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BUS 309 Week 5 Quiz

BUS 309 Week 5 Quiz
BUS 309 Week 5 Quiz -

Question 1

For the first time since the Industrial Revolution, less than _____ percent of the American workforce was employed by manufacturing.

  • 10
  • 25
  • 50
  • 62


Question 2

An exclusive focus on short-term performance

  • is the best guarantee of a company's long-term performance.
  • has helped to create a high-pressure environment conducive to fraud.
  • encourages long-term research and development.
  • hurts stock prices.


Question 3

The profit motive

  • is a fundamental feature of all societies.
  • is no longer a key feature of capitalism.
  • must be checked by competition if society is to benefit.
  • is basically immoral.


Question 4

Marxism states

  • capitalism leads to a concentration of property and thus a concentration of resources and power in relatively few hands.
  • socialism will eventually be replaced by financial capitalism.
  • the means of production should be placed under the control of the bourgeoisie.
  • only workers who are poorly paid in a capitalist system are alienated.


Question 5

For employees who are paid handsomely for their efforts, Marx said their work would ultimately prove to be

  • profitable to them.
  • meaningless to them.
  • expensive to them.
  • tireless.


Question 6

An assessment of work in America is

  • American manufacturing is growing faster than ever.
  • American corporations ignore short-term performance.
  • manufacturing still employs more people than government.
  • many manufacturing companies have become "hollow" or "weightless".


Question 7

Rather than strong work ethic, a common attitude is:

  • Me-first
  • I like it easy
  • Happy days are here to stay
  • Let the boss sweat it


Question 8

The Fugger dynasty was an example of

  • industrial capitalism.
  • financial capitalism.
  • mercantile capitalism.
  • globalized capitalism.


Question 9

Though many jobs are outsourced, most economists believe

  • Mexico is the place to work.
  • the United States is in trouble.
  • the economy will create new jobs in the USA.
  • manufacturing will make a comeback.


Question 10

Evidence for the idea that American manufacturing is declining is

  • the fact that government now employs more people than manufacturing.
  • a reluctance to outsource.
  • fewer "hollow" corporations.
  • a shrinking trade deficit.


Question 11

One of the key features of capitalism is

  • favoritism.
  • cooperation.
  • inequality.
  • competition.


Question 12

The concept of the "invisible hand" means

  • pursuit of private gain will bring the best overall results.
  • although it can't be seen, the hand of government controls the economy.
  • feudalism inevitably gives rise to capitalism.
  • externalities must be internalized.


Question 13

According to one survey of cultural values

  • Americans value work more than Japanese do.
  • for Americans, only good health is more important than work.
  • Americans typically value things like their children's education and a satisfactory love life more than work.
  • Americans place no value on work, only on money.


Question 14

Many economists are concerned that the growing trade deficit makes the U.S. vulnerable to

  • terrorist attacks.
  • ease.
  • depression.
  • economic extortion.


Question 15

Some critics of capitalism believe that it rests on a flawed view of human beings because

  • capitalism produces equality.
  • capitalism eliminates poverty.
  • capitalism assumes that well-being comes from greater material consumption.
  • capitalism offers a higher sense of purpose.


Question 16

The “rules of the game” for corporate work are intended to

  • let the games begin.
  • destroy the competition.
  • promote open and free competition.
  • make business fun.


Question 17

Which of the following contributed to the more relaxed incorporation procedures of modern times?

  • The idea that incorporation is a by-product of the people's right to associate, not a gift from the state.
  • The move from mercantilist thinking to a belief in Benjamin Franklin's invisible hand.
  • The idea that incorporation is a gift from the state.
  • The thought that laissez-faire is a losing proposition..


Question 18

One of the three important "limits to what the law can do" discussed by Christopher Stone is

  • laws are passed before there is any real problem to worry about.
  • consumers don't want further legal regulation.
  • designing effective regulations is difficult.
  • regulators are often "bought off" by corporations.


Question 19

Some argue for the narrow view of corporate social responsibility on the ground that managers have a fiduciary responsibility to maximize the profits of their shareholders. As discussed in Chapter 5, one problem with this argument is that

  • companies do not usually have a clear chain of command.
  • promises don't override all our other obligations.
  • managers don't always know how to maximize profits.
  • stockholders don't expect company managers to make money for them.


Question 20

Milton Friedman’s perspective is that the only social responsibility of a business is to

  • provide social benefit for the messes.
  • give jobs to the hard workers.
  • pay taxes to keep the government operating.
  • make money for its owners.


Question 21

Milton Friedman argues that

  • corporations today should adopt a broader view of their social responsibilities than they have in the past.
  • corporate officials have a social responsibility that goes beyond serving the interests of their stockholders.
  • strict governmental controls are necessary if society is to maximize its overall economic well-being.
  • a business's only social responsibility is to maximize profits within the rules of the game.


