Business Management

1. A lower value of the U.S. dollar means that

A. the American dollar is worth more when purchasing a foreign-made good.

B. a dollar would be traded for less foreign currency than normal.

C. the American dollar isn’t backed by gold.

D. the dollar can’t be used in international trade.

2. In 2050, the projected U.S. non-Hispanic, white population percentage is expected to decrease to about

A. 68%. C. 53%.

B. 60%. D. 40%.

3. Discussing the future of management, Manager A maintains that we can expect a continued rise of virtual management and growth in technology. Manager B acknowledges that Manager A’s projections are likely, but incomplete. He adds that there will also be
an increased focus on ethics and social responsibility, as well as an increased focus on gaining competitive advantages. What is wrong with Manager B’s argument?

A. There’s nothing wrong with Manager B’s argument. He’s correct.

B. Manager B fails to define ethical social responsibility.

C. Manager B is incorrect in projecting an increased focus on competitive advantage.
D. Manager B is incorrect in accepting Manager A’s views on the growth of virtual management.

4. During a change-planning phase, the change agent communicates information

gathered through diagnosis directly to the affected people. This process is called

A. direct feedback. C. evaluation.

B. team building. D. sensitivity training.

5. Which one of the following is a benefit of transforming to a virtual organization?

A. Change is no longer a concern.

B. Productivity increases.

C. Monitoring employees is simplified.

D. Standard communication methods still apply.

6. Suppose the Vietnamese government imposes a tax on imported goods. What is this tax called?

A. Embargo C. Boycott

B. Quota D. Tariff

7. Of the following topics, which one is most likely to be covered in a code of ethics?

A. Quality C. Connection

B. Honesty D. Production

8. When the value of exports from a country exceeds the value of the imports into that country, the country experiences a/an

A. trade deficit. C. trade surplus.

B. balance of payments. D. unfavorable balance of trade.

9. To be effective, a code of ethics must be

A. voluntary. C. enforced.

B. collaborative. D. prepared by top management.

10. What is one reason for creating a diverse workforce?

A. Employee population is increasingly homogeneous.

B. Customer population is decreasingly diverse.

C. Increasing diversity minimizes the risk of litigation.

D. Retaining top talent means recruiting more Asians.
11. Selling products to another country is known as

A. diversification. C. trade protectionism.

B. exporting. D. comparative advantage.

12. A group of shoe manufacturers in the United States, Japan, Germany, and England have pooled resources to gain a larger market. What is this arrangement called?

A. Strategic alliance C. Licensing agreement

B. Multinational corporation D. Foreign intermediary

13. Of the following laws, which one gives the EPA the authority to set standards regarding
the type and quantity of pollutants that industries can discharge into a body of water?

A. The Clean Air Act of 1970

B. The Toxic Substances Control Act of 1976

C. The Clean Water Act of 1977

D. The National Environmental Policy Act of 1969

14. Cuba has fertile land, a warm and sunny climate, and inexpensive labor. Great Britain has less fertile soil, a colder and rainier climate, and more expensive labor. Given the same combination of inputs, Cuba would produce much more coffee than Great Britain.

Therefore, Cuba has a/an _______ in the production of coffee.

A. absolute advantage C. competitive advantage

B. licensing advantage D. comparative advantage

15. What legislative act makes it illegal to charge different prices to different wholesale customers?

A. Wheeler-Lea Act of 1938 C. Sarbannes Oxley Act of 2002

B. Sherman Act of 1890 D. Clayton Act of 1914

16. The main purpose of an ERP is to

A. monitor the quality of goods in production.

B. provide a framework for implementing change in the workplace.

C. evaluate a company’s ability to exist in the global marketplace.

D. provide instant access to information required for decision making.

17. A total ban on the import of a good from a particular country is called a/an

A. tariff. C. licensing agreement.
B. embargo. D. quota.

18. Amazon dot com is an example of a

A. click-and-mortar online vendor.

B. brick-and-mortar virtual organization.

C. B2B organization.

D. retail outlet with many branches.

19. The idea that countries should produce and sell goods that they produce most
effectively and efficiently is expressed in the concept of

A. absolute advantage. C. international advantage.

B. comparative advantage. D. free trade.

20. A wholesaler or agent who markets products for companies wanting to do business abroad is called a

A. licensing agent. C. foreign intermediary.

B. marketing agent. D. wholesaling agent.


1. B.
2. D.
3. A.
4. A.
5. B.
6. D.
7. B.
8. C.
9. C.
10. C.
11. B.
12. A.
13. C.
14. A.
15. D.
16. D.
17. B.
18. A.
19. B.
20. C.

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