Business and Economics Quiz

The interests of customers and shareholders can often appear to conflict - for example in the quality of goods and services. Is this statement TRUE or FALSE?

• True

• False

According to Mendelow, which of the following is an appropriate approach to take towards stakeholders who have low levels of power and low levels of interest?

• minimal effort

• keep informed

• keep satisfied

• key players

Which of the following would a transport company monitor under the Political heading as part of a PEST analysis?

• Tracking systems to monitor driver hours/anti‐theft devices/developments in tyre technology

• State of the economy/oil price movements/a rise in interest rates

• Fuel tax/congestion charges in cities/plans to build new roads

• Predicted car numbers and usage/public concerns over safety

Consider the following statements: 1 A political system can be defined as 'a complete set of institutions, political organisations and interest groups, the relationship between those institutions and the political rules and norms that govern their functions.' 2 Nationalisation of an industry often involves government selling some of its assets in a bid to promote competition. Which of these statements is/are correct?

• 1 only

• 2 only

• Both

• Neither

Supra-national sources of legal authority include:

• United Nations resolutions

• US legislation

• UK Government legislation

• UK High Court decisions

Data Protection legislation, such as The Data Protection Act in the UK, typically focuses on:

• issues concerning data held about incorporated entities

• rights of the individual with regards to withholding information about oneself

• the way data about the individual is to be obtained, used and stored

• aligning the information requirements between different countries

Consider the following two scenarios. 1.Alex wants to request his personal credit report from a credit file company for free, using typical data protection legislation. 2. Alex receives a large amount of unsolicited (junk) mail. Using the data protection act, he wishes to have these marketing activities blocked. In which of these scenarios would typical data protection legislation support Alex?

• (i) only

• (ii) only

• Both

• Neither

Consider the following statements: 1 'Equilibrium' is the selling price above which the number of units demanded by the market starts to decline. 2. As the selling price of a product increases, the number of units supplied by the market will also tend to rise. Which of these statements is/are correct?

• (1) only

• (2) only

• Both

• Neither

A shift in the demand curve for a product is caused by changes in the conditions of demand, rather than a change in the price of the product. Is this statement TRUE or FALSE?

• TRUE

• FALSE

G Co increases the selling price of its only product, the GF1000 by 5%. This causes a reduction in the number of units it sells by 8%. Is the GF1000's price elasticity of demand likely to be:

• Less than 1

• Equal to 1

• Greater than 1

• Negative