Question 1
What is the willingness and ability of producers to offer a good for sale referred to as?
Private enterprise
Supply
Free market economy
Law of supply
Degrees of competition

Question 2
What is the general term for resources used by a business to produce a good or service referred to as?
Labor
Human Resources
Human capital
Factors of production
Economic systems

Question 3
Which of the following BEST describes what the consumer price index is used to indicate?
The average wage rate for a given region
The economic performance of key consumer product companies
The changes in the cost of consumer products over time
The percentage of consumers in the total population looking for work
The number of price increases within a given period of time

Question 4
When making decisions about production and allocation, which type of system depends on individual producers and consumers to create a combination of supply and demand?
Planned economy
Communism
Private economy
Market economy
Socialism

Question 5
In which type of economy do the individual producer and consumer control production through supply and demand?
Planned
Communist
Market
Socialist
Mixed

Question 6
What factor of production is used to generate forecasts based on specialized knowledge and economic data?
Economic resources
Labor
Information resources
Entrepreneurs
Physical resources

Question 7
Which of the following BEST gives the meaning of the term gross domestic product?
Total quantity of goods and services produced by an economic system
Total quantity of goods that a country’s citizens can purchase with the currency used in their economic system
Conditions of the economic system in which an organization operates
Total value of all goods and services produced within a given period by a national economy through domestic factors of production
Indicators of available goods and services produced within a specific domestic market

Question 8
What takes place when buyers purchase more of a product when the price drops, and less when the price increases?
Demand
Laws of supply
Laws of demand
Degree of competition
Free market economy

Question 9
In perfect competition, which of the following conditions must prevail?
All firms must adhere to cost and pricing standards.
The number of firms in the industry must be limited.
A single firm is able to influence the price of its product.
It is relatively difficult to enter the industry.
All firms in a given industry must be small.

Question 10
What is needed to gain a competitive advantage over competitors?
The ability to produce goods and services and sell those at a fixed profit
The ability to produce goods and services and sell those at a high profit
The ability to produce goods or services efficiently and at a reasonable profit
The ability to leverage the internet to sell in a global marketplace
The ability to have a unique good or service that cannot be easily duplicated by competitors

Question 11
The use of formal committees, training, and codes of conduct help to ensure standards of ________ within an organization.
Ethical compliance
Philanthropic giving
Organizational leadership
Social responsibility
Legal compliance

Question 12
What Act requires an organization’s chief financial officer to personally guarantee the accuracy of all financial reporting?
Generally Accepted Accounting Principles (GAAP)
Securities and Exchange Commission (SEC)
Sarbanes-Oxley
False Claims Act of 1863
Whistle-Blower Protection

Question 13
When an activity benefits an individual but not the employer, what ethical dilemma has been created?
Lack of social responsibility
Violation of the code of conduct
Conflict of morals
Interaction with primary agents of interest
Conflict of interest

Question 14
What do ethical norms that ensure an action is consistent with what’s fair entail?
Caring
Morals
Justice
Social responsibility
Economic agents

Question 15
Which of the following is an informal dimension for managing social responsibility?
Legal compliance
Whistle-blowing
PAC committees
Ethical compliance
Philanthropic giving

Question 16
What category of ethics relates to matters such as hiring, firing, working conditions, privacy and respect?
Behavior toward economic agents
Behavior toward employees
Behavior toward the organization
Elimination of conflicts of interest
Social responsibility

Question 17
Which of the following occurs when someone uses confidential information to gain from the purchase or sale of stocks?
Identity theft
A margin purchase
Insider trading
Collusion
A guarantee

Question 18
If a firm hides responsibility for wrongdoing, what type of stance are they taking toward social responsibility?
Responsible
Obstructionist
Accommodative

Proactive
Moderate

Question 19
When a business hires a staff to formally represent the organization before a political body, in efforts to influence that political body, the business is
using personal contacts.
starting a political action committee.
lobbying.
asking for favors.
campaigning.

Question 20
When businesses work to honor warranties, charge fair prices and stand behind the quality of their products, what stakeholder group are they supporting?
Customers
Employees
Investors
Suppliers

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