Name Midterm ExamInstructionsMultiple Attempts This Test allows 2 attempts. This is attempt number 2.Force Completion This Test can be saved and resumed later.Question 1 1 points SaveWhich of the following has NOT been identified as a basic consumer right?Consumers have a right to safe products.Consumers have a right to collude.Consumers have a right to be informed about a product.Consumers have a right to be heard.Consumers have a right to choose what they buy.Question 2 1 points Save__________ occurs when producers, wholesalers, or retailers respond to increased demand with extremely high prices.Price fixingGain takingPrice gougingRecession pricingInflationQuestion 3 1 points SaveThe Ronald McDonald House program is a good example of a(n) _____________ stance to social responsibility.accommodativeobstructionistproactivedefensivesocietalQuestion 4 1 points SaveThe Brazilian practice of jeitinho means”to find a way”.”to win at all costs”.”on my honor”.”to dance together”.”to fight like a lion”.Question 5 1 points SaveCarbon monoxide emitted by automobiles contributes toland pollution.air pollution.noise pollution.kiting.consumption.Question 6 1 points SaveWhich is the first step in establishing a social responsibility program?Social responsibility must start at the top.A committee of top managers must develop a plan.Governmental initiatives must dictate starting a plan.One executive must be put in charge of the firm’s agenda.The organization must conduct occasional social audits.Question 7 1 points SaveDangerous chemical and/or radioactive byproducts of manufacturing processes are calledgreen rain.phosphates.exajoules.toxic wastes.spreaders.Question 8 1 points SaveIn the fall of 2001, _________ purchased a 20% stake in ImClone.American Home ProductsBioMedIBMSchering-PloughBristol-MyersQuestion 9 1 points SaveFirms adopting a(n) ___________ stance to social responsibility do not necessarily or proactively seek avenues for contributing, but participate after solicitation.accommodativeobstructionistproactivedefensivesocietalQuestion 10 1 points SaveRetailers who charged very high prices during the panic immediately following September 11, 2001 could have been charge withprice fixing.price matching.unit pricing.segmentation pricing.price gouging.Question 11 1 points SaveBest Brews buys coffee beans grown in South American and has them shipped to the U.S. for sale in their high-end coffee shops. In this example, Best Buys is _________ coffee.importingbuying backbrokeringexportingservicingQuestion 12 1 points SaveWhich of the following is NOT mentioned as a common legal and political issue in international business?quotastariffslocal content lawsbusiness practice lawsreal property taxesQuestion 13 1 points SaveMany countries control bacteria and disease by banning certain agricultural products throughtariffs.embargoes.subsidies.local content laws.quotas.Question 14 1 points SaveThe rate at which the currency of one nation can be exchanged for that of another is called a(n)balance of payments.exchange rate.floating interest rate.trade surplus.trade deficit.Question 15 1 points SaveWhich of the following large firms began their international operations as exporters?WalgreensCisco SystemsUPSUSPSCoca-ColaQuestion 16 1 points SaveTariffs that are imposed strictly to raise money for the government are referred to as ________ tariffs.revenuequotasubsidyprotectionistunionQuestion 17 1 points SaveUsing a(n) ________ strategy, the company finds a partner in the country in which it would like to conduct business.branch officereplicationstrategic allianceindependent agencydirect investmentQuestion 18 1 points SaveToyota began selling cars in the United States during the1930’s.1940’s.1950’s.1960’s.1970’s.Question 19 1 points SaveIn 1999, the U.S. charged companies from Japan and Brazil with __________ for selling steel at prices 70% below its normal value.briberysetting up a cartelsetting quotasdumpingglobalizationQuestion 20 1 points SaveThe amount of Canadian softwood timber that can be imported is limited under a(n)tariff.embargo.subsidy.local content law.quota.Question 21 1 points Save__________ is a system of collaborative goal settings that extends from the top of an organization to the bottom.Equity theoryTwo-factor theoryHygiene theoryManagement by objectivesEmpowermentQuestion 22 1 points SaveJoe Liemandt is the founder ofEDS.Trilogy Software.BMC Software.Wal-Mart.Taylor Corporation.Question 23 1 points SaveAccording to which of the following theories are workers solely motivated by money?behavior theoryhuman relations theorytwo-factor theoryclassical theoryexpectancy theoryQuestion 24 1 points SaveParticipative management and empowerment results inincreased job satisfaction.greater commitment by employees to organizational goals.increased benefit costs.both a and b.both b and c.Question 25 1 points SaveA challenging job and self-fulfillment can meet the ___________ needs level in the hierarchy of needs model.socialself-actualizationphysiologicalesteemsecurityQuestion 26 1 points SaveWhich of the following approaches to human relations in the workplace reflects a basic theory of motivation?classical theoryscientific managementbehavior theorycontemporary motivational theoryall of the aboveQuestion 27 1 points SaveWhich of the following is designed to add one or more motivating factors to job activities?process managementjob redesignjob enrichmentMBOteam managementQuestion 28 1 points SaveAt Trilogy Software, Joe Liemandt emphasizesteamwork and risk-taking.process improvement.job redesign.telecommuting.reducing turnover.Question 29 1 points SaveAt United Systems, managers