ICCC INTRO TO BUSINESS FINAL
EXAM ACTUAL UPDATED QUESTIONS
AND CORRECT ANSWERS
An example of a good is - CORRECT ANSWERS✅✅a book
Since Maia moved to Nebraska, she is finding the can buy more with her money than she
could in Hawaii. Maia is experiencing an improvement in her - CORRECT
ANSWERS✅✅standard of living
Patrice knows that investing her own money in a start up may be a mistake, but she believes
she can make it work. Patrice is willing to - CORRECT ANSWERS✅✅Take a risk
In some countries, agreements that are made between companies are not recognized because
one country does not enforce the laws. This describes what element of economic forces on
businesses? - CORRECT ANSWERS✅✅contract enforcement
As more people age out of the workforce, companies are finding they are losing some of their
most knowledgeable employees. What force is at play in this situation? - CORRECT
ANSWERS✅✅social
Immigration policies are ________ forces in the business environment. - CORRECT
ANSWERS✅✅global
Ethics are ________ that influence behavior
company standards - CORRECT ANSWERS✅✅principles of right and wrong
A code of _______ is a written set of standards intended to guide an organization's actions.
behavior - CORRECT ANSWERS✅✅ethics
A compliance-based ethics code attempts to prevent ________ by increasing control and by
punishing violators. - CORRECT ANSWERS✅✅compliance-based
, Which of the following is one way the Sarbanes-Oxley Act protects employees who report
organizational misconduct? - CORRECT ANSWERS✅✅it provides for job reinstatement to
whistleblowers who are fired by their employees
According to the global social responsibility pyramid, a company's first duty is to be -
CORRECT ANSWERS✅✅profitable
Because businesses create certain problems (such as environmental pollution), they should
also help solve those problems. This statement is an argument in favor of - CORRECT
ANSWERS✅✅corporate social responsibility
________ studies how society chooses to transform resources into the goods and services that
people want and need. - CORRECT ANSWERS✅✅Economics
________ studies the economy as a whole. - CORRECT ANSWERS✅✅Macroeconomics
Adam Smith described individuals' drive for prosperity that produces the goods and services
that provide economic and social benefits to all as - CORRECT ANSWERS✅✅an invisible
hand
To operate successfully, capitalist countries must grant four basic rights. These rights must be
supported by laws, institutions, infrastructure, and - CORRECT ANSWERS✅✅culture
In________, the market has many small sellers who sell interchangeable products to many
informed buyers, and no seller is large enough to dictate the price of the product. -
CORRECT ANSWERS✅✅perfect competition
China's response to U.S. tariffs against them was to put tariffs on U.S. soybean exports,
hurting soybean farmers in the United States significantly since China typically buys more
than half of U.S. soybean shipments. This is an example of how ________ can affect
markets. - CORRECT ANSWERS✅✅government influences
EXAM ACTUAL UPDATED QUESTIONS
AND CORRECT ANSWERS
An example of a good is - CORRECT ANSWERS✅✅a book
Since Maia moved to Nebraska, she is finding the can buy more with her money than she
could in Hawaii. Maia is experiencing an improvement in her - CORRECT
ANSWERS✅✅standard of living
Patrice knows that investing her own money in a start up may be a mistake, but she believes
she can make it work. Patrice is willing to - CORRECT ANSWERS✅✅Take a risk
In some countries, agreements that are made between companies are not recognized because
one country does not enforce the laws. This describes what element of economic forces on
businesses? - CORRECT ANSWERS✅✅contract enforcement
As more people age out of the workforce, companies are finding they are losing some of their
most knowledgeable employees. What force is at play in this situation? - CORRECT
ANSWERS✅✅social
Immigration policies are ________ forces in the business environment. - CORRECT
ANSWERS✅✅global
Ethics are ________ that influence behavior
company standards - CORRECT ANSWERS✅✅principles of right and wrong
A code of _______ is a written set of standards intended to guide an organization's actions.
behavior - CORRECT ANSWERS✅✅ethics
A compliance-based ethics code attempts to prevent ________ by increasing control and by
punishing violators. - CORRECT ANSWERS✅✅compliance-based
, Which of the following is one way the Sarbanes-Oxley Act protects employees who report
organizational misconduct? - CORRECT ANSWERS✅✅it provides for job reinstatement to
whistleblowers who are fired by their employees
According to the global social responsibility pyramid, a company's first duty is to be -
CORRECT ANSWERS✅✅profitable
Because businesses create certain problems (such as environmental pollution), they should
also help solve those problems. This statement is an argument in favor of - CORRECT
ANSWERS✅✅corporate social responsibility
________ studies how society chooses to transform resources into the goods and services that
people want and need. - CORRECT ANSWERS✅✅Economics
________ studies the economy as a whole. - CORRECT ANSWERS✅✅Macroeconomics
Adam Smith described individuals' drive for prosperity that produces the goods and services
that provide economic and social benefits to all as - CORRECT ANSWERS✅✅an invisible
hand
To operate successfully, capitalist countries must grant four basic rights. These rights must be
supported by laws, institutions, infrastructure, and - CORRECT ANSWERS✅✅culture
In________, the market has many small sellers who sell interchangeable products to many
informed buyers, and no seller is large enough to dictate the price of the product. -
CORRECT ANSWERS✅✅perfect competition
China's response to U.S. tariffs against them was to put tariffs on U.S. soybean exports,
hurting soybean farmers in the United States significantly since China typically buys more
than half of U.S. soybean shipments. This is an example of how ________ can affect
markets. - CORRECT ANSWERS✅✅government influences
