Chapter 3 Velasquez Test Bank

MULTIPLE CHOICE 1. Distributing goods and services, and determining which members of society will receive what, is one of the tasks that must be achieved to have a. a utilitarian economy. b. an economic system. c. free trade. d. globalization. Answer: B Topic: Globalization and the Business System Learning Objective: 3.1: Explain the impact of globalization on the business system Skill Level: Understand the Concepts Difficulty Level: Moderate 2. Which of the following best describes how contemporary societies carry out the production of goods and services, and the distribution of these goods in society? a. Commands b. Debate c. Free trade d. Traditions Answer: A Topic: Globalization and the Business System Learning Objective: 3.1: Explain the impact of globalization on the business system Skill Level: Understand the Concepts Difficulty Level: Moderate 3. A system of normative beliefs that are shared by members of a social group are referred to as a. free markets. b. perfect freedom. c. globalization. d. ideology. Answer: D Topic: Globalization and the Business System Learning Objective: 3.1: Explain the impact of globalization on the business system Skill Level: Apply what you know Difficulty Level: Easy