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Exam (elaborations)

MIE 201 Exam 1 Questions With Solutions 100% Solved

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  • MIE 201

MIE 201 Exam 1 Questions With Solutions 100% Solved Karen was happy to be buying a beach house. She hired an attorney to help her draft a purchase agreement for her new beach house. Karen's beach house is an example of a product that is a idea service tangible item intangible item free se...

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  • October 7, 2024
  • 44
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MIE 201
  • MIE 201
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UpperClass
MIE 201 Exam 1 Questions With Solutions
100% Solved

Karen was happy to be buying a beach house. She hired an attorney to help her draft a purchase

agreement for her new beach house. Karen's beach house is an example of a product that is a




idea

service

tangible item

intangible item


free service Tangible item




Argentina is a large producer of corn, as such, the market for corn in Argentina has a large

number of buyers and sellers. There is no difference in the products sold but each seller. As a

result, prices are determined by the




businesses that sell the corn

consumers that buy the corn

forces of supply and demand

government

, MIE 201 Exam 1 Questions With Solutions
100% Solved
agricultural industry Forces of supply and demand




bc no one business sells enough agricultural commodities to influence the price and there are no

differences among the commodities, prices are determined solely by forces of supply and

demand




When considering businesses and profits, which of the following is true?




profit making is a business activity that seldom requires risk taking

businesses do not have the right to use their profits the way they choose

profit-making businesses often weaken the economy of a country

earning profits contributes to society by creating resources that support social institutions and

gov

ignoring the interests of stakeholders is the best way for a business to be profitable

Earning profits contributes to society by creating resources that support social institutions

and gov




Businesses that create profits, pay taxes, and create jobs are the foundation of our economy

, MIE 201 Exam 1 Questions With Solutions
100% Solved
In the fictional country of Palacia, income and social services are distributed equally among its

citizens. However, they much pay high taxes, and they experience high levels of unemployment.

Palacia is an example of a ______ nation




communist

socialist

capitalist

supply and demand


entrepreneurial Socialist




socialist economies profess egalitarianism, or equal distribution of income and social services,

claiming this creates a more stable economy. However, taxes and unemployment are generally

higher in socialist countries




Marc and Anthony have been vying to take the top position on the sales team for years. Now,

they are both competing for a promotion and Susan, their manager, must decide who to promote.

Hoping to sway Susan to promote him over Anthony, Marc has given Susan a $200 gift card to

an expensive restaurant. This is an ex of

, MIE 201 Exam 1 Questions With Solutions
100% Solved
misuse of company resources

bribery

dishonesty

conflict of interest


an acceptable gift Bribery




bribes are payments, gifts, or special favors intended to influence the outcome of a decision




Jim's boss, Oscar, often goes on Facebook at work. As a result, the rest of Oscar's team spends

time on Facebook during working hours, as well. Which of the items below does this ex best

describe?




individual moral standards

opportunity for misconduct

the influence of co-workers

the influence of managers


personal ethics The influence of managers

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