MGMT 2150 FINAL EXAM QUESTIONS AND CORRECT
ANSWERS
4 benefits of studying business - Answers - -choose career
-improve career
-informed consumer
-community values
how does business benefit society? - Answers - -valuable goods
-improved quality of life
-satisfy needs
-economic/community growth
societal concerns about business - Answers - -unsustainable practices
-health and safety
-environmental
-culture change
factors that affect businesses and consumers - Answers - -economy
-competition
-global
-social
-technological
types of economic systems - Answers - -capitalist
-mixed
-socialist
-communist
types of market competition - Answers - -perfect
-monopolistic
-oligopoly
-monopoly
effects of price change on supply and demand - Answers - -opposite curves when equal
at market price, when price of production or purchasing fluctuates market price is not
equal
positive/negative indicators of economic conditions - Answers - -growth vs recession,
surplus or lack of money in society
-affects jobs/policies and overall economy health
components of business ethics - Answers - -honest/fair competition
-avoiding conflicts of interest
, -transparency
how to know if action is legal/ethical? - Answers - -observe individual/social
factors/opportunity to determine motivation for action
how organizations can promote ethical behaviour - Answers - -govt/associations enforce
regulations and authority figures to make sure things are ethical
guidelines for making ethical decisions - Answers - -leader commitment
-code of ethics
-ethics officer
-protection of whistle-blowers
different models of social responsibility - Answers - -economic vs social economic
-businesses activities with motives for profit vs for helping society
various stakeholders - Answers - investors, employees, customers, consumers,
community, government
Basic Consumer Rights - Answers - the right to safety, the right to be informed, the right
to choose, and the right to be heard
companies demonstration of responsibility - Answers - -equality
-occupational safety
how businesses can protect environment? - Answers - -reducing production waste
-sustainable practices
-legislations
benefits of international trade - Answers - -increased jobs/income
-access to new resources
-lower price
-more consumer choice
-valuable use of own resources
impact of currency rate changes on trade - Answers - -price customers pay
-volume of imports/exports
-employment decline
-hurts economy growth
-inflation
-lack of customer choice
change in trade policy and its impact on countries - Answers - -build barriers that can
slow growth and increase prices
trade restrictions impact on countries - Answers - -high prices
ANSWERS
4 benefits of studying business - Answers - -choose career
-improve career
-informed consumer
-community values
how does business benefit society? - Answers - -valuable goods
-improved quality of life
-satisfy needs
-economic/community growth
societal concerns about business - Answers - -unsustainable practices
-health and safety
-environmental
-culture change
factors that affect businesses and consumers - Answers - -economy
-competition
-global
-social
-technological
types of economic systems - Answers - -capitalist
-mixed
-socialist
-communist
types of market competition - Answers - -perfect
-monopolistic
-oligopoly
-monopoly
effects of price change on supply and demand - Answers - -opposite curves when equal
at market price, when price of production or purchasing fluctuates market price is not
equal
positive/negative indicators of economic conditions - Answers - -growth vs recession,
surplus or lack of money in society
-affects jobs/policies and overall economy health
components of business ethics - Answers - -honest/fair competition
-avoiding conflicts of interest
, -transparency
how to know if action is legal/ethical? - Answers - -observe individual/social
factors/opportunity to determine motivation for action
how organizations can promote ethical behaviour - Answers - -govt/associations enforce
regulations and authority figures to make sure things are ethical
guidelines for making ethical decisions - Answers - -leader commitment
-code of ethics
-ethics officer
-protection of whistle-blowers
different models of social responsibility - Answers - -economic vs social economic
-businesses activities with motives for profit vs for helping society
various stakeholders - Answers - investors, employees, customers, consumers,
community, government
Basic Consumer Rights - Answers - the right to safety, the right to be informed, the right
to choose, and the right to be heard
companies demonstration of responsibility - Answers - -equality
-occupational safety
how businesses can protect environment? - Answers - -reducing production waste
-sustainable practices
-legislations
benefits of international trade - Answers - -increased jobs/income
-access to new resources
-lower price
-more consumer choice
-valuable use of own resources
impact of currency rate changes on trade - Answers - -price customers pay
-volume of imports/exports
-employment decline
-hurts economy growth
-inflation
-lack of customer choice
change in trade policy and its impact on countries - Answers - -build barriers that can
slow growth and increase prices
trade restrictions impact on countries - Answers - -high prices
