Insider trading involves

investors using private company information to further their own fortunes.

Which individual would tend to favor a socialist economy?

Amber prefers to live in a country that promotes social equality.

Which statement explains one of the reasons that people in the United States take the entrepreneurial challenge?

It's about independence and the ability to roam, create, work, and delegate

a co. eval that measures a firm's social contributions in & out of the firm

What policies would tend to foster entrepreneurship?

Minimize taxes and regulations.

What is a potential consequence of choosing an ethical course of action?

You experience a personal or professional drawback.

An entrepreneur who wants to pursue the highest potential profit should be willing to

consider higher-risk investments.

A firm's corporate social responsibility describes its

concern for the welfare of society.

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

wealthy nations -entrepreneurial opportunities, poor nations are lacking

One of the purposes of Export Assistance Centers is to

trade-finance support for small & medium firms involved in direct exporting

What is a benefit of owning your own business?

freedom to keep the profits from your business

Ethical behavior at work is learned by

observing the actions of others.

Which topic would be emphasized in a microeconomics class?

how market conditions determine the price of a specific product

Economics is the study of how a society

how society uses resources to produce goods & services & how distributed

One reason we have seen continued growth in home-based businesses is

affordable technology makes it easier to compete.

Ethnocentricity means

you believe your culture is superior to others.

Effective entrepreneurial teams combine

creativity with marketing and production experience.

How does free trade help curb inflation?

Global competition and less-costly imports keep prices down.

The goal of an intrapreneur is to

develop new products and generate new profits for the corporation.

places in US where entrepreneurs set up shop & receive tax breaks

Ethical problems and issues of social responsibility are

not unique to the United States.

What is an important premise of Adam Smith’s conclusions about economic prosperity?

Individual freedom is necessary if a society is to prosper.

The value of a firm's intellectual capital refers to

its employee's knowledge and skills.

What is a disadvantage of offshore outsourcing?

Work done in other nations may not meet the necessary safety standards.

Which topic would be emphasized in a macroeconomics course?

the factors that determine how fast a nation’s economy is growing

One problem with conducting a social audit

determines what should be measured & how to calculate the effect on society

Quantity of goods or services that producers are willing to sell at different prices during a specific time period

supply of that product or service.

What policies would tend to foster entrepreneurship?

Encourage government ownership of businesses.

The two categories of codes of ethics are

compliance-based and integrity-based.

What is true about exporting goods?

It can provide a boost to the domestic economy.

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Dual Credit Intro to Business: Unit 1 Exam Study

