Question 1 (2.5 points)
What is the most obvious failure of monopoly markets?
Question 1 options:
a) the damage to the environment
b) the high prices they allow the monopoly companies to charge
c) the inequalities between employees and executives
d) monopoly markets have no real failures
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Question 2 (2.5 points)
The saving or rationing of natural resources for later use is referred to as:
Question 2 options:
a) Evolution
b) Ecology
c) Planned deletion
d) Conservation
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Question 3 (2.5 points)
How much natural gas is the Green Valley estimated to have?
Question 3 options:
a) enough to support the entire world for a year
b) enough to support the entire world for 10 years
c) enough to support the entire nation for a year
d) enough to support the entire nation for a month
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Question 4 (2.5 points)
Acid rain is caused by:
Question 4 options:
a) global warming.
b) fossil fuels.
c) airborne toxins.
d) oceans evaporating.
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Question 5 (2.5 points)
An oil company is expanding, but no new oil fields are available. They therefore must resort to the expensive and less-efficient practice of extracting petroleum from oil sands. This is known as:
Question 5 options:
a) the principle of increasing marginal cost.
b) the principle of gross marginal utility.
c) the principle of diminishing marginal utility.
d) the principle of increasing marginal utility.
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Question 6 (2.5 points)
Oligopoly markets that are __________ markets are dominated by a few (three to eight) large firms. They include many of the largest manufacturing industries.
Question 6 options:
a) capitalistic
b) incentivized
c) focused
d) highly concentrated
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Question 7 (2.5 points)
What was the United States' total energy consumption in 2008 (equivalent to barrels of oil)?
Question 7 options:
a) 1 million barrels of oil worth of energy consumption
b) 17 million barrels of oil worth of energy consumption
c) 500 million barrels of oil worth of energy consumption
d) 17 billion barrels of oil worth of energy consumption
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Question 8 (2.5 points)
Though some of the views of deep ecology are unusual and controversial, two traditional views of ethics can help us to develop an environmental ethic: utilitarianism and:
Question 8 options:
a) ethical relativism.
b) distributive justice.
c) concern for human rights.
d) virtue ethics.
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Question 9 (2.5 points)
What is a good way for a business to determine the level of pollution control/removal?
Question 9 options:
a) Survey public opinion to find out what people think is a good amount.
b) Consult with environmental scientists to determine the effects of the pollution.
c) Do a cost-benefit analysis to determine the cost of removal versus benefits of removal.
d) Remove all pollution, because zero pollution is achievable with enough cost.
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Question 10 (2.5 points)
What is the term for the view that protecting the environment is important because it harms human beings?
Question 10 options:
a) ecocentrism
b) anthropocentrism
c) exocentrism
d) biocentrism
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Question 11 (2.5 points)
When a buyer purchases a good, each additional item of a certain type is less satisfying than the earlier ones. This is known as:
Question 11 options:
a) The principle of increasing marginal utility
b) The principle of gross marginal utility
c) The principle of diminishing marginal utility
d) The principle of consumer awareness
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Question 12 (2.5 points)
The amount a firm should invest in pollution control must rest on a(n):
Question 12 options:
a) social benefit calculation.
b) competitive analysis.
c) environmental review.
d) cost-benefit analysis.
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Question 13 (2.5 points)
Which approach to pollution says that we should get rid of social systems of hierarchy and domination?
Question 13 options:
a) ecofeminism
b) ethic of care
c) precautionary principle
d) social ecology
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Question 14 (2.5 points)
The common definition of price fixing is when: also purchases other goods from the firm.
Question 14 options:
a) companies agree to set prices artificially high.
b) companies agree to limit production.
c) a company sells a buyer certain goods only on condition that the buyer
d) companies agree to limit production.
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Question 15 (2.5 points)
According to your textbook, what remedy for covering the external cost of pollution is the most fair and just?
Question 15 options:
a) Make everyone pay a small amount to cover the costs.
b) Internalize the costs of pollution.
c) Shift production to a less populated areA.
d) Reduce production so that the external costs are lessened.
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Question 16 (2.5 points)
Why should we protect the environment, according to ecological ethics?
