Ch1

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Ch1

  1. 1. COURSES > BUSINESS, GOVERNMENT, AND SOCIETY:A MANAGERIAL PERSPECTIVE, TEXT AND CASES, 12/E- STEINER > CONTROL PANEL > POOLMANAGER > POOL CANVAS Pool CanvasAdd, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go toadd questions. Use Creation Settings to establish which default options, such as feedback and images, areavailable for question creation. Add Multiple Choice Creation Settings Name Chapter 01 The Study of Business, Government, and Society Description Questions which Blackboards assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question The U.S. Congress passed the Sherman Antitrust Act in 1890 in an attempt to prevent monopoly in business. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question Here Question 2 True/False Question In the U.S., there are about 300 federal regulatory agencies. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question Here Question 3 True/False Question BCG is the study of business, government and society and its importance for managers. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question Here True/False
  2. 2. Question 4 Question The primary purpose of a business is to make a profit by providing products that satisfy human needs. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 5 True/False Question The structures and processes in a society that make and apply policies and rules are called business. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 6 True/False Question An enduring belief about which basic choices in a society are "correct" is called an idea. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 7 True/False Question A business uses societys resources to create new wealth. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 8 True/False Question Institutions are formal patterns of relations that link people together to accomplish a goal. Answer True False Correct Feedback correct Incorrect Feedback incorrect
  3. 3. Add Question HereQuestion 9 True/False Question A business needs to be responsive to its economic environment but not to its non-economic environment. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 10 True/False Question The broad duties of a business that are needed to obtain the support of society are called its social contract. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 11 True/False Question The public generally believes that a business has social responsibilities beyond merely making a profit. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 12 True/False Question The market capitalism model describes business as responding primarily to economic forces. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 13 True/False Question In the market capitalism model, the "market" acts as a buffer between business and non-market forces. Answer True
  4. 4. False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 14 True/False Question Karl Marx wrote "The Wealth of Nations". Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 15 True/False Question Adam Smith used the word "capitalism" often in his published writings. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 16 True/False Question The dominance model represents business primarily based on the economic forces that affect it. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 17 True/False Question The dominance model states that corporations act primarily for the good of most of the people in the society. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 18 True/False Question The dominance model believes that society is democratic in its
  5. 5. operations. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 19 True/False Question The countervailing forces model states that society is governed primarily by economic forces. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 20 True/False Question The countervailing forces model reflects the BGS relationship in undemocratic societies. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 21 True/False Question The countervailing forces model is essentially the same as the market capitalism model. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 22 True/False Question The stakeholder model states that the immediate priority of a corporation is to benefit its investors. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question Here
  6. 6. Question 23 True/False Question In the stakeholder model, the interests of stakeholders are valued only to the extent that they enrich the corporations investors. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 24 True/False Question The stakeholder model accepts the shareholder-centered view of the corporation as stated in the market capitalism model. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 25 True/False Question The combined ethical/economic performance of a business can be measured in an objective way. Answer True False Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 26 Multiple Choice Question A profit-making activity that provides products that are intended to satisfy human needs is called a(n): Answer Business. Ngo. Government. Society. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 27 Multiple Choice Question The structures and processes in a society that authoritatively make and apply policies and rules are called: Answer
  7. 7. Ideas. Ideologies. Governments. Institutions. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 28 Multiple Choice Question The network of human relations that consists of ideas, institutions and material things is a(n): Answer Ideology. Society. Theory. Government. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 29 Multiple Choice Question According to the text, an intangible object of thought is a(n): Answer Value. Theory. Theme. Idea. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 30 Multiple Choice Question An enduring belief about what important choices in how we live are "correct" is a(n): Answer Value. Institution. Ideology. Idea. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 31 Multiple Choice Question A set of values that create a specific view of the world is a(n):
  8. 8. Answer Institution. Ideology. Society. Idea. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 32 Multiple Choice Question These are essential to coordinate the work of individuals who have no personal relationship with each other. Answer Values. Institutions. Ideologies. Ideas. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 33 Multiple Choice Question A formal pattern of relationships that links people together in order to accomplish a goal is a(n): Answer Society. Idea. Institution. Ideology. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 34 Multiple Choice Question The tangible artifacts of a society that are shaped by ideas and institutions are called: Answer Material things. Markets. Immaterial things. Services. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 35 Multiple Choice Question The basic agreement between a business and its society that defines
