Types of Environment/Globalization
People who are collectivist in their values _______.
A. value assertiveness, competitiveness, and materialism
B. emphasize the importance of quick results
C. feel threatened by ambiguity and prefer structure and predictability
D. emphasize the needs of the group over the needs of the individual
D. emphasize the needs of the group over the needs of the individual
Which of the following is an advantage of a sole proprietorship?
A. Ease of formation
B. Business continuity
C. Unlimited liability
D. Ability to grow by adding new talent
A. Ease of formation
Ari is the manager of employee assistance programs for a large state university. In this role, he provides short-term counseling services to faculty and staff and their families with respect to personal, career/work-related, and behavioral health problems or makes referrals for longer-term counseling to a network of partner firms. Which managerial skills would likely be the MOST crucial to the performance of Ari's job?
Human relations skills
Which of the following questions would a manager ask if s/he were examining an action or policy based upon the ethical norm of justice?
A. Is this action consistent with people's responsibilities to each another?
B. Does the action or policy respect the rights of all affected individuals or groups?
C. Is this action consistent with what is generally considered to be "fair"?
D. Which individuals or groups will be affected by this action or policy?
C. Is this action consistent with what is generally considered to be "fair"?
Which of the following is the BEST description of the law of demand?
A. The quantity demanded decreases as the price decreases.
B. The quantity demanded increases as the price decreases.
C. Demand is unrelated to fluctuations in supply.
D. Supply decreases as the demand increases.
B. The quantity demanded increases as the price decreases.
Employees from a culture that is characterized by power respect _______.
A. prefer to work as members of groups or teams, rather than individually
B. would favor structured situations in which rules and procedures are clearly set forth
C. expect to have some degree of input in decisions made by their superiors
D. would expect their superiors to make decisions with little input from employees
D. would expect their superiors to make decisions with little input from employees
Which additional factor of production do economists now include, in addition to the traditional factors of labor, capital, entrepreneurs, and physical resources?
Information resources
_____ arise(s) when there are multiple barriers to entry, making it hard for new competitors to break into the market.
Oligopolies
A manager who is examining an action or policy based on the ethical norm of utility would likely ask which of the following questions?
A. Is the action or policy consistent with people's responsibilities to each other?
B. Which individuals or groups will be affected by this action or policy?
C. Is the action or policy consistent with what is considered fair or equitable?
D. Does the action or policy optimize the benefits to those who are affected by it?
D. Does the action or policy optimize the benefits to those who are affected by it?
Farmers receive payments from the government if prices for wheat, corn, soybeans, and certain other crops fall below a certain level in order to protect farmers from cheaper prices charged by foreign competitors. This is an example of a(n) _______.
subsidy
Shortly after President Barack Obama first took office, a number of new regulations were imposed on businesses. Among other things, he signed legislation that imposed new restrictions on lobbying and on political action committees. Which dimension of the external environment BEST encompasses the factors affecting government regulation of business?
Political-legal environment
In a partnership, a(n) _______ partner actively manages the business and has unlimited liability for the debts of the business.
general
Which of the following BEST describes a conflict of interest?
A. Parties engaging in an activity that does not equally benefit all parties
B. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer
C. A company engaging in practices that conflict with government regulations
D. People on different sides of an issue agreeing to disagree
B. An employee engaging in an activity that may benefit that individual to the detriment of his or her employer
Which of the following is deemed as the single MOST effective step an organization can take to encourage ethical behavior in the workplace?
A. Establish strict punishment for ethics violations.
B. Monitor employee behavior to ensure adherence to established rules and procedures.
C. Demonstrate top management support of ethical standards.
D. Require attendance at ethics training programs on an annual basis.
Demonstrate top management support of ethical standards.
A(n) ______ restricts the number of products of a certain type that can be imported and, by reducing supply, raises the prices of those imports.
quota
Employees in the United States are comfortable with commission- and incentive-based pay plans, whereas employees in Italy and Mexico prefer pay plans that are more predictable, like seniority pay. Which of Hofstede's cultural dimensions would explain this difference?
Uncertainty orientation
Which of the following is an advantage of a partnership over a sole proprietorship?
A. A partnership has a legal life independent of its founders and owners.
B. Each partner is responsible only for a portion of the partnership's debts.
C. Growth is possible through the addition of new talent and money.
D. Partnerships are easier to dissolve.
C. Growth is possible through the addition of new talent and money.
Rolex Watches have lost some of their exclusiveness, and Rolex has been losing U.S. market share to BVLGARI and Tag Heuer. Based on this information, which degree of competition would BEST describe the luxury watch market in the United States?
Monopolistic competition
A manager who discriminates against a member of a protected class in an employment decision such as hiring, firing, training, or promotion demonstrates _______ behavior.
A. illegal but not unethical
B. both legal and ethical
C. both unethical and illegal
D. ethical but not illegal
C. both unethical and illegal
A drawback of the functional structure is it makes ___________more difficult.
A. teams
B. the grapevine
C. intrapreuneurship
D. accountability
C. intrapreuneurship
General Electric (GE) functions as one integrated organization. GE businesses around the world connect and interact with each other, and managers freely move back and forth among them. This is an example of a(n)____________ organizational structure.
international organizational structure
Paulina wants to earn extra money and decides to open a cleaning service for dormitory rooms at her college campus. She posts fliers on the bulletin boards in each dormitory and buys some cleaning supplies. She plans to operate this business alone and keep all the profits. Based on this information, it would appear that Paulina's business is a _______.
sole proprietorship
To help firms transfer their corporate culture to different locations, the trend is to transfer U.S. managers rather than hire local managers. For this reason, it is important that managers have _________.
A. acclimatization skills
B. asset management skills
C. global management skills
D. legislative skills
C. global management skills
A manufacturing company has multiple small plants in a region. Each plant is headed up by a plant manager, but major decisions regarding what and how much is produced at each plant is made by the executive staff at the company's headquarters. This suggests that the company is a _______ organization.
is a centralized organization
As the price of textbooks has increased, more and more students are renting textbooks, buying used textbooks online, or using the electronic version of the required course materials. The law of demand and supply suggests that the book sellers will raise prices to the point where supply and demand come into balance. What happens if the price of textbooks goes above this equilibrium point?
There will be a surplus of textbooks.