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BUS 100 EXAM || with Complete Solutions.
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Capital correct answers The funds needed to create and operate a business enterprise can be referred to as __________. Planned correct answers A centralized government controls all or most of the factors of production in a __________ economy. Mixed market correct answers A __________ economy ...

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  • August 2, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BUS 100 EXAM || with Complete Solutions.
Capital correct answers The funds needed to create and operate a business enterprise can be referred to as __________.
Planned correct answers A centralized government controls all or most of the factors of production in a __________ economy.
Mixed market correct answers A __________ economy has characteristics of both planned and market economies
Demand correct answers The term __________ refers to the willingness and ability of buyers to purchase a product, good or service.
The equilibrium price correct answers The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as __________.
The law of demand correct answers Juan, the owner of Joe's Pizza Palace, has noticed that when he increases the price of his pizzas by $2, the number of pizzas that he sells drops by 20 percent. Juan has discovered __________.
Surplus correct answers A __________ occurs when the quantity supplied exceeds the quantity demanded.
In a market characterized by monopolistic competition, individual firms have some control over price correct answers Which is a way in which monopolistic competition differs from perfect competition?
Oligopoly correct answers Competition in which there are a handful of very large sellers, market entry is difficult, and a company can have a major impact on the product price is known as __________.
business cycle correct answers The pattern of short term ups and downs in an economy
social responsibility correct answers The attempt of a business to balance its commitments to groups and individuals in its environment, including customers, other businesses, employees, investors, and local communities
ethics correct answers Beliefs about which is right or wrong or good or bad in actions that affect others
managerial ethics correct answers Standards of behavior that guide managers in their work
Is the decision consistent with that we regard as fair? correct answers When evaluating a decision based on the ethical norm of justice, a manager will consider which of the following questions? Obstructionist correct answers During the clinical trial for a new multivitamin, a top researcher discovers a higher than expected occurrence of pancreas and kidney cancer among those taking the drug. Rather than disclosing the information, he tells top management, shreds the reports, and
denies any knowledge of the incident when questioned. This is an example of a(n)_______ stance to social responsibility.
defensive correct answers In the US, tobacco companies are legally requires to include warnings to smokers on their products and to limit advertising to prescribed media. Within the US, they follow these rules but use more aggressive methods in countries with no such rules.
Accommodative correct answers meet their legal requirements and exceed legal minimums when
specifically asked
proactive correct answers the founders of Ben and Jerry's established a corporate policy giving 7.5% of pre-tax profit to charity. this is an example of?
proactive stance to social responsibility correct answers a company actively seeks opportunities to contribute to the well being of groups and individuals in its social environment
business plan correct answers an entrepreneur summarizes business strategy for a new venture and shows how it will be implemented
financial plan correct answers includes cash budget, income statement, balance sheet, and breakeven chart
franchisee correct answers under a franchise arrangement the buyer is called
general partnership correct answers business with two or more owners who share in the operation
of the firm and are financially responsible for its debts
limited liability correct answers best advantage of a corporation over a general partnership
balance of trade correct answers the total economic value of all products that a nation imports minus the total economic value of all products that it exports
Tariff correct answers a tax on imported goods or products
subsidy correct answers government payment to help a domestic business compete with international firms
local content laws correct answers many countries have ____ that require that products sold in a particular country be partly made there
cartel correct answers the oil producing and exporting countries (OPEC) is an example of

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