competition. |
| Orlando changes the price of one of his products, and this price change leads to a major change in the number of people who purchase the product. This means that demand for Orlando’s product is | elastic. |
Created by:
maren.r142