What is the primary purpose of a business? correct answers To earn profit
Which of the following is NOT an example of a good? correct answers A print ad
Which of the following is NOT an example of a service? correct answers Personal training
Last year, Carmela's florist shop had higher exp...
BUS 200 Midterm 1 || ANSWERS 100% PASSED!!
What is the primary purpose of a business? correct answers To earn profit
Which of the following is NOT an example of a good? correct answers A print ad
Which of the following is NOT an example of a service? correct answers Personal training
Last year, Carmela's florist shop had higher expenses than revenues. Which of the following
must be true? correct answers The florist shop posted a loss for last year
Entrepreneurs invest time and money in a business in spite of the fact that it may not make a
profit. In business terminology, what is this situation known as? correct answers Rise
Marya's dog got overheated when she walked him in the hot sun, so she created a lightweight
harness umbrella to keep him shaded. When other dog owners liked the idea, Marya saw an
opportunity and started a successful online business selling doggy shades. What is Marya
considered to be? correct answers An entrepreneur
Minerals, water, and wind are examples of which factor of production? correct answers
Natural resources
The proliferation of smartphones and tablets in workplace meetings demonstrates the
growing importance of which factor of production? correct answers Knowledge
Which of the following lists the elements of Carroll's global corporate social responsibility
pyramid in order from highest to lowest priority? correct answers 1. Make profit
2. Obey the law
3. Be ethical
4. Be a good corporate citizen
Which of the following is an example of enforcement of ethical business behavior by a
controlling authority? correct answers Child labor laws
Jack and several of his workmates are wearing bright yellow shirts with their company's logo
as they run a 10k team race to help raise money for cancer research. What is Jack's company
demonstrating? correct answers Corporate citizenship
Jiao found a competitor's proposal for a project her company is also bidding on. She knows
using the information can help her team develop a winning proposal, and her company needs
the project to avoid staff layoffs. What situation is Jiao facing? correct answers Ethical
dilemma
Which of the following is NOT one of the primary strategies that organizations can use to
foster high ethical standards? correct answers Place covert whistleblowers on staff
Holly is a top manager at her company. What is likely to be the most effective way for Holly
to support an ethical climate in her organization? correct answers Lead by example
, Phyllis is CEO of Marchland Communications. According to the corporate social
responsibility pyramid, what should be the first priority for Phyllis to be working towards?
correct answers Making a profit
The development of e-books and e-readers has led to the closure for many brick-and-mortar
booksellers. Which of the following likely did NOT drive this change in the marketplace?
correct answers The demand for print books increased
What happens when a product is scarce? correct answers Sellers can charge more for it
Which if the following would be studied by microeconomists? correct answers Sales of
movie tickets vs. home theater systems
Which if the following is a government strategy to remove money from the general
economy? correct answers Lower interest rates
U.S. television reports in the 1970s and 1980s showed citizens in the Soviet Union standing
in long lines to buy bread and other necessities in stores with nearly bare shelves. What led to
this situation? correct answers The inability of government central planners to adequately
anticipate consumer demands
Karl Marx's concept of a communist economic system based on the philosophy "from each
according to his abilities, to each according to his needs" sounds noble on paper. In practice,
what core aspect of communism has led to the global collapse of this system? correct answers
Lack of incentive
Government woud have the highest level of inflluence on both macroeconomics and
microeconomics in which type of system? correct answers Communism
Julio has lived all his life in a country operating under a strongly socialist economy.
Compared to a resident of the United States, Julio and his fellow citizens likely experience all
of the following EXCEPT which? correct answers Lower taxes
What is a core premise of the 18th-century exonomist Adam Smith's philosophy on free-
market economies? correct answers Expanding resources
The U.S. government's ownership of Amtrak suggests that the economy is an example of
what type? correct answers Mixed
Which of the following is NOT a result of globalization? correct answers Segmentation of
national markets
What accounts for the highest proportions of U.S. exports? correct answers Capital goods
Which of the following has NOT supported the expansion of free trade? correct answers
Tighter economic regulation
In Chicago, Malena and her staff prepare prune babkas, poppy seed breads, and other baked
goods using the finest ingredients obtained from Poland. Since 1998, the treats have been
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