and employees meet to discuss organizational goals and set individual goals. Employees are evaluated and rewarded based on their achievement of these goals. United Systems uses a __________ system.participative managementmanagement by objectivesteam managementjob enrichmentflextimeQuestion 30 1 points SaveJob rotation is a form ofjob enrichment.management by objectives.team management.flextime.participative management.Question 31 1 points SaveWhich of the following is a component of the marketing mix?placepricingpricingproductall of the aboveQuestion 32 1 points SaveXbox was created by __________ and released to the market in November ______.Nintendo, 2001Dell, 2000IBM, 2000Sega, 2001Microsoft, 2001Question 33 1 points SaveProducts purchased for personal use are calledintangibles.consumer goods.industrial goods.industrial services.the advertising mix.Question 34 1 points SaveWhich of the following is NOT a method of marketing research?surveysobservationfocus groupsexperimentationpositioningQuestion 35 1 points SaveHospitals, churches, museums, and charitable organizations are called __________ markets.resellerindustrialinstitutionalgovernmentpricingQuestion 36 1 points SaveRaw materials, integrated circuits, and surgical instruments aresubstitute products.industrial goods.consumer goods.marketing goods.services.Question 37 1 points SaveData warehousing isa marketing strategy that emphasizes long lasting relationships with customers.the process of dividing a market into categories of customer types.the study of consumer needs and wants, and the ways in which sellers can best meet them.the process of collecting, storing, and retrieving data in electronic files.the process of fixing, adapting, and communicating the nature of the product itself.Question 38 1 points SaveMarket segmentation isa marketing strategy that emphasizes long lasting relationships with customers.the process of dividing a market into categories of customer types.the study of consumer needs and wants, and the ways in which sellers can best meet them.the process of collecting, storing, and retrieving data in electronic files.the process of fixing, adapting, and communicating the nature of the product itself.Question 39 1 points SaveWhich of the following best describes place utility?Emphasizing lasting relationships with customers and suppliers.Making products available when consumers want them.Transferring legal possession to the consumer.Making products available where consumers can conveniently purchase them.Turning raw materials into finished products.Question 40 1 points SaveWhich of the following is NOT a component of the organizational market?reseller marketsindustrial marketsinstitutional marketgovernment marketsretail marketsQuestion 41 1 points SaveWhen the quantity demanded exceeds the quantity supplied, a(n) __________ will result.demand deficitstoppageequilibrium pointshortagesurplusQuestion 42 1 points SaveWho is MOST closely associated with the Production Era?Andrew CarnegieAndrew MellonJohn D. RockefellerJ.P. MorganHenry FordQuestion 43 1 points SaveMarket forecasts are an example ofinformation resources.physical resources.capital.labor.entrepreneurs.Question 44 1 points SaveWhich of the following most accurately reflects the history of business in the US, from earliest to most recent?Entrepreneurial Era, Industrial Revolution, Global Era, Marketing Era, Internet Era, Production Era.Industrial Revolution, Production Era, Entrepreneurial Era, Marketing Era, Internet Era, Global Era.Production Era, Industrial Revolution, Entrepreneurial Era, Marketing Era, Global Era, Internet Era.Marketing Era, Entrepreneurial Era, Industrial Revolution, Marketing Era, Global Era, Internet Era.Industrial Revolution, Entrepreneurial Era, Production Era, Marketing Era, Global Era, Internet Era.Question 45 1 points SaveOf the following periods, which came first?Entrepreneurial EraIndustrial RevolutionGlobal EraMarketing EraProduction EraQuestion 46 1 points SaveIn the city of Westminster, market analysts have observed that all Christmas trees offered for sale will be purchased at a price of $20.00 and all demand will be satisfied. In this market, $20,00 is theequilibrium price.demand price.supply price.enterprise price.margin price.Question 47 1 points SaveIn socialism, which of the following is most UNLIKELY to be owned by the government?the banking industrythe communications industrythe transportation industrythe restaurant industrythe steel industryQuestion 48 1 points SaveWhich of the following eras was prompted by increased consumer demand after World War II?Global EraIndustrial RevolutionEntrepreneurial EraProduction EraMarketing EraQuestion 49 1 points SaveOn a graph showing the supply curve and the demand curve, the point at which the supply curve crosses the demand curve is referred to as _______.the junctionthe crossoverthe equilibrium pricethe law of demandthe breakeven pointQuestion 50 1 points Save”Buyers will purchase (demand) more of a product as its price drops and less of a product as its price increases.” This is referred to asthe buyers’ code of conduct.the eternal purchase guideline.the “asking factor”.the law of demand.the greater sucker theory.Question 51 1 points SaveIn a(n) __________ corporation, stock may be traded on the exchanges of several countries.transnationalprivateS-limited liabilityglobalQuestion 52 1 points SaveWhich of the following typically has voting rights, with each share carrying one vote?common stockpreferred stockbondsoptionsfuturesQuestion 53 1 points SaveUnder a franchise arrangement, the buyer is called thefranchisee.franchiser.bank.parent