Unit Review

Which question should one ask himself/herself to determine whether one is facing a true ethical dilemma?

• Is there money at stake?

• Could someone be hurt by the actions?

• Does the action make me look good to others?

• Is my choice based on the most popular option?

Shayla is not breaking any laws, but her behavior still is unethical. How is this possible?

• Because ethical means doing what is easiest

• Because the ethical thing to do is always what a group or majority is doing

• Because doing what is legal can also be considered unethical

• Because doing what is easiest is sometimes what is considered unethical

What is the name for markets with only a few sellers, such as the markets for automobiles, pharmaceuticals, or oil?

• Oilgopolies

• Monopolies

• Perfect Competition

• Monopolistic Competition

Competition helps create a healthy society by:

• Replacing small businesses with large businesses

• Making new government regulations

• Creating new jobs

• Increasing the money supply

A business decides against opening a store in the next town because its research shows the location will be unprofitable. What form of risk management is this?

• Transfer

• Retention

• Reduction

• Avoidance

A large retailer wants to contribute to the well-being of society. It donates 10% of its proceeds to a charity that helps the environment. The retailer is demonstrating

• Social Responsibility

• Wholesaling

• E-tailing

• Voluntary Merchandise

What is the economic basis for the private enterprise economic system?

• Competition

• The marketplace

• The motive of profit

• Manufacturer supply chain

What do service businesses sell?

• Intangible goods and services

• Retail goods and services

• Raw goods and services

• Wholesale goods and services

The economic system that adopts the fewest new ideas or improvement is:

• Communist

• Market

• Socialist

• Traditional

In a socialist economy, what determines how basic economic questions are answered?

• Retailers

• Products

• Resources

• Government