Risk is associated with reward. Business people take a risk that their business might fail in order to get a reward, which is

a healthy economy

employment

profit.

happy customers

a sense of self-satisfaction

Flag this Question

Question 2
1 pts

Which of the following is NOT true about knowledge workers?

The number of knowledge workers in today’s global economy is increasing

Knowledge workers are primarily employed in manufacturing

Knowledge workers are highly educated

Knowledge workers can easily transfer to other companies or countries

Knowledge workers are easily promoted to higher positions

Flag this Question

Question 3
1 pts

Which of the following is NOT true about society’s demand curve?

The demand curve depends on the supply curve

A steep slope indicates price inelastic demand

The demand curve slopes downward

The demand curve shows the relationship between price and quantity demanded.

The demand curve shows aggregate demand

Flag this Question

Question 4
1 pts

In a publicly traded, for profit business corporation, the owners are the

workers

unions

customers

managers

shareholders

Flag this Question

Question 5
1 pts

Which of the following is NOT one of the trends in e-commerce today?

Pressure for efficiency is becoming less intense

Markets are increasingly looking for openness and transparency

Customers are becoming more demanding

Knowledge is becoming a more important asset to businesses

Companies are working more closely in a network of buyers and suppliers

Flag this Question

Question 6
1 pts

Peter van Stolk, founder of Jones Soda, develops offbeat flavors that appeal to teens, who he knows are also interested in the Internet and extreme sports. Peter van Stolk has a good understanding of his company’s target group.

True

False

Flag this Question

Question 7
1 pts

One of the most significant drawbacks of international mergers and acquisitions is the difficulty of integrating the operations, finances, and cultures of two very different organizations.

True

False

Flag this Question

Question 8
1 pts

Which of the following is NOT one of the benefits of free trade among nations?

Increased job security

Higher quality of goods

Lower prices

Greater consumer choice

Higher standards of living

Flag this Question

Question 9
1 pts

Who or what benefits most from barriers to trade, also called protection?

Foreign firms, because they can sell all of their quotas

Domestic firms, because of lower competition

The consumers, who pay lower prices

The government, because it can collect more tariffs

Foreign firms, because of the increase in the market size

Flag this Question

Question 10
1 pts

Japan limits the amount of foreign-grown rice that can be sold in that country by imposing a very high import tax. This protects high-cost domestic rice producers because it forces rice importers to raise prices, making imported rice less competitive against rice grown in Japan. This type of trade barrier is called

counter trade

voluntary restraint

a tariff

a quota

an embargo

Flag this Question

Question 11
1 pts

Globalization is

bad for developing countries, but good for developed countries

good for both developed and developing countries, if implemented fairly

usually bad for both developed and developing countries

always good for both developed and developing countries

bad for developed countries, but good for developing countries

Flag this Question

Question 12
1 pts

When Home Depot donated millions of dollars of supplies to victims of hurricanes in New Orleans, it was primarily adopting a societal responsibility model of business governance.

True

False

Flag this Question

Question 13
1 pts

A U.S. corporation’s decision to reincorporate in Bermuda may be both legal and unethical.

True

False

Flag this Question

Question 14
1 pts

Jeffrey Wigand was a research scientist employed by Brown & Williamson, a tobacco firm, until he was fired following his public statements about the dangers of cigarettes. Wigand was acting as a

proprietor

general partner

director

whistleblower

limited partner

Flag this Question

Question 15
1 pts

Elsa, Steve, and Adrienne formed a partnership to own and operate a wine shop. Elsa manages the shop and Steve travels the world buying wine. Adrienne contributed some start-up capital but does not help to run the business. Therefore, it is likely that

Elsa and Steve are limited partners and Adrienne is a general partner

Elsa, Steve, and Adrienne are all general partners

Elsa and Adrienne are general partners and Steve is a limited partner

Elsa and Steve are general partners and Adrienne is a limited partner

Elsa, Steve, and Adrienne are all limited partners