Flashcards on Intro to bus
Unlock all answers in this set
Unlock answersquestion
What resource tells the managers of a business how effectively the other three resources are being combined and used?
answer
Informational
question
____________ resources include the funds needed to pay wages, purchase raw materials, and operate a business
answer
Financial
question
In a communist country such as Cuba, emphasis is placed on producing what type of goods?
answer
Goods needed by the government
question
In Adam Smith's view, which of the following is not the role of government in business?
answer
regulating business activity
question
Examples of command economies include?
answer
socialism and communism.
question
A natural resource, as recognized by economists, would include which of the following?
answer
Crude oil
question
Andrew Cooper decides to become a part owner of a corporation. As a part owner, he expects to receive a profit as payment because he has assumed the risk of?
answer
losing the money he has invested in the corporation and not receiving profits.
question
Bowflex, Inc., which manufactures total strength training systems for home use, obtained a patent on its power rods. Bowflex has a(n) _____________ for this product.?
answer
limited monopoly
question
The economic term used to describe the government's influence on savings and changing the levels of government spending is?
answer
fiscal policy.
question
Randall Newman distributes rawhide to several different homes. In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Randall sells the finished goods. This represents a(n)?
answer
domestic system.
question
Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as?
answer
monopolistic competition.
question
Mondie Weller decides to start a residential landscaping business. How would this business most likely be classified?
answer
Service business
question
When the U.S. government spends more than it receives within a fiscal year, this is called the?
answer
federal deficit.
question
Which of the following is not a characteristic of an oligopoly?
answer
Any duplication of facilities is wasteful.
question
All of the following are characteristics of communist countries such as Cuba except?
answer
all workers contribute to society according to their ability.
question
All of the following would typically be considered consumer products except a?
answer
high-powered drill press.
question
A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a economy.
answer
command
question
______________________ is the study of how wealth is created and distributed?
answer
Economics
question
In the mid-1970s, American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation. This happened because manufacturers?
answer
lost sight of consumers' needs.
question
Diane is passionate about soccer and decides to open her own soccer sporting goods store. She invests her money, time, and effort into making the store a success. Diane can be best described as a(n)?
answer
entrepreneur.
question
A local retailer calls its customers when it receives merchandise that they may be interested in, provides individual service to each customer, provides forms and phone numbers for complaints and comments, and has a 100 percent satisfaction guarantee. Which objective is this business working hard to accomplish?
answer
Satisfying the needs of its customers
question
When consumers spend their money to purchase Apple iPhones or computers with an Intel processor, or when they discontinue buying such items as compact discs, they are telling resource owners?
answer
what to produce.
question
Texas Instruments expects its code of ethics and shared values to provide all of the following benefits except?
answer
describe what to do in every ethical situation.
question
If Casio were to buy out all other calculator manufacturers, what consumer right would be at stake?
answer
The right to choose
question
Dell's global outreach programs that help bring technology to underserved communities in various parts of the world is an example of?
answer
social responsibility.
question
Social responsibility is?
answer
costly but provides tremendous benefits to society and the business.
question
The statement "Warning: The Surgeon General Has Determined That Cigarette Smoking Is Dangerous to Your Health" supports the?
answer
consumers' rights to safety and to be informed.
question
MasterCard sends a customer a memo that discloses the true cost of borrowing with each billing statement. It does this because it realizes that the?
answer
customer has the right to be informed.
question
What is probably the most effective way for a company to encourage ethical behavior?
answer
Develop and enforce a written code of ethics for the organization.
question
"We are busy producing and marketing profitable products for society to enjoy! Now you want us to provide legal services, day-care centers, and counseling for AIDS victims and alcohol and drug abusers. If we do all these things, what role will the government, church, and family play?" exclaimed the vice president of Milam Corporation. This manager's comments reveal what concept?
answer
The economic model of social responsibility
question
A whistle-blower is a person who?
answer
reports illegal or unethical conduct within his or her organization.
question
The ________________ factor affecting ethical behavior includes one's moral values and central attitudes.?
answer
individual
question
Which of the following is an argument for increased social responsibilities?
answer
Because business is part of our society, it cannot ignore social issues.
question
Which of the following examples least represents the definition of social responsibility?
answer
Military members pledge a portion of their salary to the United Way.
question
When DVD players were first introduced, the price was very high, thereby preventing the average consumer from purchasing one. Today, however, as a result of increased competition in the market, most consumers can afford one because they are significantly cheaper. By reducing the price of these products and ensuring a large number of product offerings, competition has promoted consumers' right to?
answer
choose.
question
Rose Martinez walked into her office and found a large, extravagant bouquet on her desk. Before she had time to read the card, her secretary said it was from Mr. Tanner at Zero Corporation. The secretary knew Mr. Tanner was trying to negotiate a sales deal with the company. Thus, she remarked that the beautiful flowers should help Ms. Martinez make her decision. Although Ms. Martinez did not know how to respond to Mr. Tanner's gift, she thought an answer might be in her company's?
answer
code of ethics.
question
In 2001, Susan Scholz was fired from her sales clerk's job at the Walgreens store in North Mall after refusing to work on Sundays. The Christian Reformed Church, of which she was a member, prohibited working on Sunday. Therefore, she did not go to work on those days even though she was scheduled to do so. Ms. Scholz filed a lawsuit against the company because she felt her rights had been violated. Which rights were violated?
answer
The rights to equal treatment in the workplace
question
Roger, a bank manager, holds the economic model of social responsibility view. What is he most likely to say about the connection between taxes and social responsibility?
answer
By making a profit and paying taxes that meet the needs of society, Roger has fulfilled his social responsibility.
question
______________ is the exportation of large quantities of a product at a price lower than that of the same product in the home market.?
answer
Dumping
question
An import duty has the effect of all of the following except?
answer
reducing the number of units exported.
question
The United States bans Cuban cigars and other Cuban products from entering the United States due to political difficulties. This action is called a(n)?
answer
embargo.
question
An unfavorable balance of trade occurs when?
answer
imports are greater than exports.
question
Because it controls the world's diamond deposits, the DeBeers Consolidated Mines, Ltd., has a(n)?
answer
absolute advantage.
question
Nordstrom sells designer suits made in Italy in its stores in the United States. Nordstrom is __________________ suits.?
answer
importing
question
If the United States exports $100 worth of diamonds to the Kingdom of Mocha and imports $80 worth of bows and arrows, it has a(n)?
answer
trade surplus.
question
Which of the following scenarios would not be considered international business?
answer
A bearing manufacturer in South Carolina sells its parts to a Toyota plant in Kentucky.
question
The land of Narnack has very infertile soil but a large supply of oil. What action should Narnack take? Narnack should?
answer
specialize in the production of crude oil and trade this for grain and other food products.
question
The United States sells industrial supplies and materials to many nations around the world. The United States thus engages in?
answer
exporting.
question
Purchasing products or materials in other nations and bringing them into one's own country is?
answer
importing.
question
Any measure imposed by a government to favor domestic products over foreign products not involving taxes is a(n)?
answer
nontariff barrier.
