Economics and Business: Understanding Competition, Markets, and Ethics, Exams of Nursing

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Business Module 1 (Proctored) Exam with Correct Answers An entrepreneur risks both ___ and ___ in the hope of earning a profit. - Correct answer money, time The amount of goods and services that a person can buy with the money they have - Correct answer standard of living when businesses and their employees pay taxes in a community - Correct answer the quality of life is improved for many the general sense of well being in a society that includes political freedom, safety and amount of leisure is called its ___ of ____ - Correct answer quality of life what is the term for all groups that stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address? - Correct answer stakeholders the interests of such stakeholders as employees, communities,suppliers, and goverments may be hurt by a compamys decisions to outsource functions to other countries. the stakeholders who are most likely to benefit are - Correct answer stockholders and customers when a company contracts with another sometimes in another country to do some of its functions such as production or accounting, its known as - Correct answer outsourcing public schools and charitable organ. like the united way are examples of - Correct answer non profit organizations an organization whose function is to serve a societal need rather than make a profit for its owners is a - Correct answer nonprofit true or false: many skills needed to manage profit making oragn. are the same as those needed in managing nonprofits - Correct answer true profit or loss is the difference between revenues and the expenses needed to run the business - Correct answer true the definition of a business is - Correct answer an organization that seeks to provide goods and services to others while operating at a profit good are ____ products such as cars, while services are ___ products such as insurance and travel - Correct answer tangible, intangible an intangible product such as health care is a - Correct answer service many small businesses fail every year - Correct answer true unlike those who work for a company, entrepeneurs - Correct answer have to provide their own vacation and health benefits the resources of land, capital, and entrepreneurship, and knowledge are - Correct answer the factors of production the business environment either encourages or discourages entrepen. which explains why some states and countries are richer than others - Correct answer true match the element of the business envir. with the correct sector legal technological social competitive - Correct answer contract laws the internet demographic changes customer service demography is the statistical study of - Correct answer the human pops characteristics such as size, density, age, gender, and income cell phones, computers, and fax machines can be categorized as technological changes that make people more productive - Correct answer true On a graph showing both supply and demand curves, the intersection point between the two curves shows the: - Correct answer equilibrium point as negotiation occurs between buyers demanding products and sellers supplying products, the ____ price will be determined in the long run - Correct answer market in perfect competiton: - Correct answer there are many sellers products appear to be identical under monopolistic competition - Correct answer products are perceived as different by the buyers there are a large number of sellers in the market when there are sellers in a market and none are large enough to control the price of a product, then ____ competition exists - Correct answer perfect mixed economies: - Correct answer exist when the distribution of resources involves elements from more than one economic system have elements of ore than one system when the government spends money on such projects as roads and bridges it is expected that the money will trickle down to thecnsumers eventually leading to - Correct answer an increase in consumer spending what is the total value of final goods and services produced in the country in a given year called? - Correct answer gross domestic product ____ is the study of how society chooses to employ resources good and services and distribute them for consumption among various competing groups and individuals - Correct answer economics in a free market economy, as the price of a product increases, so will the amount supplied. why? - Correct answer high prices lead to high profits attracting new firms to the market high prices lead to increased revenues which allows firms to buy more raw materials and employ more workers which of the following are correct with regards to a free market econ? - Correct answer an economic system in which econ decisions are made by the market another name for capitalism the idea that some basic businesses such as steel mills, coal mines, and utilities, should be owned and controlled by the government is indicative of a _____ econ system. - Correct answer socialist the loss of the best and brightest people to other countries is the - Correct answer brain drain the federal reserve bank manages the money supply and interest rates in an effort to balance the economy. This is referred to as ____ policy - Correct answer monetary microeconomics - Correct answer looks at the economic behavior of individual people and organizations in specific markets the unemployment rate refers to the % of civilians at least 16 yrs old who are ___ and ___. - Correct answer tried to find a job within the prior 4 weeks unemployed when there is a general rise in the prices of goods and services over time, ___ has occured - Correct answer inflation the sum of government deficits over time - Correct answer national debt a recession occurs when there are two or more consecutive quarters of - Correct answer decline the GDP adam smith's theory is based on which of the following ideas - Correct answer when people work to produce goods and services they help the economy grow people work for their own prosperity the "invisible hand" turns self directed gain into social and economic benefits for everyone the economic system in which the govt largely determines what products get produced, who gets them, and how the economy grows is called a socialism and communism are on this one - Correct answer command economy what are the characteristics of the recovery stage of a business cycle? - Correct answer the economy stabilizes the economy starts to grow The supply concept refers to the relationship between the quantity of products produced and price. If the market price of a product increases, quantity supplied will ____. If the market price of a product decreases, quantity supplied will ______. - Correct answer increase decrease the situation in which proces are declining is called - Correct answer deflation the monthly statistic that measures the pace of inflation or deflation is called the - Correct answer CPI patterns of the rising and falling of economies over time are known as - Correct answer business cycles the operation of a nations economy as a whole is - Correct answer macroeconomics an economic system based on free markets, in which all or most of he factors of production and distribution are privately owned and operated for