Question 22

Melvin Anshen suggests that there is a relationship between business and society which he termed as

  • “share the wealth.”
  • “the rich get richer and the poor get poorer.”
  • “social contract.”
  • “one for all and all for one.”


Question 23

A common point of contention about corporations is

  • corporate punishment is no different from individual punishment.
  • modern corporations no longer utilize a CID structure.
  • philosophers and business theorists disagree whether corporations are moral agents.
  • if corporations are moral agents, then this relieves individual human beings of any moral responsibility.


Question 24

In the corporate world, the board of directors will typically

  • rubber stamp the policies and recommendations of the management.
  • write the policies and procedures.
  • be there just for show.
  • hire and fire people for key management positions.


Question 25

The best statement concerning corporations is

  • corporations don't need moral codes.
  • corporate culture refers to the cultural activities sponsored by the company for its employees.
  • pollution caused by corporations isn't an externality.
  • corporate culture can be both explicit and implicit.


Question 26

The idea that corporations are moral agents

  • is accepted by many people and companies without hesitation.
  • has not been accepted by the courts.
  • has not been accepted by any major corporation.
  • is supported by the fiduciary relationship between management and shareholders.


Question 27

Momentum for the corporate organization of business really gained momentum after which war?

  • Revolutionary War
  • Civil War
  • French and Indian War
  • World War I


Question 28

Corporations differ from partnerships and other forms of business association in two ways. One of these is that

  • they are regulated by the Federal Trade Commission.
  • they are formed simply by an agreement entered into among their members.
  • they must be publicly registered or in some way officially acknowledged by the law.
  • their shareholders are entitled to their share of the company's profits as soon as they are ascertained or determined.


Question 29

Those with a broader view concerning business obligations believe that with power comes

  • more power.
  • too many limits.
  • more money.
  • social responsibility.


Question 30

Externalities are

  • always positive, never negative.
  • a blessing in disguise in inflationary times.
  • an inevitable by-product of social responsibility.
  • unintended side-effects.


Question 31

Economist Milton Friedman believed as long as a business meets minimal requirements of morality, it is free to single-mindedly pursue profit. Which of the following is Friedman a proponent of?

  • The broader view of corporate responsibility    
  • The narrow view of corporate responsibility     
  • The socialist view of federal ownership 
  • The ethical view of utilitarianism


Question 32

A publicly held company:      

  • Is owned by less than three investors.   
  • Allows its stocks to be traded among the general public.           
  • Does not partner with other companies.
  • Has a small group of investors who own all the outstanding shares of the corporation.


Question 33

In a ___________, the business is formed by an agreement entered into by its first members.  

  • Corporation     
  • Partnership      
  • Moral agency  
  • For-profit organization


Question 34

Which of the following is true of capitalist systems?          

  • Government regulates the practices of corporations.     
  • Individuals share the benefits and burdens of a society. 
  • Taxes are distributed different among social classes.     
  • Corporations have legal rights and legal obligations.


Question 35

A company that is vertically integrated:      

  • Exists in a high rise building      
  • Adopts different practices for each aspect of the business         
  • Makes nearly all the crucial parts of what it sells           
  • All of the above


Question 36

Critics of capitalism argue that:       

  • Capitalism leads to wealth inequality.    
  • Exploitation of the poor by the rich has occurred throughout history.     
  • It is sensible to live in a system that provides opportunities for upward social mobility.
  • Monopolies hurt consumers.


Question 37

Which of the following statements is a criticism of capitalism?     

  • Competition in the market can result in poor product quality.     
  • Capitalism incentivizes the wealthy to outsource labor and exploit the poor.       
  • Capitalism, because it is governed by merit, provides opportunities for social mobility.   
  • All of the above


Question 38

A socially responsible company should take responsibility for the effects its corporate decision making have on:           

  • Its shareholders           
  • Its employees  
  • The community
  • All of the above


Question 39

Which of the following is an argument that supports the narrow view of corporate responsibility?        

  • The “business-can’t-handle-it” argument           
  • The greater good argument      
  • The “consumer-makes-decisions” argument      
  • The self-interest argument


Question 40

Which of the following best describes the concept of outsourcing?           

  • Manufacturers buy parts or whole products from other producers.
  • Manufacturers hire workers from foreign countries.       
  • Manufacturers agree to sell products abroad.   
  • None of the above


Question 41

A company with minimum work quotas may create:           

  • A high pressure environment for employees
  • A low pressure environment for employees       
  • Unreliable, low-quality products           
  • A competitive buyer’s market, but a fair seller’s market


Question 42

Which of the following principles relates to the notion that the self-interest of individuals in a capitalist market would direct the market, essentially selecting the best products, prices, and suppliers? 

