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| The belief that competition among business firms best serves the needs of society |
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| The right to proit means the |
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| Risk taker is guaranteed the right to all profits (after taxes) that are earned by the business |
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| In accounting the terms, profits are |
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| The differenece between revenues and expenses |
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| Which of the following statements is NOT correct |
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| Workers change jobs less frequently today |
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| In his book The Wealth of Nations, the Scottish economist Adam Smith was the first person to describe |
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| When Google opened offices in Tokyo, London, and Sydney, they were utilizing ______ by relocating business activities to lower cost locations oversease |
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| Which of the following is considered to be the most fundamental right of the private enterprise system |
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| The right to private property |
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| The concept of branding first emerged during the |
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| Restating issues in reverse,such as naming ways to lose customers, is a method of developing______ |
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| Technology has resulted in all of the following EXCEPT_______ |
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| The Industrial Revolution in England transformed America's economy by introducing |
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| All of the following are rights granted to citizens and to the government in a private enterprise system EXCEPT the right to |
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Definition
| Permit price discrimination |
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| The human resources of a firm refer to |
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| Everyone who works for the business |
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| Which of the following is NOT an example of an internal force that requires organizational change |
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| Businesses have responsibilities to |
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| Investors, customers, employees and society |
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| _______ requires that firms in the private sector provide procedures for anonymous reporting of accusation of fraud |
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| Individuals who focus only on their own interests when making decisions are at the __ stage of ethical development |
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| find the balance between doing what is right and what is profitable |
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| When Target donates 5 percent of its federally taxable income to nonprofit gr0up, the company is highlighting its ____ |
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| How should a businessperson deal with a conflict of interest |
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| Bob takes responsibility for an error made by his assistant on a project, Bob has shown ___ |
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| Which of the following statements best justifies why a company should act in an ethical manner |
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| The government will take action if a firm fails to act ethically |
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| When an individual moves beyond his or her own needs and desires and takes the needs of society into consideration when making decision |
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| All of the following groups are specifically identified by federal equal employment opportunity laws EXCEPT |
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| All of the following are examples of corporate philanthropy EXCEPT |
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| paying local property taxes |
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| Linda does not make personal long-distant phone calls at work because it will cost her employer money.What stage of ethical development is Linda in |
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| Consumer Rights include all of the following EXCEPT the right to |
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| Businesses exercise social responsibilIty for all of the following reasons EXCEPT |
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| Benito worked a manager at a grocery chain that recently experienced a number of layoffs due to an economic slow time. Benito's employment would be described as a |
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| A shortage will occur when ____ |
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| price is below the equilibrium point |
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| As the number of suppliers of a product increases, the supply curve shifts to the ___ and the price will |
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| The equilibrium price is established when the quantity________ |
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| Purchased is equal to the quantity offered |
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| Which type f the unemployment typically lasts the longest? |
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| In a ____ system, the government owns all of the nations major industries but still allows private ownership in less crucial areas |
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| The part of the federal government responsible for the monetary policy is ___ |
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Definition
| The federal Reserve System |
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| An increase in consumers' incomes causes the |
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Definition
| Demand curve to shift to the right |
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| Assume the price of gasoline triples, What will likely happen to the demand for small cars? The demand curves will shift |
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Definition
| to the left and and decrease |
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| The sum of all goods and services produced within a nation's boundaries each year is the |
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| Incentives to motivate employees to perform at their highest level are strongest in ___ system |
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| If the prices of substitutes goods decrease, the demand curve will to |
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| In general as price of a good or service increases, the quantity demanded |
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| Business borrowing becomes more difficult when |
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| The federal reserved decrease money suppy |
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| A demand curve will shift to the left if the |
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| ___ is a commonly used measure of productivity |
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| The federal reserve reduces the amount of money bank can lend, as a result, interest rate will ___ and economic growth will __ |
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| The federal reserve slows the growth in the supply of money and credit. Interest rate will ____ which is an example of ____ policy |
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| a particular industry has only a few competitors, who have a least some control over price, Entry into the industry is difficult, This industry is an example of |
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| Economists refer to a nation's ___ as an indicator of its economic health |
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| In a particular country, the government owns all the transportation companies, the utilities, the energy suppliers and major firm |
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| Is of limited use in controlling inflation |
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| if the market price is above the equilibrium price,____ |
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| a surplus will occur and prices and production will fall |
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