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The factors of production in an economic system are ________.

natural resources, human resources, capital, and entrepreneurship

How are not-for-profit organizations different from profit-seeking businesses?

Not-for-profit organizations focus on goals other than generating profits.

Why should a company act in an ethical manner?

Acting ethically will help a company to prosper in the long run.

When a company establishes a code of conduct for employees, the company is utilizing ethical ________ to assist workers in identifying ethical problems when they occur.


Businesses exercise social responsibility for all of the following reasons EXCEPT ________.

the company will become more profitable

Approximately what percentage of managerial and professional positions is currently held by women?

about 50 percent

Technology has ________ ethical issues.

expanded the range of

A strategy that promotes environmentally friendly products and production methods is called ________.

green marketing

The equilibrium price is established when the quantity ________.

purchased is equal to the quantity offered

The three major types of economic systems are ________.

capitalism, planned economies, and mixed economies

Business borrowing becomes easier when ________.

the Federal Reserve increases the money supply

The federal government raises corporate income taxes in order to reduce the budget deficit. This change will likely ________ economic activity, which is an example of ________ policy

decrease; fiscal

A country has a strong private sector, along with publicly owned enterprises. Entrepreneurs and private-sector investors are entitled to profits, after taxes, and even state-owned enterprises are expected to at least break even. What type of economic system does this country have?

mixed economy

Williams & Co. management is trying to decide the appropriate prices for various products sold by the firm. This is a focus of ________.


During the past decade, the value of both U.S. imports and exports has __________.

more than doubled

Which of the following would result from devaluation of the U.S. dollar?

U.S. goods would sell for less abroad.

Which of the following are considered to be trade restrictions?

import quotas and embargoes

Companies such as Dell Computer adapt their Web sites to specific countries. These companies are following a(n) __________ strategy.


Which statement is true about less developed countries?

Their share of the world population will increase in the coming years.

Which of the following is true about exchange rates?

Exchange rate changes can quickly create a competitive advantage.

Corporations have all of the following advantages EXCEPT __________.

favorable tax treatment

An acquisition occurs when __________.

one company purchases the property and assumes the obligations of another company

Assume that Microsoft decides to invest some of its excess cash by acquiring fellow Seattle-based Starbucks Coffee. This would be a __________.

conglomerate merger

A written document that provides a statement of a company's goals, methods for achieving goals, and standards for measurement is

a business plan.

__________ are the largest group of minority business owners in the United States.


Which of the following best describes an entrepreneur?

a risk taker who seeks a profitable opportunity

An important component of the service-oriented economy is

the use of electronic information, the Internet, and related technologies.

As someone moves up the managerial hierarchy, which skills become relatively less important?

technical skills

A firm's management usually has three levels except


The Equal Employment Opportunity Commission (EEOC) assists employers with all of the following issues EXCEPT __________.

arranging for legal counsel for companies against discrimination complaints

Gain sharing is an employee benefit that provides __________.

bonuses based on surpassing performance goals

Kate is a full-time nurse and would like to work fewer days but the same amount of hours. Which flexible work plan would be ideal for her situation?

compressed workweek

A need produces __________, which leads to __________.

motivation; goal-directed behavior

The National Labor Relations Act of 1935 (Wagner Act) required employers to __________.

negotiate with elected representatives of their employees

A team consists of a group of people with __________ skills and __________ are responsible and accountable for accomplishing team objectives.

complementary; all team members

Team diversity is often established in a __________ team, by bringing together the expertise of members from various functions in the organization.


The want-satisfying power of a good or service is called ________.


Companies use ________ to focus on a specific consumer market by combining product, distribution, promotion, and pricing strategies.

a marketing mix

Which of the following marketing decision areas may be subject to government regulation but can be a powerful competitive tool for a business?

pricing strategy

A bundle of physical, service, and symbolic attributes designed to satisfy customer wants is called ________.

a product

Paycheck services and huge multifunction copying machines used in operating an organization would be classified as what type of product?


Promotion that is aimed at the ultimate consumer with the goal of generating demand for the good or service is based on a(n) ________.

pulling strategy

The most basic form of promotion is ________.

personal selling

How is data different from information?

Information is knowledge; data are the facts that can be converted to a usable form.

A(n) ____________ can be tailored to assist many business functions and departments— from marketing and manufacturing to finance and accounting.

information system

A(n) ________ is a financial statement that is directly based on the accounting equation.

balance sheet

Accounting plays a key role in all of the following except

interpreting macro and micro analyses to report changes in the economy.

All of the following are types of securities except _____.


A company would most likely finance ________ using short-term sources.


The sovereign wealth fund is a variation of _____.

the private equity fund

Organizations must always look for opportunities to create _________ for their customers in order to achieve long-term success.


Ashley wants to increase the profits of her business. What two ways can she accomplish her goal of increasing profits?

Cutting back on expenses and increasing sales

Opportunity cost refers to:

The trade-off of a decision

For a business, stakeholders represent

all of the different people or groups who are affected in some way by the business.

Stagflation can best be described as:

A business cycle that includes a very low or negative growth rate in GDP and high inflation

The National Debt of the United States is approximately__________, and the Social Security/Medicare deficit is approximately__________.?

$10-13 Trillion and $44-50 Trillion.

The total of all federal deficits in the United States is called

national debt.

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease. What will likely result from this new information?

The demand for fish will increase at every price.

A distribution of earnings to the stockholders of a corporation is a(n)


Limited partners

Can only lose the amount of their investment

The three skill levels for being a high-quality manager are:

Technical skills, conceptual skills, and human skills

__________ is called the first management function because all other management functions depend on it.


Common stock carries all the following rights except the right to

receive dividends before other classes of stock.

Gabrielle needs a line of credit from her bank to meet this months payroll for her employees. The "line of credit" represents _______.

Short-term financing

There are 3 billion people in the world who lack basic access to Internet technologies and might never catch up to be a part of the new world economy. This problem is called the _________.

Digital divide

Which of the following statements is correct?

The more information a manager has, the less risk there is when making a decision.

In order to be effective, goals and objectives should be:

specific, measurable, attainable, and time limited

The best managers and negotiators constantly try to create Win-Win solutions. Strategies for creating Win-Win solutions are:

Separate people from the problem, focus on interests, not positions, and invent options for mutual gain

In the grand scheme of your career development, you should be doing which of the following?

building your professional network.
keeping your "digital footprint" clean.
focusing on how you can create value for your organization.

all of the above.

Fear of losing a job, fear of management, creativity, and pride in doing a good job are all sources of ________.


Joe works in close proximity to Jim, doing the same job and appearing to put forth the same effort. Joe learns that Jim makes more money and now Joe is not working as hard as before. The theory that best explains Joe's behavior is ________.

the equity theory

Paul wanted to know about the skills and experience needed to qualify for a management position with JC Penney. Thus, he called and asked the personnel specialist to send him a job


Joe works in close proximity to Jim, doing the same job and appearing to put forth the same effort. Joe learns that Jim makes more money and now Joe is not working as hard as before. The theory that best explains Joe's behavior is ________.

the equity theory

According to "Guerrilla Marketing," Gabrielle spends $1 dollar communicating to each of her employees about her Wild Birds Unlimited business's products. This $1 investment is equivalent to spending how much communicating directly to her customer?


In "Guerrilla Marketing" all guerrillas know they have three markets. The largest of those markets and the one that represents the least profits to you is called your:


The main reason marketing is so important to American Businesses is because we live in a _____________.

Free market economy

An organization's ________ is the group of potential customers toward whom it directs its marketing efforts.

target market

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