company.wholesaler.Question 54 1 points SaveUnder this arrangement, the SBA works with a corporation founded by local citizens who want to boost the local economy to finance the small business, with the SBA’s share not to exceed $500,000 for each small business.guaranteed loans programimmediate participation loans programventure capital subsidy programlocal development companies programlong-term progressive loan programQuestion 55 1 points SaveMasterCard is an example of a private or ________ corporation.generalpublicclosely heldsolelimitedQuestion 56 1 points SaveWhich of the following are recent trends in small business startups?Entrepreneurs who cross over from big business.Increased opportunities for minorities.Increased opportunities for women.New opportunities in global enterprise.All of the above.Question 57 1 points SaveWhich of the following specializes in financing businesses that are owned and operated by minorities?MESBICsUNESCOUNSCOMsSECFERACQuestion 58 1 points SaveJan Pennington is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?freedomsimple to formlimited liabilitylow startup coststax benefitsQuestion 59 1 points SaveAlan has invested $100,000 in a new business. In the event that the business fails, Alan can lose no more than the $100,000 that he has invested. Alan has most likely invested in acorporation.limited partnership.general partnership.sole proprietorship.either a or b.Question 60 1 points SaveWhich of the following guarantees holders fixed dividends?common stockbondsmortgagespreferred stocknone of the aboveQuestion 61 1 points SaveWhich of the following is a selection technique?application formsinterviewsaptitude testspolygraph testsall of the aboveQuestion 62 1 points SaveMember of the International Brotherhood of Basketweavers have walked off the job based on the failure of contract negotiations between Collector Baskets, Inc. and the union representing the building maintenance staff. This is an example of a(n) __________ strike.wildcatsympathywageeconomiccontingentQuestion 63 1 points SaveWhich of the following describes the skills, education, and experience required by a job?staffing surveyadvertising budgetjob specificationemployee analysison-the-job training agreementQuestion 64 1 points SaveJane, a supervisor, has offered George, a subordinate, a raise and promotion in exchange for a sexual relationship. This is an example of _________ harassment.quid pro quohostile work environmentaffirmative actionemployment-at-willreverseQuestion 65 1 points SaveA standardized form that asks the applicant for information such as background, experience, and education is referred to as a(n)resume.letter of introduction.advertisement.job application.performance recommendation.Question 66 1 points SaveEmployees hired to supplement an organization’s permanent work force are calledunion trustbusters.contingent workers.migratory workers.flextime workers.telecommuters.Question 67 1 points SaveA ___________ allows wage rates to be renegotiated during the life of a labor contract.cost-of-living adjustmentbargaining zonestrikebargaining unitwage reopener clauseQuestion 68 1 points SaveA(n) ____________ is a set of individuals who, by nature of one or more common characteristics, are protected from discrimination on the basis of that characteristic.protected classbargaining unitunionworker’s consortiumaffirmative actionQuestion 69 1 points SaveAfter negotiations failed, Collector Baskets, Inc. may chose to use a(n) __________ to prevent union employees from coming to work.wildcat strikeboycottlockoutd strikebreakereconomic strikeQuestion 70 1 points SaveWhich of the following links raises performance levels in nonsales jobs?bonusesmerit salary systemswagescafeteria benefit plansworkers’ compensation insuranceQuestion 71 1 points SaveWhich of the following is a benefit of treating departments as profit centers?Control is narrowed and made easier.Coordination is narrowed and made easier.Top managers can see how units are performing.A department can be treated as a profit center.All of the above.Question 72 1 points SaveWhich of the following is a disadvantage of specialization?Employees may derive less satisfaction from their jobs.Employees may become bored and careless.Employees may become overpaid.All of the above.Both a and b.Question 73 1 points SaveWhen the organization is divided according to production processes, it is using __________ departmentalization.functionalprocesscustomergeographicfinanceQuestion 74 1 points SaveIn early 1999, Ford executives announced changes intended to eliminate corporate bureaucracy, speed decision making, and improve communication and working relationships among people at different levels of the organization. These changes are examples of the ________ function of management.controllingdirectingorganizingplanningnone of the aboveQuestion 75 1 points SaveWhich of the following best describes responsibility?The power to make the decisions necessary to complete a task.The liability of subordinates for accomplishing tasks assigned by managers.The number of people supervised by one manager.The duty to perform an assigned task.The assignment of a task, responsibility, or authority by a manager to a subordinate.Question 76 1 points SaveVlasic has separate divisions to transform cucumbers into fresh-packed pickles, pickles cured in brine, and relishes. This is an example of __________ departmentalization.customerfunctionalgeographicprocessproductQuestion 77 1 points SaveShell Oil has recently purchased an executive conference center north of Houston as part of its program to become a __________ organization.teamvirtuallearningboundarylessflexibleQuestion 