  9. 9. the broad duties of the business that are needed to retain the support of society is called a(n): Answer Social contract. Ideology. Institution. Idea. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 36 Multiple Choice Question Which of the following statements about social contracts is true? Answer It defines the broad duties that business must perform to retain societys support. It resides completely in law. It is as clear-cut as the economic forces a business faces. It resides completely in social values. Correct correct Feedback Incorrect incorrect Feedback Add Question HereQuestion 37 Multiple Choice Question Which model describes business as responding primarily to economic forces in society? Answer The market capitalism model. The stakeholder model. The dominance model. The countervailing forces model. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 38 Multiple Choice Question Which of the following is not one of the basic BSG models? Answer The market capitalism model. The dominance model. The collective business model. The stakeholder model. Correct Feedback correct Incorrect Feedback incorrect Add Question Here
  10. 10. Question 39 Multiple Choice Question Who wrote "The Wealth of Nations"? Answer Karl marx. John D. Rockefeller. Adam smith. Bill gates. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 40 Multiple Choice Question An economy in which private individuals and corporations own the methods of production and compete in a free market within limited restraints by government is called: Answer Capitalism. Socialism. Communism. Democracy. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 41 Multiple Choice Question All of the following statements about the laissez-faire concept are true EXCEPT: Answer It stands for the belief that government intervention in the market is undesirable. It is costly because it lessens the efficiency with which free enterprise operates to benefit consumers. It is unnecessary because market forces are benevolent. It represents primarily the perspective of business critics. Correct correct Feedback Incorrect incorrect Feedback Add Question HereQuestion 42 Multiple Choice Question The perspective of the market capitalism model leads to all of the following conclusions EXCEPT: Answer Government regulation should be limited. Markets discipline private economic activity to promote social welfare. The ethical duty of management is to promote the
  11. 11. interests of society. The proper measure of corporate performance is profit. Correct Feedback correct Incorrect incorrect Feedback Add Question HereQuestion 43 Multiple Choice Question A market economy that contains large businesses that are managed by salaried managers is called: Answer Socialism. Managerial capitalism. Marxism. Democracy. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 44 Multiple Choice Question In the market capitalism model, the assumption that government should interfere with the economy only in a limited way is called: Answer Laissez-faire. Managerial capitalism. Marxism. Socialism. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 45 Multiple Choice Question The economic philosophy that rejects the intervention of government in the operations of markets is called: Answer Socialism. Laissez-faire. Communism. Democracy. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 46 Multiple Choice Question In which of the following models do business and government dominate the great mass of people?
  12. 12. Answer The countervailing forces model. The stakeholder model. The market capitalism model. The dominance model. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 47 Multiple Choice Question Proponents of this model focus on the defects and inefficiencies of capitalism. Answer The countervailing forces model. The dominance model. The market capitalism model. The stakeholder model. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 48 Multiple Choice Question This is a recurrent spectacle in which common people who feel oppressed or disadvantaged in some way seek to take power from a ruling elite that thwarts fulfillment of the collective welfare. Answer Populism. Collectivism. Laissez-faire. Capitalism. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 49 Multiple Choice Question Which of the following is a model of multiple or pluralistic forces? Answer The countervailing forces model. The stakeholder model. The market capitalism model. The dominance model. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 50 Multiple Choice Question Which of the following statements about the countervailing forces
  13. 13. model is true? Answer It represents primarily the perspective of business critics. It reflects the BGS relationship in industrialized nations with democratic traditions. It stands for the belief that government intervention in the market is undesirable. It assumes that individuals can own private property and freely risk investments. Correct correct Feedback Incorrect incorrect Feedback Add Question HereQuestion 51 Multiple Choice Question An entity that is either benefited or burdened by the actions of a corporation is called a(n): Answer Stockholder. Customer. Stakeholder. Supplier. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 52 Multiple Choice Question Which of the following is an example of a secondary stakeholder in a corporation? Answer Customers. Trade associations. Employees. Stockholders. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 53 Multiple Choice Question Which of the following is an example of a primary stakeholder in a corporation? Answer Schools. Customers. Trade associations. Activist groups. Correct Feedback correct Incorrect Feedback incorrect
  14. 14. Add Question HereQuestion 54 Multiple Choice Question The entities that have a relationship with a corporation in such a way that they are affected immediately and powerfully by the actions of the corporation are called: Answer Primary stakeholders. Activist groups. Secondary stakeholders. Trade associations. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 55 Multiple Choice Question Which of the following statements about the stakeholder model is true? Answer It reorders the priorities of management away from those in the market capitalism model. Its immediate priority is to benefit the society. It is a model of multiple or pluralistic forces. It focuses on the defects and inefficiencies of capitalism. Correct correct Feedback Incorrect incorrect Feedback Add Question HereQuestion 56 Multiple Choice Question According to the text, critics of the stakeholder model argue that it: Answer Creates prosperity only at the cost of rising inequality. Represents primarily the perspective of the business and government. Seeks to give power to the powerless by replacing force with ethical duty. Represents a series of recurrent attacks that wind through the Western philosophical tradition. Correct correct Feedback Incorrect incorrect Feedback Add Question HereQuestion 57 Multiple Choice Question The actions taken by the managers of a business that are intended to adapt the business to changes in the marketplace are called:
  15. 15. Answer Theories. Strategic management. Diffusion. The moral imperative. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 58 Multiple Choice Question A set of statements that describes patterns of relationships in a complex subject is a(n): Answer Idea. Value. Theory. Postulate. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 59 Multiple Choice Question All of the following are true about theories EXCEPT: Answer They simplify and organize areas of knowledge. They integrate entire fields of knowledge. They are statements or visions that create insight. They are important in every field. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 60 Multiple Choice Question The study of phenomena that move through time is called: Answer History. Ideology. Idea. Theory. Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 61 Fill in the Blank Question _____ is a profit-making activity that provides products and services to satisfy human needs.
