Test 1 Review Questions

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15. Which of the following is NOT one of the Six Basic Rights of Consumersa. The Right to Safetyb. The Right to be Informedc. The Right to the Lowest Priced. The Right to Choosee. The Right to be Heard16. True or False? Less than 50 percent of small businesses fail within the firstfive years.17. True or False? Business is the organized effort of individuals to produce andsell, for a profit, the products and services that satisfy society’s needs.18. True or False? The business cycle consists of two or more consecutivethree-month periods of decline in a country’s GDP.19. True or False? Profit is the payment that business owners receive forassuming the considerable risks of ownership.20. True or False? Approximately one-third of our nation’s total productionconsists of consumer products.21. True or False? A monopoly is a market (or industry) with only one or twosellers.22. True or False? The economic model of social responsibility places emphasisnot only on profits but also on the impact of business decisions on society.23. True or False? Consumerism consists of all those activities that areundertaken to protect the rights of consumers in their dealings withbusiness.24. True or False? Whistle-blowing is an attempt by business to stop employeesfrom exposing their unethical business behavior.25. True or False? A policy of considering only nonminority applicants for jobopenings is called reverse discrimination.Page 4 of 26
Short Essay <strong>Questions</strong>1. What are the four basic economic questions? How are they answered in acapitalist economy?2. Describe the four fundamental issues required for a laissez-faire capitalisteconomy.3. What are the major differences between the economic model of socialresponsibility and the socioeconomic model?Page 5 of 26
Page 1 and 2: BUS-115 Introduction to BusinessRev
Page 3: 10. A guide to acceptable and ethic
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Page 9 and 10: 16. High-speed Internet connection
Page 11 and 12: 25. Which of the following statemen
Page 13 and 14: 34. True or False? PayPal lets buye
Page 15 and 16: Questions from Quiz 31. A corporati
Page 17 and 18: 11. The major factor that tends to
Page 19 and 20: Questions from Quiz 41. A governmen
Page 21 and 22: 12. Tangible, physical resources th
Page 23 and 24: 23. Under an authoritarian leader,
Page 25 and 26: 5. When authority is spread to lowe

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