Test: Entrepreneurship, Economics, Operations

_____ is the management of the production conversion process for both goods and services.

• A. Total quality control
• B. Manufacturing
• C. Operations management
• D. Specialization
• E. Functional management

_____ is the combining of natural resources, human resources, and capital to produce goods and services.

• A. Production
• B. Marketing
• C. Specialization
• D. Utilization
• E. Mechanization

The ability to manufacture many goods at once is called _____ production.

• A. general
• B. mass
• C. centralized
• D. open
• E. aggregated

_____ is the set of moral standards for judging whether something is right or wrong.

• A. Ethics
• B. Social responsibility
• C. The marketing concept
• D. Consumerism
• E. Legality

In perfect competition, there is:

• A. only one producer
• B. a large number of buyers and few sellers
• C. no relationship between supply and demand
• D. a large number of sellers producing nearly identical products
• E. a large number of buyers who demand low prices

When a single firm accounts for 100 percent of industry sales, it is an example of:

• A. an oligopoly
• B. a pure monopoly
• C. monopolistic competition
• D. imperfect competition
• E. monopolistic socialism

A market in which there are a large number of firms that differentiate their products is called:

• A. perfect competition
• B. oligopolistic competition
• C. monopolistic competition
• D. an oligopoly
• E. an imperfect monopoly

Which of the following is an example of an ethical business activity?

• A. The employee told several jokes that made fun of blonde women.
• B. The employee used the company postage meter to mail letters to her family.
• C. The employee reported to his supervisors that a co-worker had misappropriated company funds.
• D. The employee went to see a movie one afternoon when she was supposed to be making a sales call.
• E. The employee condoned a fellow employee’s use of alcohol on the job.

A code of ethics:

• A. provides employees with the knowledge of what their firm expects in terms of their responsibilities and behavior toward fellow employees, customers, and suppliers
• B. can offer a lengthy and detailed set of guidelines to employees
• C. is a summary statement of the firm’s goals, policies, and priorities
• D. is considered by some to be public relations gimmicks
• E. is accurately described by all of the above

_____ is the concern of businesses for the welfare of society as a whole.

• A. Social responsibility
• B. Business ethics
• C. Consumerism
• D. The marketing concept
• E. Business morality