  16. 16. Answer Business Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 62 Fill in the Blank Question The _____ refers to structures and processes in a society that makes and applies policies and rules. Answer government Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 63 Fill in the Blank Question A _____ is a network of human relations that consists of ideas, institutions and material objects. Answer society Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 64 Fill in the Blank Question _____ are tangible objects that shape ideas and institutions. Answer Material things Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 65 Fill in the Blank Question _____ is an economic system wherein private individuals and corporations own production methods and attempt to make a profit in a free market with limited interference by government. Answer Capitalism Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 66 Fill in the Blank Question _____ is an economy in which the dominant businesses are large companies run by managers who are on salary. Answer Managerial capitalism Correct Feedback correct Incorrect Feedback incorrect
  17. 17. Add Question HereQuestion 67 Fill in the Blank Question A _____ is an entity that is either benefited or burdened by the actions of a corporation. Answer stakeholder Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 68 Fill in the Blank Question _____ are entities that have a relationship with a corporation and who are affected immediately, continuously and powerfully by this corporation. Answer Primary stakeholders Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 69 Fill in the Blank Question Actions taken by management to adapt their company to changes in the marketplace are called _____ management. Answer strategic Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 70 Fill in the Blank Question A _____ is a statement that describes relationships in a diffuse subject matter. Answer theory Correct Feedback correct Incorrect Feedback incorrect Add Question HereQuestion 71 Essay Question What is the definition of a "business?" Answer Business is defined as a profit-making activity that provides products and services to satisfy human needs. It is a broad term encompassing a range of actions and institutions. It covers management, manufacturing, finance, trade, service, investment and other activities. Add Question HereQuestion 72 Essay
  18. 18. Question What are values and how do they impact our life in important ways? Answer Values are enduring beliefs about which fundamental choices in personal and social life are correct. Cultural habits and norms are based on values. Add Question HereQuestion 73 Essay Question Explain what is meant by an "ideology" and give two examples of this concept. Answer Ideologies are bundles of values that create a certain world view. They establish the broad goals of life by defining what is considered good, true, right, beautiful and acceptable. Democracy and capitalism are examples of ideologies. Add Question HereQuestion 74 Essay Question What is meant by the "material things" in a society and why are they important? Answer Material things are tangible artifacts of a society that shape and are shaped by ideas and institutions. They include land, natural resources, infrastructure and manufactured goods. Economic institutions, together with the extent of resources, largely determine the type and quantity of societys material goods. Add Question HereQuestion 75 Essay Question What is the "social contract" that exists between a business and the society in which it operates? Answer A social contract is an underlying agreement between business and society on basic duties and responsibilities business must carry out to retain public support. It may be reflected in laws and regulations. It defines the broad duties that business must perform to retain societys support. It is partly expressed in law, but it also resides in social values. Add Question HereQuestion 76 Essay Question Discuss the market capitalism model and explain how it differs from the dominance model. Answer The market capitalism model depicts businesses as operating within a market environment, responding primarily to powerful economic forces. It is substantially sheltered from direct impact by social and political forces. The market acts as a buffer between business and non-market forces. The model incorporates important assumptions. One is that government interference in economic life is slight. This is called laissez-faire. Another assumption is that individuals can own private property and freely risk investments. The dominance model is a basic way of seeing the BGS relationship. It represents primarily the perspective of business critics. In it, business and government dominate the great mass of people. Proponents of the
  19. 19. dominance model focus on the defects and inefficiencies of capitalism. They believe that corporations are insulated from pressures holding them responsible, that regulation by a government in thrall to big business is feeble and that market forces are inadequate to ensure ethical management. Add Question HereQuestion 77 Essay Question What is meant by capitalism? Answer Capitalism is economies in which private individuals and corporations own the means of production and, motivated by the desire for profit, compete in free markets under conditions of limited restraint by government. Add Question HereQuestion 78 Essay Question What is meant by "managerial capitalism?" Answer Managerial capitalism is a market economy in which the dominant businesses are large firms run by salaried managers, not smaller firms run by owner-entrepreneurs. Add Question HereQuestion 79 Essay Question How does the term "laissez-faire" describe the market capitalism model? Answer Laissez-faire is an economic philosophy that rejects government intervention in markets. It stands for the belief that government intervention in the market is undesirable. It is costly because it lessens the efficiency with which free enterprise operates to benefit consumers. It is unnecessary because market forces are benevolent and, if liberated, will channel economic resources to meet societys needs. Add Question HereQuestion 80 Essay Question What is meant by the countervailing forces model in the BGS relationship? Answer The countervailing forces model depicts the BGS relationship as a flow of interactions among the major elements of society. It suggests complex exchanges of influence among them, attributing dominance to none. This is a model of multiple or pluralistic forces. Their strength waxes and wanes depending on factors such as the subject at issue, the power of competing interests, the intensity of feeling and the influence of leaders. This model reflects the BGS relationship in industrialized nations with democratic traditions. It differs from the market capitalism model, because it opens business directly to influence by non-market forces. Add Question Here

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