78 1 points SaveWhich of the following begins when a manager assigns a task to a subordinate?delegationresponsibilitycentralizationdecentralizationauthorityQuestion 79 1 points SaveAuthority given to a special group of employees that play central roles in the firm’s daily operations is calledrisk aversion.committee and team authority.line authority.matrix organization.international organization.Question 80 1 points SaveCypress Semiconductor employs a __________ organizational structure.teamvirtuallearningboundarylessflexibleQuestion 81 1 points SaveA __________ balance of trade results when a country exports more than it imports.positivebeneficialdepressednominalnegativeQuestion 82 1 points SaveHow might low inflation affect McDonald’s?McDonald’s will pay higher prices for supplies and will charge customers more for its products.McDonald’s will pay relatively constant prices for supplies and will charge customers more for its products.McDonald’s will pay higher prices for supplies, but will be unable to increase the price paid by customers.McDonald’s will pay relatively constant prices for supplies, but will be unable to increase the price paid by customers.McDonald’s will pay much higher prices for supplies and will charge customers more for its products.Question 83 1 points SaveWhich of the following will influence a neighborhood grocery store?an increase in unemployment in the areapricing policies of competitorsother marketing policies of competitorsall of the abovenone of the aboveQuestion 84 1 points Save____________ is the economic condition characterized by widespread increased prices without increased purchasing power.UnemploymentDeflationExpansionStabilityInflationQuestion 85 1 points SaveWhich of the following best describes real GDP?Total quantity of goods and services produced by an economic system.Total quantity and quality of goods and services that a country’s citizens can purchase with the currency used in their economic system.Total value of all goods and services produced within a given period by a national economy, through domestic factors of production measured in current dollars, or with all components valued at current prices.Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production.Total value of all goods and services produced by a national economy within a given period, calculated to account for changes in currency values and price changes.Question 86 1 points SaveCurrently, the U.S. national debt is approximately$590 million.$59 billion.$590 billion.$5.9 trillion.$590 trillion.Question 87 1 points SaveThe principle of _________ states that exchange rates are set so that the prices of similar products in different countries are about the same.purchasing power parityconsumer price indexgross national productequal pricesnominal GDPQuestion 88 1 points SaveWhich of the following statements about inflation is true?The consumer price index is a good way of measuring inflation.Inflation decreases the purchasing power of consumer dollars.Inflation increases the purchasing power of consumer dollars.Both a and b.None of the above.Question 89 1 points SaveTaken together, fiscal policy and monetary policy make up ________ policy.economicinflationrecessioninformationstabilizationQuestion 90 1 points SaveIn the Fortune list of most admired companies, _________ was ranked first in its industry in 2001 and last in the 2002 list.EnronWal-MartSouthwest AirlinesMerckCanonQuestion 91 1 points SaveCoca Cola’s decision to increase sales in Europe by building European bottling facilities is an example of a(n)tactical plan.operational plan.strategic tactic.strategic plan.operational tactic.Question 92 1 points SaveMarjorie Scardino’s focus as CEO of Pearson PLC is onmaximizing sales.looking for ways to increase efficiency and lower costs.the personal and professional welfare of her employees.reorganizing a large number of services into four core businesses.developing new products.Question 93 1 points SaveDeveloped by middle- and lower-level managers, these short-term targets are directed at daily, weekly, or monthly performance.strategic goalstactical plansstrategic plansoperational planstactical strategiesQuestion 94 1 points SaveTitles such as plant manager, operations manager, and division manager designate which of the following levels of management?first-line managerssecond-line managersmiddle managerstop managerssupervisorsQuestion 95 1 points SaveComparing actual performance against standards is an example of which of the following processes of management?planningoptimizingorganizingdirectingcontrollingQuestion 96 1 points SaveWhich of the following managers depend most on conceptual skills?first-line managerstop managersmiddle managersproduction managersmarketing managersQuestion 97 1 points SaveWhich of the following would be classified as an opportunity for an organization?government regulationscompetitionchanging consumer tastesstrong reputation with consumersrecall of a competitor’s productQuestion 98 1 points SavePearson PLC is a(n)British media company.credit card and financial services company.travel agency.entertainment conglomerate.farming cooperative.Question 99 1 points SaveThe last step in the decision-making process isevaluating the alternatives.implementing the chosen alternative.defining the problem.evaluating the effectiveness of the chosen alternative.gathering facts.Question 100 1 points SaveThe titles supervisor, office manager, and group leader are examples of which of the following levels of management?top managementmiddle managementfirst-line managementoperations managementmarketing managementName