BUS 101 Part 1

Multiple Choice

Which of the following is NOT typically considered a main participant in a business?

• Customers

• Suppliers

• Entrepreneurs

• Meteorologists

Open Ended

Why is it important to study business in today's world?

Multiple Choice

Which of the following is the main goal of a business?

• To provide only tangible products

• To satisfy only the needs of organizations

• To earn a profit

• To focus only on intangible characteristics

Multiple Choice

Which of the following economic systems involves individuals owning and operating the majority of businesses?

• Communism

• Socialism

• Capitalism

• Mixed Economy

Open Ended

Describe two major changes that occurred during the Industrial Revolution in the American economy.

Multiple Choice

Which of the following is NOT a benefit of artificial intelligence (AI) in the economy as described in the slide?

• It can provide greater productivity and higher quality service.

• It can be biased.

• It can only create jobs, not disrupt them.

• It will both disrupt and create many jobs.

Open Ended

Explain how the concepts of supply, demand, and equilibrium price interact to determine the price of a product in the market.

Open Ended

Discuss the difference between business ethics and social responsibility, and provide an example of each from a real or hypothetical business situation.

Multiple Choice

Which of the following is considered an ethical issue in business?

• Bribes

• Innovation

• Teamwork

• Profit sharing

Open Ended

Explain how the influence of managers and co-workers can impact ethical behavior in a business setting.

Multiple Select

Which of the following are types of corporate social responsibility (CSR)?

• Environmental

• Legal

• Philanthropic

• Economic

Open Ended

Summarize two basic strategies used in international business.

Multiple Select

Which of the following are economic barriers to international trade?

• Infrastructure

• Exchange rate

• Cultural differences

• Industrialized nations

Multiple Choice

Which of the following is an example of an ethical, legal, or political barrier to international trade?

• Differences in spoken and written language

• Laws and regulations that differ by country

• Family roles differing in societies

• Use of the metric system

Open Ended

Explain how social and cultural barriers can impact international trade.

Multiple Select

Which of the following statements about the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) are correct?

• GATT was signed by 23 nations in 1947.

• WTO was created in 1995 by the Uruguay Round.

• WTO is based in New York, USA.

• GATT provided a forum for tariff negotiations.

Open Ended

Describe two major changes introduced by the USMCA compared to NAFTA.

Multiple Choice

Which of the following is NOT a characteristic of the European Union (EU)?

• Promotes trade among members

• Supports standardization

• Based in Asia

• Has strict laws concerning antitrust and data privacy