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If a business is to be successful in the long run, it must treat its customers, employees, and community with social


In the history of the american economy, the period or stage following the industrial revolution was know for its emphasis on


The functions of organizing, staffing, planning, and controlling are most closely associated with


has government ownership of the factors of production


Is not associated with the industrial revolution

communist societies

appear to be efficient and equitable, at least in theory

spending declines

economic contraction occurs when

monopolistic competition

when businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably

pure capitalism there is less government regulation

the difference between pure capitalism and modified capitalism is that under


businesses differ from nonprofit organizations in that a business's focus is on


nonprofit organizations such as habitat for humanity do not engage in management, marketing, or finance activities


economic expansion occurs when an economy is growing and people are spending more money


thomas edison was an american entrepreneur


monopolistic competition exists when there is only one producer of a product in a given market


a product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition


the goal of business is to earn

business profit

Is not a product


the focus of all marketing activities is customer satisfaction


entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something


is not associated with the manufacturing economy


involves activities designed to provide goods and services that fulfill needs and desires of consumers


central government provide basic services


false about business ethics


ethical violations destroy


the sarbanes-oxley act was passed to

all of the above

have been cited as incidents of unethical business activity recently

ethical issues are limited to for-profit organizations

which of the following statements is false

Using your cell phone to make a doctor's appointment during your lunch break

which of the following is not considered unethical behavior in the workplace

a bribe

in the united states, if a businessperson brought an elaborately wrapped gift to a prospective client on their first meeting, it might be viewed as

conflicts of interest

if a corporate manager makes a decision that results in personal financial benefit while the company's owners lose financially, this is an ethical issue related to


if the owner of a toy store seeking a price reduction givees the manager of a toy manufacturing company a new personal computer, the toy-store owner is using which approach to influence the manufacturer's decision making

. politely turn it down and discuss the offer with her boss

a supplier of a component part has offered karen's family a free two-week cruise if his firm gets a very large order from karen's company. the most ethical course of action for karen to take would be to

fairness and honesty

That businesspeople are expected not to harm customers, clients, and competitors knowingly through deception, misrepresentation, coercion, or discrimination is part of

fairness and honesty

When the video game marketer Nintendo was investigated for allegedly raising prices excessively during the Christmas buying season and thereby manipulating the supply of games available at that time, this was an ethical issue concerned primarily with


When Kellogg changed the name of its Heartwise cereal to Fiberwise, it was in response to growing concern from the public and the government about unsubstantiated health claims. The primary area of ethical concern in this case was questionable


The Surgeon General's warning on cigarette packages about the health implications of smoking is an example of which of the following ethical issues

keeping company secrets

The following behavior is an example of ethical consideration within business relationships

business relationships

If a manager pressures a subordinate to engage in activities that he or she may otherwise view as unethical, such as accounting fraud or stealing a competitor's secrets, there exists an ethical issue related to


If an employee learned of a significant cost-saving idea from a coworker and then informed management of the idea without revealing its true source, then the employee would be involved in

code of ethics

A set of formalized rules and standards that describe what a company expects of its employees is called a


What occurs when an employee exposes an employer's wrongdoing to outsiders

limiting the opportunity to behave unethically by providing punishments for violations of the rules and standards

Codes of ethics foster ethical behavior by

depend totally on employees' personal ethics

Unethical behavior in business can be reduced if management does all of the following except


According to the text, ethical decisions in an organization are influenced by (1) individual moral standards, (2) the influence of managers and co-workers, and (3)

Understanding that individual moral standards, the influence of managers and coworkers, and opportunity influence ethical behavior

Which of the following should help reduce the incidence of unethical behavior in an organization


Being profitable relates to which social responsibility dimension


Which of the following is not one of the dimensions of social responsibility

All of the above

Which of the following began as a small business based on the entrepreneurial vision of its founders

500 people

Your textbook uses the term small business to refer to an owner-managed business that employs not more than

It employs more than 500 employees

Which of the following is not part of the definition of a small business

as an independent agency of the federal government to provide managerial and financial assistance to small businesses

The Small Business Administration was established

minorities such as Hispanics, African Americans, and Native Americans

Which of the following groups is most rapidly increasing their presence in the business world

small businesses

The majority of all new jobs created in the United States in recent years were generated by

their ability to innovate and bring significant changes and benefits to customers

Perhaps one of the most significant strengths of small businesses is

Retailing and wholesaling, services, manufacturing, and high technology

Which of the following fields are most attractive to small businesses

Retailing requires a large capital investment

Which of the following is not a reason why small businesses choose to become retailers

equipment and distribution systems

In the context of starting a new business, a retailer differs from a manufacturer in that the retailer is less likely to make a heavy investment in

sell their services to consumers

Many service businesses are considered retailers because they

service providers

One of the fastest growing sectors of the U.S. economy is represented by

be their own boss

One of the major reasons people want to own and operate their own business is to


When market conditions change rapidly, a small business usually has fewer layers of management to work through in making decisions. This advantage of small business is

Lower cost of formation

Which of the following is an advantage of small-business ownership


Which of the following is not an advantage of small-business ownership

are better able to focus on a few key customers

One advantage that small businesses have over large businesses is that they

an enviable reputation for quality and service

A small business's ability to focus on narrow niches can help it develop

a high stress level

Worries about new equipment, expanding inventory, rent increases, competition, changing market conditions, and the like may contribute to

very high

Although some businesses are less risky than others, overall the financial risks of running a small business are

High failure rate

Which of the following is a disadvantage of small-business ownership


All of the following concerns contribute to high stress levels for small-business owners except

is not guaranteed

Small business success

Entrepreneurial vision

Which of the following is not a common cause of small business failure

from the start

Few businesses make money

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