Midterm ExamInstructionsMultiple Attempts This Test allows 2 attempts. This is attempt number 2.Force Completion This Test can be saved and resumed later.Question 1 1 points SaveWhich of the following has NOT been identified as a basic consumer right?Consumers have a right to safe products.Consumers have a right to collude.Consumers have a right to be informed about a product.Consumers have a right to be heard.Consumers have a right to choose what they buy.Question 2 1 points Save__________ occurs when producers, wholesalers, or retailers respond to increased demand with extremely high prices.Price fixingGain takingPrice gougingRecession pricingInflationQuestion 3 1 points SaveThe Ronald McDonald House program is a good example of a(n) _____________ stance to social responsibility.accommodativeobstructionistproactivedefensivesocietalQuestion 4 1 points SaveThe Brazilian practice of jeitinho means”to find a way”.”to win at all costs”.”on my honor”.”to dance together”.”to fight like a lion”.Question 5 1 points SaveCarbon monoxide emitted by automobiles contributes toland pollution.air pollution.noise pollution.kiting.consumption.Question 6 1 points SaveWhich is the first step in establishing a social responsibility program?Social responsibility must start at the top.A committee of top managers must develop a plan.Governmental initiatives must dictate starting a plan.One executive must be put in charge of the firm’s agenda.The organization must conduct occasional social audits.Question 7 1 points SaveDangerous chemical and/or radioactive byproducts of manufacturing processes are calledgreen rain.phosphates.exajoules.toxic wastes.spreaders.Question 8 1 points SaveIn the fall of 2001, _________ purchased a 20% stake in ImClone.American Home ProductsBioMedIBMSchering-PloughBristol-MyersQuestion 9 1 points SaveFirms adopting a(n) ___________ stance to social responsibility do not necessarily or proactively seek avenues for contributing, but participate after solicitation.accommodativeobstructionistproactivedefensivesocietalQuestion 10 1 points SaveRetailers who charged very high prices during the panic immediately following September 11, 2001 could have been charge withprice fixing.price matching.unit pricing.segmentation pricing.price gouging.Question 11 1 points SaveBest Brews buys coffee beans grown in South American and has them shipped to the U.S. for sale in their high-end coffee shops. In this example, Best Buys is _________ coffee.importingbuying backbrokeringexportingservicingQuestion 12 1 points SaveWhich of the following is NOT mentioned as a common legal and political issue in international business?quotastariffslocal content lawsbusiness practice lawsreal property taxesQuestion 13 1 points SaveMany countries control bacteria and disease by banning certain agricultural products throughtariffs.embargoes.subsidies.local content laws.quotas.Question 14 1 points SaveThe rate at which the currency of one nation can be exchanged for that of another is called a(n)balance of payments.exchange rate.floating interest rate.trade surplus.trade deficit.Question 15 1 points SaveWhich of the following large firms began their international operations as exporters?WalgreensCisco SystemsUPSUSPSCoca-ColaQuestion 16 1 points SaveTariffs that are imposed strictly to raise money for the government are referred to as ________ tariffs.revenuequotasubsidyprotectionistunionQuestion 17 1 points SaveUsing a(n) ________ strategy, the company finds a partner in the country in which it would like to conduct business.branch officereplicationstrategic allianceindependent agencydirect investmentQuestion 18 1 points SaveToyota began selling cars in the United States during the1930’s.1940’s.1950’s.1960’s.1970’s.Question 19 1 points SaveIn 1999, the U.S. charged companies from Japan and Brazil with __________ for selling steel at prices 70% below its normal value.briberysetting up a cartelsetting quotasdumpingglobalizationQuestion 20 1 points SaveThe amount of Canadian softwood timber that can be imported is limited under a(n)tariff.embargo.subsidy.local content law.quota.Question 21 1 points Save__________ is a system of collaborative goal settings that extends from the top of an organization to the bottom.Equity theoryTwo-factor theoryHygiene theoryManagement by objectivesEmpowermentQuestion 22 1 points SaveJoe Liemandt is the founder ofEDS.Trilogy Software.BMC Software.Wal-Mart.Taylor Corporation.Question 23 1 points SaveAccording to which of the following theories are workers solely motivated by money?behavior theoryhuman relations theorytwo-factor theoryclassical theoryexpectancy theoryQuestion 24 1 points SaveParticipative management and empowerment results inincreased job satisfaction.greater commitment by employees to organizational goals.increased benefit costs.both a and b.both b and c.Question 25 1 points SaveA challenging job and self-fulfillment can meet the ___________ needs level in the hierarchy of needs model.socialself-actualizationphysiologicalesteemsecurityQuestion 26 1 points SaveWhich of the following approaches to human relations in the workplace reflects a basic theory of motivation?classical theoryscientific managementbehavior theorycontemporary motivational theoryall of the aboveQuestion 27 1 points SaveWhich of the following is designed to add one or more motivating factors to job activities?process managementjob redesignjob enrichmentMBOteam managementQuestion 28 1 points SaveAt Trilogy Software, Joe Liemandt emphasizesteamwork and risk-taking.process improvement.job redesign.telecommuting.reducing turnover.Question 29 1 points SaveAt United Systems, managers