Assignment
Question 1
Which of the following statements is most likely to be included in a company's code of ethics?
A. We reward high achievers.
B. We strive for domination in the market.
C. We achieve our objective by raising capital.
D. We reward all valuable contributions.
Question 2
SeaBreeze Sailing Company manufactures sailboats for personal pleasure use. Which of the following would suggest that SeaBreeze Sailing Company is NOT committed to corporate social responsibility?
A. Sailboats are available for customer rental only when weather conditions are safe.
B. The boats are constructed from scarce or nonrenewable natural resources.
C. Employees are provided with excellent vacation packages.
D. The company engages in practices that benefit local investors
Question 3
Which of the following exists when an industry or market has only one producer?
A. competition
B. oligopoly
C. monopoly
D. communism
Question 4
What is the point at which the supply curve and the demand curve intersect on a graph?
A. equilibrium price
B. decision point
C. surplus price
D. perfect price
Question 5
Which of the following is one of the elements required in private enterprise?
A. adequate representation in the government
B. freedom from foreign competition
C. the opportunity for market leadership
D. the right to ownership of property
Question 6
Which of the following is characterized by having few sellers, similar prices among sellers, and difficult market entry?
A. oligopoly
B. pure competition
C. monopoly
D. monopolistic competition
Question 7
Jordan is a recent college graduate with a degree in computer programming. He has just begun his first full-time job and is excited to apply the skills that he worked so hard to acquire. Though he excelled as a student, Jordan is anxious about how successful he will be as an employee. When an opportunity unexpectedly presents itself to take credit for a brilliant software program that someone else wrote, Jordan does not resist and claims the program as his own. Which of the following would LEAST likely also happen along with Jordan's decision?
A. Other recently hired employees who learn of Jordan's dishonesty are hesitant to report him because they think he is the boss's favorite new employee.
B. After thinking deeply about his behavior, Jordan becomes better equipped to act ethically in the future.
C. Without recognizing his behavior as unethical, Jordan steals office supplies and reports more hours on his time sheet than he has actually worked.
D. The company's ethics committee agrees that employees should not be expected to tell the truth if honesty is not part of their personal ethics.
Question 8
Which one of the following organizations has as its primary function the regulation of advertising and pricing practices?
A. Food and Drug Administration (FDA)
B. Federal Trade Commission (FTC)
C. Federal Communication Commission (FCC)
D. Securities and Exchange Commission (SEC)
Question 9
Jordan is a recent college graduate with a degree in computer programming. He has just begun his first full-time job and is excited to apply the skills that he worked so hard to acquire. Though he excelled as a student, Jordan is anxious about how successful he will be as an employee. When an opportunity unexpectedly presents itself to take credit for a brilliant software program that someone else wrote, Jordan does not resist and claims the program as his own. Which of the following statements must be true about Jordan's decision?
A. It was made with careful thought.
B. It does not reveal anything about his beliefs or character.
C. It raises questions about his personal ethics.
D. It will benefit him professionally.
Question 10
Which statement about codes of ethics is FALSE?
A. Fewer and fewer companies are adopting codes of ethics.
B. Codes of ethics are determined by company managers.
C. Some ethical responses can be learned through experience.
D. Social responsibility involves providing quality products and pricing products fairly.
Question 11
Chang is the CEO of a local furniture business. He is very committed to treating his customers with honesty and fairness. At the end of a long day, Chang knowingly accepts a $20 bill that a customer accidentally hands him instead of a $1 bill. Which of the following is most likely to be true of Chang?
A. He has a highly developed set of personal ethics.
B. His entire business is based on unethical principles.
C. He has acted in a manner that runs counter to his business ethics.
D. His personal ethics and business ethics are consistent.
Question 12
What occurs when the quantity demanded exceeds the quantity supplied?
A. demand deficit
B. surplus
C. equilibrium point
D. shortage
Question 13
Why has climate change become a major issue for both business and government?
A. The body of scientific evidence is inconclusive.
B. The solutions to the problems are unanimous.
C. The weather patterns are becoming increasingly uniform.
D. The change in climate patterns affects the entire planet.
Question 14
What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?
A. the going rate
B. the margin rate
C. the market price
D. the optimum price
Question 15
Which of the following does NOT represent a degree of competition in a private enterprise system?
A. oligopoly
B. socialism
C. monopoly
D. perfect competition
Question 16
Which ethical norm considers whether a particular act optimizes the benefits to those who are affected by it?
A. utility
B. rights
C. justice
D. caring
Question 17
Jana and Kate are the owners of an upscale jewelry boutique that offers unique and much desired accessories in an affluent neighborhood. Jana and Kate are concerned, however, that the company's commitment to social responsibility has begun to diminish in various respects. How would this MOST likely be evident?
A. Other local businesses may be forced to close their doors.
B. The health of employees and their children is starting to suffer.
C. Local investors and stakeholders seek to invest their money elsewhere.
D. The boutique's customer base may decrease sharply due to moderate increases in price.
Question 18
In a small town of 3,000 people, the number of car washes has grown from two to five in the last two months. Which result will likely occur?
A. The increase in supply will have no effect on the equilibrium price.
B. The increase in supply will lead to a decrease in demand.
C. The increase in supply will lead to a decrease in the equilibrium price.
D. The increase in supply will lead to an increase in demand.
Question 19
The CEO of Perry's Pizzeria, a rapidly growing restaurant chain, is committed to a high level of corporate social responsibility along with continued business success. Which action by the CEO would most enhance the company's reputation for social responsibility?
A. using more nutritious, but more expensive, ingredients
B. cutting employees' wages and benefits to boost the company's stock price
C. using marketing or advertising methods that would allow the company to discreetly reduce pizza size without also reducing the price
D. packaging products in material that costs less, even if customers object to the change
Question 20
Which environment is NOT an important dimension of a business organization's external environment?
A. the political-legal environment
B. the sociocultural environment
C. the technological environment
D. the corporate cultural environment.