Bus 508/Bus508 WEEK 4 (COMPLETE SOLUTION) - 92695

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25 multiple choice questions and this exam 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
Solution Description

25 multiple choice questions and this exam 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 _________

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