Business Managment Quiz 1

1. How do businesses support​ governments? Business taxes support government. 2. A healthy business climate contributes to the​ ________ of people in a society. standard of living 3. The term global business ...

1. How do businesses support​ governments? Business taxes support government. 2. A healthy business climate contributes to the​ ________ of people in a society. standard of living 3. The term global business environment refers to​ ________. the international forces that affect business 4. Business is different from a government agency because​ ________. businesses seek to make​ profits, but government agencies generally do not 5. The​ ________ refers to the international forces that affect a business. global business environment 6. The environment in which a firm conducts its operations and derives its revenues is the​ ________. domestic business environment 1. Which of the following contributed to the increase in prices for homes before the burst of the housing​ bubble? Banks and mortgage companies made it easier for people to buy​ homes, increasing demand. 2. In the early stages of the housing​ bubble, when demand for housing increased and demand exceeded​ supply, what happened to the equilibrium price for​ houses? The Equilibrium price for the house increased. 3. How did new banking regulations and tightened credit standards affect the supply and demand curves for​ houses? The demand for houses​ decreased, creating a surplus. 4. When the U.S. government mounted a bailout in an effort to avoid a​ depression, which economic tool was it​ using? Increased spending 5. When the housing bubble​ burst, homebuilders lost their jobs and millions of people stopped buying discretionary goods and even basic necessities. This resulted in layoffs because businesses experienced less demand. Higher unemployment resulted in even less spending and more layoffs. This situation is known as​ ________. cyclical unemployment 6. Labor includes the physical and intellectual contributions people make while engaged in​ ________. economic production 7. ​________ includes the physical and intellectual contributions people make while engaged in economic production. Labor 8. An economic system is a​ nation's system for​ ________. allocating its resources among its citizens 9. The results of a customer satisfaction survey are examples of​ ________. information resources 10. ​A(n) ________ is a​ nation's system for allocating its resources among its​ citizens, both individuals and organizations. economic system 11. Capitalism is a system that sanctions the​ ________ of the factors of production. Private Ownership 12. ________ is the price at which the quantity of the goods demanded and the quantity of the goods supplied are equal. Market Price 13. When selling a product to the general​ public, what would a demand and supply curve be used to​ determine? Market Price 14. ​________ is a system that sanctions the private ownership of the factors of production. Capitalism 15. What is market​ price? The price at which the quantity of goods demanded and the quantity of goods supplied are equal 16. Aggregate output refers to the total quantity of goods and services produced by​ a(n) ________ during a given period. economic system 17. ​________ is the principle that exchange rates are set at so that the prices of similar products in different countries are about the same. Purchasing power 18. What is a natural​ monopoly? An industry in which one company can most efficiently supply all the needed goods or services 19. When prices increase over​ time, this is the result of​ ________. Inflation 20. When a company can attract employees for relatively low​ wages, which of the following might be true of the local​ community? There is high unemployment. 21. A​ ________ falls under the category of a global business environment. Trade Agreement 22. The technological environment includes which of the​ following? Human Knowledge 23. The environment in which a firm conducts its operations and derives its revenues is the​ ________. Domestic Business Environment 24. The domestic business environment refers to​ ________. the environment in which a firm conducts its operations and derives its revenues 20. Increased prices for goods and services that are widespread throughout an economic system are called​ ________. Inflation 21. Labor includes the physical and intellectual contributions people make while engaged in​ ________. economic production 22. ​________ includes the physical and intellectual contributions people make while engaged in economic production. Labor 23. An economic system is a​ nation's system for​ ________ allocating its resources among its citizens 24. The results of a customer satisfaction survey are examples of​ ________. information resources 25. ​A(n) ________ is a​ nation's system for allocating its resources among its​ citizens, both individuals and organizations. economic system 26. The general term for groups and individuals who are directly affected by the practices of an organization is​ ________. stakeholders 27. How a business attempts to balance its commitments to relevant groups and individuals in its social environment is​ ________. social responsibility 28. What are the three broad categories of managerial​ ethics? Behavior towards​ employees, the​ organization, and economic agents 29. Which of the following entities is NOT an organizational stakeholder of a​ bakery? The competitors 30. An employee who discovers and tries to put an end to a​ company's unethical,​ illegal, or socially irresponsible actions by publicizing them is a​ ________. ​whistle-blower 31. Ethical and unWhich of the following describes a conflict of​ interest? Which of the following is a concept that addresses the overall way in which a business attempts to balance its commitments to relevant groups and individuals in its social​ environment?s are determined​ ________. partly by the individual and partly by the culture