BUS 6600 Bookout Final Exam Questions With Revised Answers
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Course
BUS 6600
Institution
BUS 6600
BUS 6600 Bookout Final Exam Questions
With Revised Answers
Businesses collect ______ information on where people live, what they buy, and how they spend
their time - answerdemographic
Efficiency means: - answerproducing goods and services using the least amount of resources
When corruption is ...
BUS 6600 Bookout Final Exam Questions
With Revised Answers
Businesses collect ______ information on where people live, what they buy, and how they spend
their time - answer✔✔demographic
Efficiency means: - answer✔✔producing goods and services using the least amount of resources
When corruption is present in the business environment: - answer✔✔company leaders may
threaten competitors and minimize competition
Businesses favor ______ government spending because it keeps taxes to a minimum -
answer✔✔minimal
Technology is helping turn products into services by - answer✔✔offering new ways to access
items
Businesses that produce and tell tangible products like steel and machines are part of the ______
industry - answer✔✔manufacturing
Diversity means: - answer✔✔dealing sensitively with workers and cultures around the world
What is an advantage of utilitizing technology? - answer✔✔Productivity increases
A simple supply curve shows a relationship between the - answer✔✔price of a good and the
quality of that good sellers are willing to offer for sale at a specific point in time
A bank system crashed. These circumstances cut into consumers purchasing power, causing a
severe decline in the proce of goods and services, better known as ______ - answer✔✔deflation
In a year, the price of a gem has increased from $7/lb to $90/lb. Under these circumstances and
the fact that more companies are looking to use the gem in their products, a graph of the supply
and demand for this product would show - answer✔✔the price of the gem to be above the
equilibrium price for this gem
A major benefit of socialism: - answer✔✔emphasis on social equality
One way to lessen the US government budget deficit is to - answer✔✔cut spending
The main goal of resource development is to find ways to - answer✔✔increase the amount of
resources and create conditions that will make better use of those resources
One of the dangers of free markets is that business people and others may let _______ guide
their behavior - answer✔✔greed
One of the most significant problems faced by communist nations is - answer✔✔persistent
shortages of basic goods such as food and clothing
If a shortage exists for a good in a free-market economy, the - answer✔✔price of the good will
rise
Keynesian economic theory suggests: - answer✔✔short-term increases in govermenet spending
to stimulate the economy
There are a large number of bakeries in AL and each produces similar, but not ideantial,
products. The bakery is an example of what type of competition? - answer✔✔Monopolistic
_____ is the study of how a society employs its limited resources to produce goods and services
and how it distributes them among competiting groups and individuals - answer✔✔economics
A _____ curve shows the relationship between the price of a good and the quantity of that good
people are willing and able to buy in a given time period. - answer✔✔Demand
______ are broad, long-term accomplishments an organization wants to achieve -
answer✔✔goals
Management function that involves allocating resources, assigning tasks, and establishing
procedures for accomplishing the orgizational objectives - answer✔✔organizing
_______ skills involve a manager's ability to picture the organization as a whole and the
relationships among its various parts - answer✔✔conceptual
What activities are part of the organizing function of management? - answer✔✔Giving front line
workers assitional resources needed to provide faster and better services to customers
By comparing the types of skills used by managers at different levels within an organization,
which of the following is true of first line managers? - answer✔✔First line managers spend most
of their time explaining procedures, assigning jobs, and evaluating the performance of employees
within their own areas These activities require HR and technical skills. Top managers are
concerned with creating a vision, strategic planning, and overseeing the operation as a whole.
This requires HR and conceptual skills.
A(n) _______ would be used by a department manager as a tool for making daily and weekly
assignments. - answer✔✔Operational plan
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