Business 100 Test 1 Review

In a limited liability partnership, each partner's risk of losing personal assets is

To many businesspeople, one of the major attractions of a sole proprietorship is

What is the most accurate statement about the impact of business on society?

A benefit of a free market can be that

Contemporary governments promote business development by

Which term describes someone who reports illegal or unethical behavior?

What is an example of an outside group urging ethical behavior in businesses?

The __________ is usually the easiest form of business to start and end.

Following an ethics-based approach to decision making will normally lead to higher

Ethical Behavior depends on a

Which topic would be emphasized in a microeconomics class?

The _____ is the most common form of business ownership

We describe charitable donations by corporations to nonprofit organizations as

The social and economic goals of __________ include private ownership of land and business.

A typical demand curve shows that

refers to output generated with a given amount of input, e.g., the number of pizzas produced per worker per hour.

The balance of trade is defined as

In recent years, almost all new job creation in the United States has occurred in the __________ sector.

What are the rules called people develop as a result of cultural values and norms

A key to economic growth and development is to

A common characteristic of most entrepreneurs is that they

Businesses that produce and sell tangible products such as steel and machines are part of the

An _________is a limit on the number of products in certain categories that a nation can import.

Inflation is

Organizational ethics begins with

Considering the potential impact on others prior to making a decision is consistent with _____ behavior.

__________ is buying products from another country.

Green marketing

The amount of goods and services people can buy with the money they have is called their

Often in business the greater the risk, the

A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to

Efforts by the Federal Reserve Bank to control the money supply and interest rates are known as __________ policy.

Efficiency in distribution systems around the world has led to

The most important difference between for-profit businesses and nonprofit organizations is that

One advantage of free trade is

Which situation would most likely involve ethical concerns?

Waterfall Market Entry Strategy

Which is not one of the 4 types of dumping

Which is not true, ethical values are:

An owner of a corporation is known as a

What is an advantage of offshore outsourcing?

__________ describes an attitude held by some American businesspeople that American culture is superior to all others.

Which term describes the set of values, beliefs, rules, language, and institutions held by a specific group of people?

All else being equal, socially responsible firms

What is trade protectionism?

Free trade between nations generally results in

What is the best strategy to improve U.S. business ethics?

The gross domestic product

An ________ is a complete ban on the import or export of a certain product or stopping all trade with a country

The first and most basic step when facing an ethical dilemma is to ask

The four basic types of unemployment are frictional, structural, seasonal, and

Dumping

One of the major disadvantages of a sole proprietorship is the

A(n) __________ refers to a complete ban on importing or exporting of products from a specific country.

What are the 3 Modes of Social Control

Unlimited liability means

The limited liability provided to limited partners means that they are not responsible for the debts of business beyond

When we compare the factors of production in wealthy versus poor nations, we find

To eliminate the risk of partners making costly mistakes that could jeopardize your personal assets is to set up a

Sprinkler Market Entry Strategy

Wave Market Entry Strategy

The freedom for people to buy, sell, and use buildings, machinery, and inventions are basic capitalist rights under

Creating intense competition between employees within the corporation

Employers provide tools and technology for their employees in order to

Given the ethical lapses in our businesses, what can be done to restore trust in the free-market system and leaders

As a factor of production, the term capital includes

Governments charged a ______, a tax on imports, making imported goods more expensive.

What is De-anchoring of Inflation?

When prices are free to adjust over time, in the long run, the market price of a good tends to

__________ comprise about 20% of all businesses but account for about 81% of U.S. business receipts.

What is an unresolved ethical issue that surrounds global trade?

Although the details are still being negotiated, the expected successor to NAFTA is

We need to ask 3 questions when looking at business morals. Which is not one?

Taxes and government regulations are part of the __________ environment of business.

The goal of dumping is to

An advantage of forming a joint venture is

A __________ is a severe recession that is usually accompanied by deflation

The legislation that prohibits U.S. businesses from making questionable payments to foreign officials to secure business

When businesses sell to other businesses online, these transactions are known as

What is an advantage of a partnership?

The __________ is the total value of a nation's exports compared to its imports measured over a specific period of time.

Which statement best describes ethical behavior in the United States?

Technology affects people in

A firm that has made sizable investments and has a physical presence in several foreign countries as a manufacturer

What policies would tend to foster entrepreneurship?

A __________ is a form of business that is owned, and usually managed, by one person.

Cause related maketing

A very critical last step in the process of establishing an ethics code is

Consumer spending