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Questions 57

Answers

1
Insider trading involves
a payment or reward for socially conscious behavior.
online activity that establishes barter exchange systems between businesses
investors using private company information to further their own fortunes.
the exchange of assets between companies in the same industry.
2
Which individual would tend to favor a socialist economy?
Amber prefers to live in a country that promotes social equality.
Tina prefers to live in a country that encourages rapid economic growth.
Lars prefers to live in a country with limited government regulation.
Nico prefers to live in a country with low marginal tax rates.
3
Which statement explains one of the reasons that people in the United States take the entrepreneurial challenge?
It's about independence and the ability to roam, create, work, and delegate
It's about power and fame.
It's about a lot of things, but it does not include personal achievement.
It's all about profits, and the chance to make a lot of money.
4
The amount of goods and services people can buy with the money they have is called their
profit margin.
consumer price index.
nominal income.
standard of living.
5
A very critical last step in the process of establishing an ethics code is
training
middle management support.
identification of the organizational ethics officer.
enforcement
6
The social audit is
a ratio developed to compare a firm's corporate philanthropy to its profits
a government-mandated report of all firms that have a business license.
a company report that always includes a net social contribution.
a co. eval that measures a firm's social contributions in & out of the firm
7
What policies would tend to foster entrepreneurship?
Minimize taxes and regulations.
Encourage government ownership of businesses.
Develop policies to reduce corruption between individuals.
Promote more regulations to protect the environment.
8
What is a potential consequence of choosing an ethical course of action?
You face legal penalties.
You experience lower self-esteem.
Someone else suffers so you can benefit.
You experience a personal or professional drawback.
9
What is considered when calculating a country's balance of payments?
foreign inflation rates
domestic inflation rates
state unemployment
military expenditures
10
Under which trade agreement did attempts to boost job growth, fight poverty, & improve enviro controls largely fail?
CAFTA
Mercosur
NAFTA
USMCA
11
An entrepreneur who wants to pursue the highest potential profit should be willing to
invest only in biz opps where possible to take an active role in management
consider higher-risk investments.
invest in biz that has profit for at least the past 10 years
limit options to biz investments that are backed by the U.S. government.
12
The freedom of people to decide where they work & live, & what to buy or sell, are basic capitalist rights under
eminent domain.
freedom of expression.
freedom of competition.
freedom of choice.
13
A firm's corporate social responsibility describes its
exclusive responsibility to its stockholders.
concern for the welfare of society.
ability to plan for the unexpected.
commitment to a management training program.
14
When the government runs a continual budget deficit, it increases the
balance of payments deficit.
federal capital account.
money supply.
national debt.
15
A creative person working within a corporation to launch new products and generate new profits is known as a(n)
macropreneur.
micropreneur.
intrapreneur
arbitrator.
16
When we compare the factors of production in wealthy versus poor nations, we find
poor nations have plenty of land and knowledge, but very little labor.
poor and wealthy nations both have both, it is land that varies
wealthy nations- land & labor, poor nations- capital & entrepreneurship.
wealthy nations -entrepreneurial opportunities, poor nations are lacking
17
Which government agency helps small businesses by providing training, advice, and loans?
Small Business Administration
Federal Consulting Group
Economic Research Service
Federal Trade Commission
18
One of the purposes of Export Assistance Centers is to
encourage domestic firms to enter into joint ventures.
trade-finance support for small & medium firms involved in direct exporting
help multinational corporations reach agreements with foreign governments.
provide subsidies to domestic firms hurt by foreign dumping.
19
What is a benefit of owning your own business?
extended paid vacation time
shorter work hours
government-supplied health insurance
freedom to keep the profits from your business
20
Ethical behavior at work is learned by
tracking the failures of those who are caught in business scandals.
reading about why others were fired from the job.
attending corporate responsibility seminars.
observing the actions of others.
21
Which topic would be emphasized in a microeconomics class?
how the government can provide adequate health care
how a nation’s GDP is computed
the nation’s unemployment rate
how market conditions determine the price of a specific product
22
Economics is the study of how a society
governs itself for the good of its citizens.
how society uses resources to produce goods & services & how distributed
invests wisely in the stock market.
employs statistical tech to make predictions about evolution of society
23
__________is lowering the value of a nation's currency relative to other currencies.
Regulation
Deflation
Devaluation
Revaluation
24
Three important economic indicators of the United States are the unemployment rate, the price indices, and the
debt to equity ratio (DER).
gross domestic product (GDP).
gross resource utilization index (GRUI).
gross output (GO).
25
The total amount of money that businesses take in by selling goods and services is called
loss
retained earnings.
revenue.
profit
26
The U.S. economic system relies on __________Blank as a key indicator to evaluate economic conditions.
structural unemployment statistics
industries that produce capital equipment
the public sector
price indexes
27
One reason we have seen continued growth in home-based businesses is
affordable technology makes it easier to compete.
less risky to start a home-based business than other types of ventures.
people need something while they wait to return to work for large corp
the location offers a more secure operational environment.
28
refers to a general rise in the price level of goods and services over time.
