Unit 2 Business Mgt
In recent years the rate of economic growth for both India and China has lagged well behind that of the United States.
International trade stimulates competition as it encourages innovation and creativity for new products.
A country has a comparative advantage in the production of a good or service when it can produce that good or service at a lower opportunity cost compared to other countries.
The logic behind international trade, in regard to the factors of production, is
an intergovernmental body such as the UN should regulate international trade so that a more equitable distribution of trade results.
Developed nations should not be allowed to “run the table” by dictating terms to poorer nations.
if an underdeveloped country has the factor of a skilled labor force in abundance, it should withhold this resource and create demand, thereby driving up wages and increasing the quality of life for its citizens.
if there is an imbalance of trade between nations, treaties should be drafted and signed so as to allow the equalization of factors in the international community.
international trade allows increased access to the factors. For instance, the U.S. has capital, India and China have inexpensive skilled labor, and OPEC nations have vast reserves of natural resources.
A trade ____ occurs when a country imports more goods and services than it exports.
Which of the following groups does NOT benefit when a nation has a weak currency?
foreign firms that operate facilities within the nation.
domestic firms with operations in foreign countries.
domestic firms that want to export goods to foreign markets.
foreign tourists who are visiting the country.
The _____ expresses the value of one nation’s currency in terms of another nation’s currency.
International trade provides businesses with access to new customers through
outsourcing, importing, exporting, licensing, franchising, and foreign direct investment.
networks of global franchising organizations.
onshoring and protectionism.
embargoes and licensing.
Ministers of the World Trade Organization (WTO) meet every two years to address current world trade issues. With a global shift to services rather than goods, the WTO has and will continue to work toward controlling
interest rates at the World Bank.
the needs of farmers in Africa.
piracy of intellectual property and reducing subsidies.
nothing, but will instead maintain the status quo.
The three countries participating in the North American Free Trade Agreement (NAFTA) are
Mexico, Panama, and Canada.
Panama, Canada, and the United States.
Canada, Mexico, and the United States.
Canada, Nicaragua, and Mexico.
Management is achieving the goals of an organization through planning, organizing, leading, and controlling organizational resources including people, money, and time.
While not needed by other types of managers, technical skills are absolutely critical for managers working in high-tech industries.
Defining the organization’s mission and evaluating results are [both] steps involved with setting a strategic agenda.
There are three basic levels of management:
autocratic, technical, and conceptual.
national, regional, and local.
executive, middle, and lower level.
top, middle, and first line.
An example of a social need in Maslow’s hierarchy of needs in the workplace would be
_____ assumes that challenging, creative work will motivate employees to do their best.
_____, attributed to Victor Vroom, is based on the key concept that workers will be motivated if they believe that their effort will lead to good performance, and good performance will lead to a meaningful reward.
First-line managers focus on _____ planning, applying plans to daily, weekly, and monthly operations.
Planning for unexpected events, or _____, is usually spearheaded by _____ with input from other management levels.
contingency planning; senior management
strategic planning; senior management
tactical planning; first level management
operational planning; middle management
A SWOT analysis is used to analyze the company’s
Human resource management must operate under the constraint that the needs of other stakeholders must come before the needs of employees.
Effective human resource management can create a competitive advantage.
The core goal of human resource management is to
minimize labor costs.
get the highest possible return on investment from human resources.
balance the internal and external recruitment of employees to ensure the best mix of human resources.
satisfy all federal regulatory requirements that cover workforce issues.
The practice of outsourcing
currently only affects workers in low-skill, low-wage jobs.
has failed to catch on in the United States as much as it has in Europe and Asia.
only occurs when a firm contracts with foreign producers.
has begun to impact high-tech, high-pay positions as well as low-end jobs.
In today’s economy, flexibility in work schedules is desired
across all ages and by both men and women.
mainly by young women.
mainly by older workers (both men and women).
mainly by older men.
A(n) _____ is the explanation of responsibilities for a specific position.
Firms that use internal recruitment to fill job openings are likely to benefit in all of the following ways EXCEPT
it will boost morale of existing workers.
it is less expensive than external recruiting.
it ensures that a highly qualified individual will get the job.
firms have more knowledge about the track record of internal employees.
_____ is the first step in the training and development process, designed to introduce employees to the company culture.
A _____ requires managers to give their subordinates feedback on a one-to-one basis, typically by comparing actual results to expected results.
value stream map
job scorecard meeting
_____ refers to the combination of pay and benefits that employees receive in exchange for their work.
When a company goes beyond a firewall to store data using Internet-based resources it is said to be cloud computing.
Data are facts and figures that have been organized in a way that makes them immediately useful to decision makers.
Data mining uses powerful statistical and mathematical techniques to analyze the vast amounts of data in data warehouses in order to identify information that was previously hidden.
_____ refer(s) to computer programs that provide instructions for a computer to execute a desired task.
Documents stored on the World Wide Web are written and linked together using
A _____ links computer resources using either a wired or wireless connection.
The vital function of _____ involves transforming data into useful information for decision makers.
the information technology department
In recent years, many supply chains have begun using _____ to reduce employee theft
_____ is software installed, often erroneously, on a computer that might log each keystroke in an effort to capture passwords and user names to accounts.
Intellectual property refers to
software that captures personal information.
secure banking sites that store and subsequently data mine information for marketing purposes.
marketable products and services that result from someone’s creative and intellectual efforts.
information that marketers collect to make better decisions about how to reach markets.
Operations management is concerned with all of the activities involved in creating goods and services and distributing them to customers.
The competitive and global nature of markets today requires operation managers to change their views on the production and distribution of goods and services from a cost perspective to a value perspective.
Total quality management (TQM) relies on a small cadre of quality experts to exert complete control over the organization’s quality assurance efforts.
_____ is concerned with all of the activities involved in creating goods and services and the distribution of those goods and services to customers.
produced independently of the consumer.
consumed where they are provided.
stored in an inventory.
In operations management, _____ refers to completing a task or producing a product at the lowest cost.
When a company utilizes _____ it arranges for other organizations in the value chain to perform functions that were previously performed internally.
Given the nature of their products, many service firms base their facility location decisions primarily on:
proximity to their customers.
the possibilities of outsourcing their business operations.
quality of life issues.
the availability of natural resources.
Which statement about robots is false?
Robots perform jobs humans find dangerous or physically demanding.
Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to “feel” or “hear”.
Robots do not tire, eat, or sleep.
Robots are flexible and reprogrammable, so they can perform a variety of tasks..
In operations management, quality is defined in terms of:
how well a product satisfies the preferences of customers.
the Baldrige Quality Index.
the number of defects per thousand units of output.
the ratio of cost to output.
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