and employees meet to discuss organizational goals and set individual goals. Employees are evaluated and rewarded based on their achievement of these goals. United Systems uses a __________ system.participative managementmanagement by objectivesteam managementjob enrichmentflextimeQuestion 30 1 points SaveJob rotation is a form ofjob enrichment.management by objectives.team management.flextime.participative management.Question 31 1 points SaveWhich of the following is a component of the marketing mix?placepricingpricingproductall of the aboveQuestion 32 1 points SaveXbox was created by __________ and released to the market in November ______.Nintendo, 2001Dell, 2000IBM, 2000Sega, 2001Microsoft, 2001Question 33 1 points SaveProducts purchased for personal use are calledintangibles.consumer goods.industrial goods.industrial services.the advertising mix.Question 34 1 points SaveWhich of the following is NOT a method of marketing research?surveysobservationfocus groupsexperimentationpositioningQuestion 35 1 points SaveHospitals, churches, museums, and charitable organizations are called __________ markets.resellerindustrialinstitutionalgovernmentpricingQuestion 36 1 points SaveRaw materials, integrated circuits, and surgical instruments aresubstitute products.industrial goods.consumer goods.marketing goods.services.Question 37 1 points SaveData warehousing isa marketing strategy that emphasizes long lasting relationships with customers.the process of dividing a market into categories of customer types.the study of consumer needs and wants, and the ways in which sellers can best meet them.the process of collecting, storing, and retrieving data in electronic files.the process of fixing, adapting, and communicating the nature of the product itself.Question 38 1 points SaveMarket segmentation isa marketing strategy that emphasizes long lasting relationships with customers.the process of dividing a market into categories of customer types.the study of consumer needs and wants, and the ways in which sellers can best meet them.the process of collecting, storing, and retrieving data in electronic files.the process of fixing, adapting, and communicating the nature of the product itself.Question 39 1 points SaveWhich of the following best describes place utility?Emphasizing lasting relationships with customers and suppliers.Making products available when consumers want them.Transferring legal possession to the consumer.Making products available where consumers can conveniently purchase them.Turning raw materials into finished products.Question 40 1 points SaveWhich of the following is NOT a component of the organizational market?reseller marketsindustrial marketsinstitutional marketgovernment marketsretail marketsQuestion 41 1 points SaveWhen the quantity demanded exceeds the quantity supplied, a(n) __________ will result.demand deficitstoppageequilibrium pointshortagesurplusQuestion 42 1 points SaveWho is MOST closely associated with the Production Era?Andrew CarnegieAndrew MellonJohn D. RockefellerJ.P. MorganHenry FordQuestion 43 1 points SaveMarket forecasts are an example ofinformation resources.physical resources.capital.labor.entrepreneurs.Question 44 1 points SaveWhich of the following most accurately reflects the history of business in the US, from earliest to most recent?Entrepreneurial Era, Industrial Revolution, Global Era, Marketing Era, Internet Era, Production Era.Industrial Revolution, Production Era, Entrepreneurial Era, Marketing Era, Internet Era, Global Era.Production Era, Industrial Revolution, Entrepreneurial Era, Marketing Era, Global Era, Internet Era.Marketing Era, Entrepreneurial Era, Industrial Revolution, Marketing Era, Global Era, Internet Era.Industrial Revolution, Entrepreneurial Era, Production Era, Marketing Era, Global Era, Internet Era.Question 45 1 points SaveOf the following periods, which came first?Entrepreneurial EraIndustrial RevolutionGlobal EraMarketing EraProduction EraQuestion 46 1 points SaveIn the city of Westminster, market analysts have observed that all Christmas trees offered for sale will be purchased at a price of $20.00 and all demand will be satisfied. In this market, $20,00 is theequilibrium price.demand price.supply price.enterprise price.margin price.Question 47 1 points SaveIn socialism, which of the following is most UNLIKELY to be owned by the government?the banking industrythe communications industrythe transportation industrythe restaurant industrythe steel industryQuestion 48 1 points SaveWhich of the following eras was prompted by increased consumer demand after World War II?Global EraIndustrial RevolutionEntrepreneurial EraProduction EraMarketing EraQuestion 49 1 points SaveOn a graph showing the supply curve and the demand curve, the point at which the supply curve crosses the demand curve is referred to as _______.the junctionthe crossoverthe equilibrium pricethe law of demandthe breakeven pointQuestion 50 1 points Save”Buyers will purchase (demand) more of a product as its price drops and less of a product as its price increases.” This is referred to asthe buyers’ code of conduct.the eternal purchase guideline.the “asking factor”.the law of demand.the greater sucker theory.Question 51 1 points SaveIn a(n) __________ corporation, stock may be traded on the exchanges of several countries.transnationalprivateS-limited liabilityglobalQuestion 52 1 points SaveWhich of the following typically has voting rights, with each share carrying one vote?common stockpreferred stockbondsoptionsfuturesQuestion 53 1 points SaveUnder a franchise arrangement, the buyer is called thefranchisee.franchiser.bank.parent