Inflation
Escalation
Recession
Acceleration
29
Ethnocentricity means
you are aware of cultural differences.
"when in Rome, do as the Romans!"
you believe your culture is superior to others.
a trend toward accepting other cultures.
30
Effective entrepreneurial teams combine
creativity with marketing and production experience.
venture financing, tax benefits, and production economies.
risk tolerance, debt financing, and international experience.
scientific abilities, capital investment, and marketing skills.
31
How does free trade help curb inflation?
Global competition and less-costly imports keep prices down.
global trade determines the national tax rates, which lowers inflation
Global trading forces all currencies to have equal value.
Countries that import products but do not export them experience deflation.
32
The goal of an intrapreneur is to
implement cost control policies for existing products.
improve quality control in a corporation's production process.
develop new products and generate new profits for the corporation.
create smaller companies within larger companies.
33
Enterprise zones are
gov-owned properties available for entrepreneurial ventures at reduced cost
similar to incubator facilities but strictly run by city & state gov.
places in US where entrepreneurs set up shop & receive tax breaks
blighted areas that are unsuitable for business operations.
34
is the exchange of merchandise or services for other merchandise or services without the exchange of money.
Importing
Exporting
Dumping
Bartering
35
Ethical problems and issues of social responsibility are
not unique to the United States.
less important now than in the past.
unique to the United States.
unique to firms involved in global trade.
36
What is an important premise of Adam Smith’s conclusions about economic prosperity?
Understanding concepts of survival of the fittest will lead to prosperity.
Individual freedom is necessary if a society is to prosper.
Determining what motivates people will lead to prosperity.
Command econ & structured markets must be in place before prosperity.
37
Following an ethics-based approach to decision making will normally lead to higher
profits
trust and cooperation.
employee turnover.
prices.
38
The value of a firm's intellectual capital refers to
its reputation in the marketplace.
the type and success of its financial strategies.
the average educational level of management.
its employee's knowledge and skills.
39
What is a disadvantage of offshore outsourcing?
Resources are typically used less effectively and efficiently.
Work done in other nations may not meet the necessary safety standards.
It tends to limit a company’s ability to grow.
It usually requires companies to increase the prices of their products.
40
Considering the potential impact on others prior to making a decision is consistent with __________
legal
anti-social
self-motivated
ethical
41
The Foreign Corrupt Practices Act deals with
product safety concerns.
environmental issues in international waters.
prison labor involved in international trade.
bribery to obtain business.
42
__________is buying products from another country.
Exporting
Retailing
Outsourcing
Importing
43
Which topic would be emphasized in a macroeconomics course?
the factors that determine how fast a nation’s economy is growing
how a company decides the amount it will charge for one of its products
how a consumer chooses which goods to buy
the factors that determine the wages for labor in the mining industry
44
One problem with conducting a social audit
is that most businesses are really not very concerned with these issues.
determines what should be measured & how to calculate the effect on society
extensive governmental regulations and red tape.
that it detracts from the interests of stakeholders.
45
Quantity of goods or services that producers are willing to sell at different prices during a specific time period
utility of that product or service.
elasticity of that product or service.
supply of that product or service.
demand for that product or service.
46
Which nation has joined the U.S., Japan, and the EU as a key driver of the world economy?
China
Thailand
Russia
Brazil
47
What is a basic right under capitalism?
the right to vote
freedom of collusion
freedom from taxation
the right to compete
48
Which continent is home to the largest percentage of the world's population?
Africa
Asia
Europe
North America
49
What policies would tend to foster entrepreneurship?
Promote more regulations to protect the environment.
Minimize taxes and regulations.
Develop policies to reduce corruption between individuals.
Encourage government ownership of businesses.
50
The two categories of codes of ethics are
compliance-based and integrity-based.
finance-based and people-based.
policy-based and employee-based.
leadership-based and training-based.
51
What is true about exporting goods?
It leads to higher unemployment.
It can provide a boost to the domestic economy.
It drives up the price of the exported product.
It is rarely profitable due to taxes.
52
An oligopoly is a market that is characterized by
several small firms that compete primarily by differentiating products.
a large number of small companies all producing very similar products.
one seller that totally dominates the supply of the product.
a few large sellers who dominate the market.
53
Studies have found a strong relationship between academic dishonesty and
later dishonesty at work.
future managerial downfall.
academic failure.
financial success.
54
Which situation would most likely involve ethical concerns?
forecasting sales for the next year
overstating an expense report
developing the marketing plan for the next year
improving working conditions
55
Which industry will most likely benefit from an aging population?
financial services to help clients plan for their education
children's day care centers
home health care businesses
auto industry
56
Few changes in technology have impacted businesses in a more comprehensive and lasting way than the changes in _________
electric
mechanical
social
information
57
Fred Bergsten of the Peterson Institute for International Economics estimates that every $1 billion of U.S. exports
generates over 7,000 jobs in the United States.
results in reduced profits for U.S. businesses.
causes lost revenues for the U.S. federal government.
replaces 250 service-sector jobs with 25 manufacturing jobs in the U.S.

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