  • Individual need
  • The invisible hand        
  • Equal share      
  • Market theory


Question 43

Which of the following statements about the broader view of corporate responsibility is true?  

  • Smaller corporations perform better than larger ones.   
  • Businesses have a responsibility to consumers, employees, suppliers, and more, as well as to maximizing profit. 
  • Businesses see more success if maximizing profit isn’t their only concern.           
  • Corporations have a responsibility to their consumers but not to their employees and suppliers.


Question 44

Which of the following statements about corporate moral agency is most accurate?       

  • Corporate moral agency forbids the termination of employees who act immorally.         
  • Corporate moral agency is rooted in religious principles.           
  • Corporate moral agency is the debate to whether a corporation is the kind of entity that can make moral decisions and bear moral responsibility for its actions.      
  • None of the above


Question 45

Critics of __________ point out that with self-interest being so prevalent, the capacity for morality and concern for larger social interests is devalued.         

  • Socialism         
  • Capitalism       
  • The broader view of corporate responsibility    
  • Corporate culture


Question 46

Which of the following is an accurate statement about capitalism?           

  • It is built on the idea of free market and property rights.
  • It encourages government ownership and rewards individuals based on personal effort. 
  • It is built on the idea of social ownership and cooperative enterprises.   
  • It discourages private ownership.


Question 47

Which of the following occurs in a free market when suppliers begin to overproduce a given product? 

  • Consumer demand will decrease.         
  • Prices for that given product will remain the same.        
  • Consumer demand will remain the same.          
  • That given product will lose appeal.


Question 48

Which of the following statements does NOT attempt to provide a moral justification of capitalism?    

  • People have a natural right to own and oversee their own property.       
  • The healthiest and most robust markets are created when people are allowed to pursue and satisfy their own interests.          
  • Competition in the market is not always desirable.
  • Individuals should be left alone to accumulate capital by their own labor and not by government distribution or apportionment.


Question 49

Which of the following principles lies at the heart of the concept of the Invisible Hand?

  • Regulated distribution   
  • Supply and demand     
  • Government oversight  
  • Equal share


Question 50

Hollow corporations are:      

  • Companies that do little in-house production
  • Companies that have very few executives         
  • Companies that reject technological advances   
  • All of the above


 Question 51

According to the narrow view of corporate responsibility, businesses have an obligation to:      

  • Maximize profits          
  • Help out the poorest members of the community           
  • Hire a certain number of employees each year
  • All of the above


Question 52

The idea of institutionalizing ethics within corporations suggests that businesses:

  • Penalize employees who evaluate the morality of corporate decisions.   
  • End their defensiveness in the face of public discussion and criticism.     
  • Commit to ethical behaviour only internally, not externally.        
  • Avoid conducting ethical audits of their organizations policies and practices.


Question 53

Socialism dictates that _______________ make the economic decisions. 

  • The government           
  • Individuals       
  • The upper class           
  • Business owners


Question 54

How much does the United States import each year?        

  • Twice as much as it exports     
  • Half as much as it exports        
  • The U.S. only exports goods.   
  • None of the above



Question 55

Economist Kenneth Arrow would be a proponent of which of the following statements? 

  • Capitalism is governed almost entirely by economic self-interest.           
  • Equal share will negatively affect the work ethic of society as a whole.   
  • A stable economic life requires a certain degree of ethical behaviour.     
  • No person can be said to deserve his or her natural characteristics.


Question 56

Which of the following moral principles underscores capitalism?  

  • Integrity           
  • Self-interest     
  • Self-discipline  
  • Service


Question 57

If a company has ___________, that means the members are financially accountable for the debts of the organization.  

  • Government intervention
  • Public ownership         
  • Limited liability 
  • Moral agency


Question 58

Which of the following events in the history of capitalism occurred FIRST?        

  • Hans Fugger begins to collect and sell products made by other weavers.           
  • Business exchanges are organized by guilds, associations of individuals involved in the same trade.
  • The Great Depression ushers in state welfare capitalism.           
  • Industrial capitalism emerges.


Question 59

Capitalism dictates that _____________ make the economic decisions.   

  • The government           
  • Individuals       
  • The upper class           
  • Business owners


Question 60

Which of the following statements about work ethic is NOT true?

  • Work ethic is the concept that work is valued for its own sake. 
  • Work ethic is a value that all individuals innately possess.
  • Work ethic is rooted in the notion that hard work pays off in the end.    
  • Work ethic is related to the principles of integrity and responsibility.




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