company.wholesaler.Question 54 1 points SaveUnder this arrangement, the SBA works with a corporation founded by local citizens who want to boost the local economy to finance the small business, with the SBA’s share not to exceed $500,000 for each small business.guaranteed loans programimmediate participation loans programventure capital subsidy programlocal development companies programlong-term progressive loan programQuestion 55 1 points SaveMasterCard is an example of a private or ________ corporation.generalpublicclosely heldsolelimitedQuestion 56 1 points SaveWhich of the following are recent trends in small business startups?Entrepreneurs who cross over from big business.Increased opportunities for minorities.Increased opportunities for women.New opportunities in global enterprise.All of the above.Question 57 1 points SaveWhich of the following specializes in financing businesses that are owned and operated by minorities?MESBICsUNESCOUNSCOMsSECFERACQuestion 58 1 points SaveJan Pennington is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?freedomsimple to formlimited liabilitylow startup coststax benefitsQuestion 59 1 points SaveAlan has invested $100,000 in a new business. In the event that the business fails, Alan can lose no more than the $100,000 that he has invested. Alan has most likely invested in acorporation.limited partnership.general partnership.sole proprietorship.either a or b.Question 60 1 points SaveWhich of the following guarantees holders fixed dividends?common stockbondsmortgagespreferred stocknone of the aboveQuestion 61 1 points SaveWhich of the following is a selection technique?application formsinterviewsaptitude testspolygraph testsall of the aboveQuestion 62 1 points SaveMember of the International Brotherhood of Basketweavers have walked off the job based on the failure of contract negotiations between Collector Baskets, Inc. and the union representing the building maintenance staff. This is an example of a(n) __________ strike.wildcatsympathywageeconomiccontingentQuestion 63 1 points SaveWhich of the following describes the skills, education, and experience required by a job?staffing surveyadvertising budgetjob specificationemployee analysison-the-job training agreementQuestion 64 1 points SaveJane, a supervisor, has offered George, a subordinate, a raise and promotion in exchange for a sexual relationship. This is an example of _________ harassment.quid pro quohostile work environmentaffirmative actionemployment-at-willreverseQuestion 65 1 points SaveA standardized form that asks the applicant for information such as background, experience, and education is referred to as a(n)resume.letter of introduction.advertisement.job application.performance recommendation.Question 66 1 points SaveEmployees hired to supplement an organization’s permanent work force are calledunion trustbusters.contingent workers.migratory workers.flextime workers.telecommuters.Question 67 1 points SaveA ___________ allows wage rates to be renegotiated during the life of a labor contract.cost-of-living adjustmentbargaining zonestrikebargaining unitwage reopener clauseQuestion 68 1 points SaveA(n) ____________ is a set of individuals who, by nature of one or more common characteristics, are protected from discrimination on the basis of that characteristic.protected classbargaining unitunionworker’s consortiumaffirmative actionQuestion 69 1 points SaveAfter negotiations failed, Collector Baskets, Inc. may chose to use a(n) __________ to prevent union employees from coming to work.wildcat strikeboycottlockoutd strikebreakereconomic strikeQuestion 70 1 points SaveWhich of the following links raises performance levels in nonsales jobs?bonusesmerit salary systemswagescafeteria benefit plansworkers’ compensation insuranceQuestion 71 1 points SaveWhich of the following is a benefit of treating departments as profit centers?Control is narrowed and made easier.Coordination is narrowed and made easier.Top managers can see how units are performing.A department can be treated as a profit center.All of the above.Question 72 1 points SaveWhich of the following is a disadvantage of specialization?Employees may derive less satisfaction from their jobs.Employees may become bored and careless.Employees may become overpaid.All of the above.Both a and b.Question 73 1 points SaveWhen the organization is divided according to production processes, it is using __________ departmentalization.functionalprocesscustomergeographicfinanceQuestion 74 1 points SaveIn early 1999, Ford executives announced changes intended to eliminate corporate bureaucracy, speed decision making, and improve communication and working relationships among people at different levels of the organization. These changes are examples of the ________ function of management.controllingdirectingorganizingplanningnone of the aboveQuestion 75 1 points SaveWhich of the following best describes responsibility?The power to make the decisions necessary to complete a task.The liability of subordinates for accomplishing tasks assigned by managers.The number of people supervised by one manager.The duty to perform an assigned task.The assignment of a task, responsibility, or authority by a manager to a subordinate.Question 76 1 points SaveVlasic has separate divisions to transform cucumbers into fresh-packed pickles, pickles cured in brine, and relishes. This is an example of __________ departmentalization.customerfunctionalgeographicprocessproductQuestion 77 1 points SaveShell Oil has recently purchased an executive conference center north of Houston as part of its program to become a __________ organization.teamvirtuallearningboundarylessflexibleQuestion 