Question 16 options:
a) for our future generations to enjoy
b) to prevent the depletion of our resources
c) for the sake of the environment itself
d) for the preservation of our species
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Question 17 (2.5 points)
Which of the following is NOT an argument against attributing rights to future generations?
Question 17 options:
a) Future generations will have better technology to solve their problems.
b) We do not know what interests future generations will have, or what rights they have.
c) Future generations may not exist.
d) If future generations have rights, everyone in the present must always sacrifice for them.
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Question 18 (2.5 points)
How does carbon dioxide contribute to global warming?
Question 18 options:
a) It is less dense, leaving less space in the atmosphere for oxygen.
b) It absorbs heat from the sun, preventing it from escaping into space.
c) It is created during combustion, which is an exothermic process that collectively heats up the earth.
d) Carbon dioxide does not contribute to global warming.
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Question 19 (2.5 points)
__________ is when a company sells to a retailer only on condition that they agree to charge the same set retail prices.
Question 19 options:
a) Retail Price Maintenance Agreements
b) Bid Rigging
c) Exclusive Dealing Arrangements
d) Predatory Price Discrimination
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Question 20 (2.5 points)
Which of the following is NOT one of the ways efficiency comes about in perfectly competitive free markets?
Question 20 options:
a) They encourage firms to minimize the resources they consume to produce a commodity and to use the most efficient technologies.
b) They distribute bundles of commodities among buyers so that they receive the most satisfying commodities they can purchase, given what is available to them and the amount they have to spend.
c) Individuals are encouraged to or prevented from engaging in a certain business, based on their expertise and the financial resources required.
d) They motivate firms to invest resources in industries with a high consumer demand and move away from industries where demand is low.
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Question 21 (2.5 points)
According to __________, justice is when the benefits and burdens of society are distributed such that a person receives the value of the contribution he or she makes to an enterprise.
Question 21 options:
a) capitalism
b) incentivization
c) utilitariansm
d) marxism
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Question 22 (2.5 points)
What is the term for the cost an individual or company must pay out of their own pocket for an economic activity?
Question 22 options:
a) private cost
b) social cost
c) economic cost
d) associated cost
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Question 23 (2.5 points)
Monopolistic markets and their high prices and profits violate capitalist justice. Why?
Question 23 options:
a) Monopolies are much like communism.
b) Buyers will not pay high prices, so the monopoly will fail.
c) Charging high prices is an unsustainable business model.
d) The seller charges more than the goods are worth; therefore, the prices are unjust.
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Question 24 (2.5 points)
In a perfectly free economy, all buyers and sellers are what?
Question 24 options:
a) utility users
b) utility creators
c) utility maximizers
d) utility diminishers
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Question 25 (2.5 points)
The common definition of price fixing is:
Question 25 options:
a) when companies agree to set prices artificially high.
b) when companies agree to limit production.
c) when a company sells a buyer certain goods only on condition that the buyer also purchases other goods from the firm.
d) when companies agree to limit production.
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Question 26 (2.5 points)
Which view regarding oligopolies argues that oligopolies should not be broken up because they provide benefits, which do not exist in a more decentralized market?
Question 26 options:
a) the Antitrust view
b) the Do-nothing view
c) the Regulation view
d) the Public Policy view
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Question 27 (2.5 points)
What is a horizontal merger?
Question 27 options:
a) When a company unifies operations with its suppliers and distributors
b) When a company joins with another company in another market to cross-sell their goods
c) When two companies in the same market join together instead of competing
d) When a company splits into two to better specialize in their markets
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Question 28 (2.5 points)
Imagine that Joe and Sarah both own competing lemonade stands. It costs 50 cents to make one lemonade, so Joe and Sarah both charge customers $1 for a glass of lemonade. In an attempt to run Joe out of business, Sarah begins charging 25 cents for lemonade so that Joe cannot compete. This is an example of what?
Question 28 options:
a) tying arrangements
b) incentivization
c) exclusive dealing arrangements
d) predatory price discrimination
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Question 29 (2.5 points)
What is a characteristic of an oligopoly market?
Question 29 options:
a) There are a relatively small number of firms controlling the market.
b) There is only one seller, but other sellers can enter the market.
c) There are many sellers, so new sellers cannot enter the market.
d) There is only one seller, and new sellers cannot enter the market.
