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  1. The Point at which the supply curve and the demand curve intersect on a graph.
    Equilibrium Price
  2. Which of the following exist when an industry or market has only one producer?
  3. What term refers to the pattern of short-term ups and downs in an economy?
    Business Cycle
  4. What term refers to the total value of all goods and services produced within a given period by a national economy?
    Gross Domestic Product
  5. What economic system emphasizes the private ownership of most factors of production?
  6. How does monopolistic competition differ from perfect competition?
    In a market characterized by monopolistic competition, individual firms have some control over price.
  7. What is characterized by having few sellers, similar prices among sellers, and difficult market entry?
  8. What is the most likely pricing approach for a monopoly?
    Charge a price that will not cause consumer demand to drop.
  9. What should the government do to reduce inflation?
    The government can raise taxes.
  10. Inflation fact
    The consumer price index is a good way of measuring inflation.
  11. No producers dominating the market, no influence on the price. "milk example"
    Perfect competition.
  12. Gross domestic product
    Total value of all goods and services produced within a given period by a national economy through domestic factors of production.
  13. Nominal GDP
    Total value of all goods and services produced within a given period of time by a national economy through domestic factors of production measured in current dollars or with all components valued at current prices.
  14. Why place taxes (trade barriers) on imported products?
    Imported products compete with domestic products and thus puts pressure on local businesses
  15. Acme Inc. Meets its legal and ethical requirements. In addition, acme donates $50,000 per year to local charities when asked. Which of the following approach is being taken by Acme toward social responsibility?
  16. The mission statement of cocoa chocolate and confectionery reveals a primary emphasis on ethical sourcing and procurement. what action should the company most likely avoid?
    Neglecting the welfare of the region from which it imports cocoa beans.
  17. IBP, a leading meat processing firm has a long record of breaking environmental protection, labor, and food processing laws and then try's to cover up its offenses. What type of stance has IBP adopted to social responsibility?
  18. Which of the following statements about corporate social responsibility is true.
    It benefits of business by increasing efficiency and sales
  19. What is not a step mention by the author of the book to foster a company-wide sense of responsibility?
    Governmental initiatives dictate starting a plan
  20. What would be least likely to help business develop and maintain an ethical environment?
    Trusting that employees will act ethically
  21. we-yin run a small socially responsible business in which she sells her own watercolor paintings. She has a passion to help aspiring artist in her area achieve their dreams but so far has assisted only a few of them. which of the following would most likely be a reason for this?
    Wei-yin does not have much time or money to devote to this desire
  22. Perrys pizzeria a rapidly growing restaurant chain, that is committed to a high level of corporate social responsibility along with continued business success. Which of the following would likely be a failure in the area of legal compliance for the pizzeria?
    A Teenagers is not highered due to being wheelchair-bound even though she would be capable of performing her dutiesduties
  23. Tiffany's tattoo shop is known for its commitment to corporate social responsibility. However, the owner, miss Wu has learned that an employee has been unknowingly ordering candy wrappers that are harmful to the environment. How could miss Wu best recover from this Ethical Lapse?
    By seeking ways to remedy any harm that may have been cost
  24. Pamela is the manager of a local eyewear store. She wants to ensure that the ethical conduct of her employees is above reproach. what should Pamela avoid doing?
    Relying on management alone to report on ethical violations.
  25. what is a social audit?
    An analysis of a firms success in using funds earmarked for meeting and social responsibility goals.
  26. What is not a basic consumer right?
    A right to low prices.
  27. Janet and Kate are the owners of an upscale jewelry boutique that offers unique and much desired accessories in an affluent neighborhood. Jeanette and Kate are concerned however that the company's commitment to social responsibility has begun to diminish in various respects. How would this most likely be Evident?
    The health of employees and their children is starting to suffer.
  28. Jordan is a recent college graduate with a degree in computer programming. He has just begun his first full time job and is excited to apply the skills that he work so hard to acquire. He was excelled as a student, Jordan is anxious about how successful he will be as an employee. When an opportunity unexpectedly presented itself for him to take credit for a brilliant software program that someone else wrote, Jordan does not resist and claims that the program is his. What statement must be true about Jordan's decision?
    It raises questions about his personal ethics
  29. According to an analysis who makes the chief responsibility for educating employees about ethics?
Card Set
Intro to business
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