Question : 41. (p. 130) Which of the following NOT consistent with the American view : 1242229

Economics

41. (p. 130) Which of the following is NOT consistent with the American view on the independent enterprise?
A. The independent enterprise is an instrument for social action.
B. A corporation is an entity that has continuity of existence.
C. A corporation is a separate and vital social institution.
D. Strong feelings of obligation to serve the company accompany the views on a corporation.
E. Usually, family and friends take precedence over the company.

42. (p. 130) Which of the following is the fundamental concept of U.S. corporations?
A. Individual self-interest is socially beneficial.
B. The corporation has no soul.
C. An organization is the world in miniature.
D. Independent enterprise is an instrument for social action.
E. The government should be an integral part of any organization.

43. (p. 131) According to the text, which of the following is the most fundamental notion in Western management?
A. The “master of destiny” philosophy
B. Decisions based on objective analysis
C. Wide sharing in decision making
D. Never-ending quest for improvement
E. Competition is crucial for efficiency

44. (p. 131) Adam Smith in his Wealth of Nations stated, “By pursuing his own interest he frequently promotes that of the society more effectually than when he really intended to promote it.” Which of the following notions is most closely associated with this view as stated by Adam Smith?
A. Master of destiny
B. Caveat emptor
C. Greed is good
D. The invisible hand
E. Survival of the fittest

45. (p. 132) In _____ countries, subordinates are not likely to contradict bosses, but in _____ countries, they often do.
A. low collectivism; low PDI
B. low PDI; high individualism
C. high-PDI; low-PDI
D. high individualism; high collectivism
E. high-PDI; low individualism

46. (p. 132) Which of the following firms is most likely to practice top-level management decision making?
A. A team of sales professionals working as a unit to achieve set targets
B. A winery owned and run by the owner-manager family
C. A franchise of an international engineering firm
D. A hospital formed by service-minded doctors
E. A web content development company run by professionals with industry experience

47. (p. 132) As businesses grow and professional management develops, there is a shift toward:
A. dilution of standards in decision making.
B. decentralized management decision making.
C. centralized decision making.
D. concentration of authority.
E. laissez-faire management.

48. (p. 132) Which of the following is the distinguishing characteristic of committee decision making?
A. Decision making is centralized.
B. Decision making is decentralized.
C. Decision making follows a bottom-up approach.
D. Decision making is done by upper management.
E. Decision making is by consensus.

49. (p. 132) Which of the following forms of business decision-making characterizes most Asian countries?
A. Independent
B. Contractual
C. Dual
D. Consensus
E. Dictatorial

50. (p. 132) What explains the fact that group decision making predominates in Asian cultures?
A. Asian leaders consider themselves benevolent and inclusive leaders.
B. Asian cultures lack sufficient aggressiveness for bold individual decision making.
C. Most Asian cultures and religions emphasize harmony and collectivism.
D. Most Asian countries lack expert professionals capable of bold decision making.
E. Ownership, if things go wrong, is distributed amongst all decision makers.

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July 1, 2023

61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.