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Question 30 (2.5 points)
Which of the following is the term for a situation in which firms limit their output?
Question 30 options:
a) market allocation
b) bid rigging
c) exclusive dealing arrangements
d) manipulation of supply
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Question 31 (2.5 points)
Which of the following is the term for a situation in which firms agree to sell only to customers in specific territories or to specific demographics?
Question 31 options:
a) market allocation
b) bid rigging
c) exclusive dealing arrangements
d) tying arrangements
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Question 32 (2.5 points)
What is the "network effect" barrier to entry into a market?
Question 32 options:
a) When the value of a product goes down as the number of users increases
b) When a product becomes more difficult to supply as the number of users increases
c) When the value of a product goes up as the number of users increases
d) When the value of a product goes up as the number of users decreases
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Question 33 (2.5 points)
When companies get together to fix prices, the result is:
Question 33 options:
a) a consortium of suppliers
b) an oligopoly
c) a monopoly
d) a joint venture
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Question 34 (2.5 points)
What is the term for the sum total internal and external costs of an economic activity?
Question 34 options:
a) private cost
b) social cost
c) economic cost
d) associated cost
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Question 35 (2.5 points)
In a perfectly competitive market, what is the equilibrium point?
Question 35 options:
a) the point at which the sellers can produce the largest quantity, and the highest price at which the sellers can make a profit
b) the point at which the sellers can produce the lowest quantity for the highest price at which buyers are willing to pay
c) the point at which the quantity buyers want to buy equals that which sellers want to sell
d) the point at which the quantity buyers want to buy equals that which sellers want to sell, and the highest price at which buyers are willing to pay equals the lowest price sellers are willing to sell at
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Question 36 (2.5 points)
The release of CFCs into the atmosphere may lead to several hundred thousand new cases of skin cancer each year and destroy many valuable food crops. Also, ocean plankton-on which the entire ocean's food chain depends-may be severely damaged. This is referred to as:
Question 36 options:
a) Resource depletion
b) Ozone depletion
c) Environment depletion
d) Contamination continuance
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Question 37 (2.5 points)
A(n) __________ market is one that can, and generally will, deviate from the ideals of capitalist justice, economic utility, and negative rights.
Question 37 options:
a) highly concentrated
b) utilitarian
c) monopoly
d) oligopoly
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Question 38 (2.5 points)
Current estimates suggest that to halt increase in levels of greenhouse gases in the atmosphere, we would have to reduce emissions by what percentage?
Question 38 options:
a) 80-90%
b) 10-20%
c) 60-70%
d) 5-10%
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Question 39 (2.5 points)
What is one reason why businesses were able to ignore their effects on the environment for so long?
Question 39 options:
a) Businesses tend to view the effects of their activities as negligible and ignore them.
b) Governments had no way to stop them.
c) Businesses did not know they were polluting.
d) Businesses used bribes for many years as incentives to government to ignore the effects.
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Question 40 (2.5 points)
Because our environment is so complex and its parts are so interwoven, many theorists believe that our duty to protect the environment extends beyond the welfare of humans to other nonhuman parts of the system. This idea is called:
Question 40 options:
a) Ecological ethics or deep ecology
b) Conservation ethics
c) Survival ethics
d) Question 1 (5 points)
Which of the following is a valid consideration for determining a fair wage?
Question 1 options:
a) the firm's profits
b) previous wage of the applicant
c) gender of the applicant
d) the nationality of the applicant
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Question 2 (5 points)
Which is NOT a necessary consideration when deciding if accepting a gift from another business is ethical?
Question 2 options:
a) the value of the gift
b) the utility of the gift to you
c) the secrecy or of the gift
d) the occasion for the gift
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Question 3 (5 points)
Which organizational layer can be said to generate material goods and direct outputs of the firm?
Question 3 options:
a) operating layer
b) middle management
c) top management
d) none of the above
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Question 4 (5 points)
The worker's right to organize into a union is derived from the right:
Question 4 options:
a) for all employees to have fair representation.
b) for all employees to have steps of appeal during the grievance process.
c) of all people to gather regarding a shared purpose.
d) of all people to be treated as free and equal persons.
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Question 5 (5 points)
Demanding a personal gift for awarding a contract to an outside firm is likely an example of what?
