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Business Ch. 1-4

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.
True
A product’s equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition.
True
Advertising first made consumers aware of differences in products and prices in the marketing economy.
True
An oligopoly exists when there are many small businesses selling one standardized product.
False
Businesses have the right to keep and use their profits as they choose, without limitations.
False
Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses.
False
Profit is what it costs to make and sell a product.
False
The focus of all marketing activities is customer satisfaction.
True
The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy.
True
When a nation takes more from taxes than it spends, it has a budget deficit.
False
An ethical issue is an identifiable problem, situation, or opportunity that requires a person or organization to choose from among several actions that may be evaluated as ethical or unethical.
True
Water and soil pollution from oil and gas drilling is primarily an environmental Issue
True
Plagiarism involves taking someone else’s work and presenting it as your own.
True
Codes of ethics foster ethical behavior because they expand the opportunity to behave unethically.
False
Establishing and enforcing ethical standards and policies within business can help reduce unethical behavior by prescribing which activities are acceptable and which are not and by removing the opportunity to act unethically.
True
Social responsibility relates to a business’s impact on society.
True
Codes of ethics are formalized rules and standards that describe what the company expects of its employees.
True
Unethical behavior in business can be reduced if management does all of the following except
depends totally on employees’ personal ethics.
The best way to judge the ethics of a decision is to look at it from a manager’s or employee’s point of view.
False
Making claims about dietary supplements or the health benefits of certain unproven ingredients is an issue related to
Communications
Direct investment is the least risky and least expensive way to participate in foreign trade.
False
A balance of trade refers to the buying, and selling, and trading of goods and services across nation boundaries.
False
An absolute advantage exists when a country has a monopoly on a natural resource
True
Companies doing business internationally have traditionally used a globalization strategy.
False
Even when products are standardized, advertising often has to be modified.
True
Exporting is available only to large corporations
False
Exporting is the purchase of products from another nation.
False
Licensing is a way of entertaining the international marketplace without spending large amounts of money abroad.
True
Nations trade with other nations to obtain resources that would otherwise be unavailable to to them.
True
Sociocultural differences, such as variations in spoken language and body language, have no impact on international business.
False
A business’s legal form of organization has no effect on how much taxes it pays.
False
A limited partnership always has at least one general partner, who assumes unlimited liability.
True
Corporations cannot be sued.
False
If you want to go into business for yourself, the easiest way is with a sole proprietorship.
True
In a general partnership, each partner is liable only for the debts he or she incurs.
False
S Corporations are more flexible than traditional “C corporations.”
True
Sole proprietorships have the least degree of secrecy.
False
Taking a company public means announcing its creation to the public.
False
The biggest advantage of the corporate form of ownership may be the limited liability of its owners.
True
While corporations account for the majority of businesses in the United States, they represent a small percentage of profits.
False

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