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Bus 508 WEEK 4 / Bus 508 WEEK 4
This exam consists of 25 multiple choice questions and covers the material in Chapters 1 through 3.
Question 1
Reprocessing used materials so that they can be reused is known as ________.
Answer
Rotation
rotation
recycling
ecology
Question 2
___________ requires that firms in the private sector provide procedures for anonymous reporting of accusations of fraud.
Answer
Americans with Disabilities Act
Sarbanes-Oxley Act
Consumer Rights Act
Title VII
Question 3
A strategy that promotes environmentally friendly products and production methods is called ________.
Answer
consumerism
recycling
ethical awareness
green marketing
Question 4
At the federal level, the _________________ investigates suspicions of unethical or illegal behavior by publicly traded firms.
Answer
SEC
EEOC
FDA
OSHA
Question 5
Individuals who focus only on their own interests when making decisions are at the ________ stage of ethical development.
Answer
preconventional
conventional
postconventional
concentrations
Question 6
Ethical __________ charges each employee personally to uphold the company’s core values and be willing to base their actions on them.
Answer
leadership
awareness
action
reasoning
Question 7
Despite the recession, the ethical climate seems to be ___________.
Answer
Declining
staying the same
improving
becoming less confusing
Question 8
When management considers social and economic issues in decision making, the company is practicing ________.
Answer
business ethics
consumerism
social responsibility
social welfare
Question 9
Technology, tools, information, and physical facilities for the operation of a business are examples of ________.
Answer
profits
wages
capital
interest
Question 10
The human resources of a firm refer to ________.
Answer
everyone over 18 years of age
everyone who works for the business
full-time employees
top management
Question 11
By offering a lifetime warranty on its products, Warner Electronics has set itself apart from its competition. This difference is known as Warner Electronics’ ___________.
Answer
private enterprise system
competitive differentiation
capitalism
natural resources
Question 12
The factors of production in an economic system are ________.
Answer
land, rent, capital, and human resources
capital, perseverance, natural resources, and human resources
rent, wages, interest, and profit
natural resources, human resources, capital, and entrepreneurship
Question 13
When management adheres to a set of standards involving the right and wrong actions arising in the work environment, management is practicing ________.
Answer
social responsibility
business ethics
social welfare
creativity
Question 14
Capitalism is founded on ________.
Answer
the social changes that followed the Industrial Revolution
the idea that 80 percent of the nation’s wealth should be owned by no more than 20 percent of the people
the belief that competition among business firms best serves the needs of society
the idea that the government must own all factors of production
Question 15
Concentrating on building and promoting products in hopes that enough customers will buy them in order to cover costs and earn acceptable profits is called ________.
Answer
relationship management
marketing management
a strategic alliance
transaction management
Question 16
Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ________.
Answer
relationship management
transaction management
a strategic alliance
marketing management
Question 17
________ provides a running measure of consumer price changes.
Answer
The Consumer Price Index (CPI)
Devaluation
Per capita income
The Producer Price Index (PPI)
Question 18
The four different types of market structure in a private enterprise system are ________.
Answer
pure competition, monopolistic competition, oligopoly, and monopoly
communism, socialism, capitalism, and mixed systems
socialism, oligopoly, monopoly, and pure competition
mixed, socialism, communism, and pure competition
Question 19
According to a supply curve, ________.
Answer
as prices rise, quantity of a product supplied falls
as prices fall, quantity of a product supplied increases
as prices rise, the quantity of a product that is supplied also rises
as prices rise, consumers will buy in larger quantities
Question 20
The willingness and ability of sellers to provide goods and services for sale in a market is referred to as ________.
Answer
the equilibrium price
demand
microeconomics
supply
Question 21
During an economic recession, consumer spending ________ and unemployment ________.
Answer
increases; increases
increases; decreases
decreases; increases
decreases; decreases
Question 22
________ refers to the willingness and ability of buyers to purchase goods and services.
Answer
Consumer behavior
Customer preference
Supply
Demand
Question 23
Entrepreneurs have the most economic freedom in which type of economy?
Answer
socialism
capitalism
communism
mixed economy
Question 24
Monopolistic competition has ________.
Answer
many buyers and sellers, and the sellers have some control over price
many buyers and sellers, none of whom can control prices
only one seller
only a few sellers
Question 25
The three major types of economic systems are ________.
Answer
capitalism, oligopoly, and planned economies
capitalism, pure competition, and planned economies
capitalism, monopoly, and mixed economies
capitalism, planned economies, and mixed economies
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