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question
What resource tells the managers of a business how effectively the other three resources are being combined and used?
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Informational
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____________ resources include the funds needed to pay wages, purchase raw materials, and operate a business
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Financial
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In a communist country such as Cuba, emphasis is placed on producing what type of goods?
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Goods needed by the government
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In Adam Smith's view, which of the following is not the role of government in business?
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regulating business activity
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Examples of command economies include?
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socialism and communism.
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A natural resource, as recognized by economists, would include which of the following?
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Crude oil
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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?
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losing the money he has invested in the corporation and not receiving profits.
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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.?
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limited monopoly
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The economic term used to describe the government's influence on savings and changing the levels of government spending is?
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fiscal policy.
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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)?
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domestic system.
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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?
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monopolistic competition.
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Mondie Weller decides to start a residential landscaping business. How would this business most likely be classified?
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Service business
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When the U.S. government spends more than it receives within a fiscal year, this is called the?
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federal deficit.
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Which of the following is not a characteristic of an oligopoly?
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Any duplication of facilities is wasteful.
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All of the following are characteristics of communist countries such as Cuba except?
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all workers contribute to society according to their ability.
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All of the following would typically be considered consumer products except a?
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high-powered drill press.
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A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a economy.
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command
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______________________ is the study of how wealth is created and distributed?
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Economics
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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?
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lost sight of consumers' needs.
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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)?
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entrepreneur.
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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?
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Satisfying the needs of its customers
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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?
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what to produce.
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Texas Instruments expects its code of ethics and shared values to provide all of the following benefits except?
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describe what to do in every ethical situation.
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If Casio were to buy out all other calculator manufacturers, what consumer right would be at stake?
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The right to choose
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Dell's global outreach programs that help bring technology to underserved communities in various parts of the world is an example of?
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social responsibility.
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Social responsibility is?
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costly but provides tremendous benefits to society and the business.
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The statement "Warning: The Surgeon General Has Determined That Cigarette Smoking Is Dangerous to Your Health" supports the?
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consumers' rights to safety and to be informed.
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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?
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customer has the right to be informed.
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What is probably the most effective way for a company to encourage ethical behavior?
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Develop and enforce a written code of ethics for the organization.
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"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?
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The economic model of social responsibility
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A whistle-blower is a person who?
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reports illegal or unethical conduct within his or her organization.
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The ________________ factor affecting ethical behavior includes one's moral values and central attitudes.?
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individual
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Which of the following is an argument for increased social responsibilities?
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Because business is part of our society, it cannot ignore social issues.
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Which of the following examples least represents the definition of social responsibility?
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Military members pledge a portion of their salary to the United Way.
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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?
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choose.
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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?
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code of ethics.
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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?
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The rights to equal treatment in the workplace
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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?
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By making a profit and paying taxes that meet the needs of society, Roger has fulfilled his social responsibility.
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______________ is the exportation of large quantities of a product at a price lower than that of the same product in the home market.?
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Dumping
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An import duty has the effect of all of the following except?
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reducing the number of units exported.
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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)?
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embargo.
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An unfavorable balance of trade occurs when?
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imports are greater than exports.
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Because it controls the world's diamond deposits, the DeBeers Consolidated Mines, Ltd., has a(n)?
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absolute advantage.
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Nordstrom sells designer suits made in Italy in its stores in the United States. Nordstrom is __________________ suits.?
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importing
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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)?
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trade surplus.
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Which of the following scenarios would not be considered international business?
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A bearing manufacturer in South Carolina sells its parts to a Toyota plant in Kentucky.
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The land of Narnack has very infertile soil but a large supply of oil. What action should Narnack take? Narnack should?
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specialize in the production of crude oil and trade this for grain and other food products.
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The United States sells industrial supplies and materials to many nations around the world. The United States thus engages in?
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exporting.
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Purchasing products or materials in other nations and bringing them into one's own country is?
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importing.
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Any measure imposed by a government to favor domestic products over foreign products not involving taxes is a(n)?
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nontariff barrier.
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