Question 5 options:
a) subjective conflict of interest
b) objective conflict of interest
c) commercial bribe
d) commercial extortion
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Question 6 (5 points)
Which of the following is a likely positive effect of insider trading?
Question 6 options:
a) There is better employee retention.
b) The company does not need to hire stockbrokers.
c) Company secrets are less likely to be leaked.
d) Stock prices better reflect their true value.
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Question 7 (5 points)
Raymond Miles distinguishes three models of sets of assumptions that managers can make about employees. In the _______ model, employees want to belong and feel recognized, useful, and important; meeting these needs is more important than what they earn.
Question 7 options:
a) Empowerment
b) Human relations
c) Human resources
d) Traditional
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Question 8 (5 points)
Which is NOT a consideration for determining a fair wage?
Question 8 options:
a) risks involved with the work
b) age of the employee
c) skills needed for the work
d) local living costs
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Question 9 (5 points)
Awarding a contract in the hopes of improving your chances of getting a new job with the contracting company is likely an example of what?
Question 9 options:
a) subjective conflict of interest
b) objective conflict of interest
c) commercial bribe
d) commercial extortion
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Question 10 (5 points)
Employees' rights to privacy must be balanced against employers' rights to know certain information about their activities. Which if the following Is NOT one of the three relevant elements when considering this balance?
Question 10 options:
a) Awareness
b) Consent
c) Methods
d) Relevance
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Question 11 (5 points)
In the traditional, "rational" model of the business, the employee's main moral duty is to:
Question 11 options:
a) maximize the firm's profits.
b) work toward the goals of the firm.
c) use the firm's resources for the good of the firm.
d) accept only specific benefits in return for their services.
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Question 12 (5 points)
Governments and large organizations share several features. Which of the following is NOT one?
Question 12 options:
a) Top managers wield considerable power over lower levels.
b) Top managers have free access to the personal, private information of the lower levels.
c) Top managers have recognized authority over lower levels.
d) The policy makers have considerable control over the income, status, and freedom of the lower levels.
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Question 13 (5 points)
Which of the following is NOT necessary for fair working conditions?
Question 13 options:
a) initiating affirmative action plans
b) studying and compensating for potential hazards
c) informing workers of potential risks
d) providing adequate medical and disability coverage
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Question 14 (5 points)
Awarding a contract to your brother is likely an example of what?
Question 14 options:
a) subjective conflict of interest
b) objective conflict of interest
c) commercial bribe
d) commercial extortion
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Question 15 (5 points)
Which of the following is the primary ethical argument against insider trading?
Question 15 options:
a) Insiders have an unfair advantage over other traders.
b) It directly harms the company.
c) It is based on stolen information.
d) It is illegal.
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Question 16 (5 points)
The characteristics of a(n) _______ model of the organization would be focused on persons, not on profit not "quality," or any other kinds of ideas that much of today's "car-talk" seems to revolve around.
Question 16 options:
a) political
b) caring
c) empowered
d) worker centric
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Question 17 (5 points)
A(n) ________ would exist if an employee has no actual conflict of interest but other people might view the situation and wrongly believe that there is an actual conflict of interest.
Question 17 options:
a) apparent conflict of interest
b) potential conflict of interest
c) perceived conflict of interest
d) subjective conflict of interest
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Question 18 (5 points)
The characteristics of a(n) ________ model of the organization would be focused entirely on persons, not on profit not "quality," or any other kinds of ideas that much of today's "car-talk" seems to revolve around.
Question 18 options:
a) employee
b) empowerment
c) socially responsible
d) caring
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Question 19 (5 points)
Potential conflicts of interest are likely to become unethical if the employee:
Question 19 options:
a) has his or her judgment impaired by the conflict.
b) discloses the conflict to his or her employer.
c) resigns before damage is done.
d) all of the above.
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Question 20 (5 points)
The traditional, "rational" model of the business organization is best defined as what?
Question 20 options:
a) a commercial enterprise based on the Kantean mathematical model
b) a structure of formal relationships, which are designed to achieve a goal efficiently
c) a business that makes decisions based purely on finances, regardless of ethical concerns
d) a business following Plato's philosophy of rational numbers
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