78 1 points SaveWhich of the following begins when a manager assigns a task to a subordinate?delegationresponsibilitycentralizationdecentralizationauthorityQuestion 79 1 points SaveAuthority given to a special group of employees that play central roles in the firm’s daily operations is calledrisk aversion.committee and team authority.line authority.matrix organization.international organization.Question 80 1 points SaveCypress Semiconductor employs a __________ organizational structure.teamvirtuallearningboundarylessflexibleQuestion 81 1 points SaveA __________ balance of trade results when a country exports more than it imports.positivebeneficialdepressednominalnegativeQuestion 82 1 points SaveHow might low inflation affect McDonald’s?McDonald’s will pay higher prices for supplies and will charge customers more for its products.McDonald’s will pay relatively constant prices for supplies and will charge customers more for its products.McDonald’s will pay higher prices for supplies, but will be unable to increase the price paid by customers.McDonald’s will pay relatively constant prices for supplies, but will be unable to increase the price paid by customers.McDonald’s will pay much higher prices for supplies and will charge customers more for its products.Question 83 1 points SaveWhich of the following will influence a neighborhood grocery store?an increase in unemployment in the areapricing policies of competitorsother marketing policies of competitorsall of the abovenone of the aboveQuestion 84 1 points Save____________ is the economic condition characterized by widespread increased prices without increased purchasing power.UnemploymentDeflationExpansionStabilityInflationQuestion 85 1 points SaveWhich of the following best describes real GDP?Total quantity of goods and services produced by an economic system.Total quantity and quality of goods and services that a country’s citizens can purchase with the currency used in their economic system.Total value of all goods and services produced within a given period by a national economy, through domestic factors of production measured in current dollars, or with all components valued at current prices.Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production.Total value of all goods and services produced by a national economy within a given period, calculated to account for changes in currency values and price changes.Question 86 1 points SaveCurrently, the U.S. national debt is approximately$590 million.$59 billion.$590 billion.$5.9 trillion.$590 trillion.Question 87 1 points SaveThe principle of _________ states that exchange rates are set so that the prices of similar products in different countries are about the same.purchasing power parityconsumer price indexgross national productequal pricesnominal GDPQuestion 88 1 points SaveWhich of the following statements about inflation is true?The consumer price index is a good way of measuring inflation.Inflation decreases the purchasing power of consumer dollars.Inflation increases the purchasing power of consumer dollars.Both a and b.None of the above.Question 89 1 points SaveTaken together, fiscal policy and monetary policy make up ________ policy.economicinflationrecessioninformationstabilizationQuestion 90 1 points SaveIn the Fortune list of most admired companies, _________ was ranked first in its industry in 2001 and last in the 2002 list.EnronWal-MartSouthwest AirlinesMerckCanonQuestion 91 1 points SaveCoca Cola’s decision to increase sales in Europe by building European bottling facilities is an example of a(n)tactical plan.operational plan.strategic tactic.strategic plan.operational tactic.Question 92 1 points SaveMarjorie Scardino’s focus as CEO of Pearson PLC is onmaximizing sales.looking for ways to increase efficiency and lower costs.the personal and professional welfare of her employees.reorganizing a large number of services into four core businesses.developing new products.Question 93 1 points SaveDeveloped by middle- and lower-level managers, these short-term targets are directed at daily, weekly, or monthly performance.strategic goalstactical plansstrategic plansoperational planstactical strategiesQuestion 94 1 points SaveTitles such as plant manager, operations manager, and division manager designate which of the following levels of management?first-line managerssecond-line managersmiddle managerstop managerssupervisorsQuestion 95 1 points SaveComparing actual performance against standards is an example of which of the following processes of management?planningoptimizingorganizingdirectingcontrollingQuestion 96 1 points SaveWhich of the following managers depend most on conceptual skills?first-line managerstop managersmiddle managersproduction managersmarketing managersQuestion 97 1 points SaveWhich of the following would be classified as an opportunity for an organization?government regulationscompetitionchanging consumer tastesstrong reputation with consumersrecall of a competitor’s productQuestion 98 1 points SavePearson PLC is a(n)British media company.credit card and financial services company.travel agency.entertainment conglomerate.farming cooperative.Question 99 1 points SaveThe last step in the decision-making process isevaluating the alternatives.implementing the chosen alternative.defining the problem.evaluating the effectiveness of the chosen alternative.gathering facts.Question 100 1 points SaveThe titles supervisor, office manager, and group leader are examples of which of the following levels of management?top managementmiddle managementfirst-line managementoperations managementmarketing management