profit - Correct answer capitalism businesses in communist economies often have - Correct answer shortages of materials due to higher than predicted demand for a product oversupply of some because demand has been estimated incorrectly problems predicting quantities to produce a common market also called a trading bloc, is a regional group of countries with - Correct answer a common external tariff no internal tariffs advantages of doing business globally include - Correct answer bringing ideas for business in other countries to new markets finding financing for a new business in other cuntries a major benefit of ___ is that selling goods and services to other countries results in an economic boost to the us - Correct answer exporting the total value of a nations exports compared to its imports measured over a particular period is the definition of - Correct answer balance of trade a trade surplus occurs when a countrys - Correct answer exports are greater than imports a trade deficit occurs when a countrys - Correct answer exports are less than imports the balance of __ is the difference between money from exports and money from imports as well as from other sources such as foreign investment and military expenses - Correct answer payments the us has had a trade _____ since 1975 - Correct answer deficit selling products in a foreign country at a lower price than what is charged in the producing country is called ____ - Correct answer dumping culture can include the following - Correct answer language values and attitudes religion Walmart has retail stores in China, and Staples has retail stores in Australia. These are examples of US companies:buying - Correct answer engaged in the global market buying goods and services from other countries is refferred to as - Correct answer importing contries need to trade with other countries because - Correct answer no nation can produce all the products its people want and need other countries can produce some products more cheaply and efficiently the movement of goods and services among nations without economic or political barriers - Correct answer free trade when a country has a monopoly on producing a specific product or is able to produce it more efficiently than all other countries it is said to have an _______ advantage - Correct answer absolute ____ and ___ sized businesses are often better prepared for the global market because they are able to react more quickly to apportunities - Correct answer small medium the process whereby one firm contracts with other companies often in different countries to do some or all function - Correct answer outsourcing ________ tariffs are designed to raise money for the government. - Correct answer revenue what is the definiton of trade protectionism? - Correct answer the use of govt regulations to limit the import of goods and services lowering the value of a nations currency relative to other currency - Correct answer devaluation a tax imposed on imports - Correct answer tariff which set of ethics codes emphasizes preventing unlawful behavior by increasing control and penalizing wrongdoers? - Correct answer compliance based ethics what would a statement from Patagonia be called? "a love of wild and beautiful places demands participation in the fight to save them..." - Correct answer corporate policy corporate social responsibility is based on the belief that businesses should be concerned with the welfare of ____ and not only their owners - Correct answer society making decisions that we know are different from what is right erodes our ___ - Correct answer self esteem corporate responsibility is when businesses are concerned - Correct answer about being fair and honest with stakeholders for the welfare of society as a whole who sets the standards of right and wrong as defined by ethics? - Correct answer society the standards of moral behavior what is right or wrong are known as __ - Correct answer ethics an employee was fired for not carrying out an unethical request by his manager. this is an ex of - Correct answer a negative consequence of acting unethically Insiders, such as lower-level employees, who report concerns about a company's accounting or auditing practices are called: - Correct answer whistleblowers an organizations managers instill corporate values and ____ in employees by the examples they set - Correct answer standards an important reason for a company to maintain its ethical reputation is - Correct answer it attracts and retains customers identify which of the following would classify as internet plagiarism - Correct answer cutting and pasting info from a website without giving proper credit copying full article content and presenting it as your own buying research papers online and submitting them as ur own companies that try to act in a socially responsible way are likely to focus on such activities as - Correct answer increasing the diversity of their workforce using recyclable packaging providing safety equipment and training for their workers the ____ _____ is a systemic evaluation of an organizations progress toward implementing socially responsible and responsive progress - Correct answer social audit 3/5 new businesses fail. if a business is to have a chance of survival it is important to first be _____ when dealing with customers - Correct answer honest Enforcement in a timely manner is the _ and most critical step in the development of an ethics code program - Correct answer last having an _____ is vital in enforcing the ethics code of an organization - Correct answer ethics officer which of the following represent examples of how corporations set positive standards of ethical behavior - Correct answer periodically asking every employee to evaluate the company's ethics performance reevaluating its ethics codes based on the input of its customers an important factor in enforcing an ethics code is - Correct answer having an ethics officer who is fair conducting objective investigations when auto companies like GM and toyota failed to recall cars with dangerous malfunctions, it is an example of failed _____ cultures that damage the companies reputations - Correct answer ethical some believe that there are six steps a company musr follow to improve its business ethics. some of the steps are - Correct answer top management must adopt and unconditionally support an explicit corporate code of conduct having an ethics office to allow anonymous reports of unethical conduct managers and others must be trained to consider the ethical implications of all business decisions president kennedy proposed four basic rights of _____ - Correct answer consumers socially ____ companies are viewed more favorably by consumers - Correct answer conscious how does unethical financial reporting affect a company's stockholders - Correct answer stock prices are likely to fail over the long term the sec brings charges against those involved CEOS and other important executives are likely to leave the company which of the following are true regarding ethical behavior - Correct answer it does not subtract from the bottom line, it adds to it when CEOs of publicly traded companies resign amidst allegations of wrongdoing the companys shareholders are affected in which of the following ways - Correct answer the companys stock price plummets as a result of the wrongdoings