PBAM Final Exam Review Part One

Front

Which dimension of the external environment BEST encompasses the factors affecting government regulation of business?

Back

Political-legal environment

Front

Which additional factor of production do economists now include, in addition to the traditional factors of labor, capital, entrepreneurs, and physical resources?

Back

Informational resources

Front

What is the BEST description of the law of demand?

Back

The quantity demanded increases as the price decreases.

Front

What happens if the price of textbooks goes above the equilibrium point?

Back

There will be a surplus of textbooks.

Front

Rolex Watches have lost some of their exclusiveness, and Rolex has been losing U.S. market share to BVLGARI and Tag Heuer. Which degree of competition describes the luxury watch market in the U.S.?

Back

Monopolistic

Front

Which of the following BEST describes a conflict of interest?

Back

An employee engaging in an activity that may benefit that individual to the detriment of his or her employer

Front

What question would a manager ask when examining an action or policy based on the ethical norm of utility?

Back

Does the action or policy optimize the benefits to those who are affected by it

Front

What is the single most effective step an organization can take to encourage ethical behavior in the workplace?

Back

Demonstrate top management support of ethical standards.

Front

Which question reflects the ethical norm of justice?

Back

Is this action consistent with what is generally considered to be "fair"?

Front

Advantage of a sole proprietorship?

Back

Ease of formation