Test Bank For Business, Government, And Society: A Managerial Perspective, 13th Edition

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Chapter 01-The Study of Business, Government, and Society1-1Chapter 01The Study of Business, Government, and SocietyTrue / False Questions1.The business-government-society (BGS) field is the study of this environment and itsimportance for managers.TrueFalse2.The primary purpose of a business is to make a profit by providing products that satisfyhuman needs.TrueFalse3.The structures and processes in a society that make and apply policies and rules are calledbusinesses.TrueFalse4.An enduring belief about which basic choices in a society are "correct" is called an idea.TrueFalse5.Institutions are formal patterns of relations that link people together to accomplish a goal.TrueFalse6.A business uses society's resources to create new wealth.TrueFalse7.The public generally believes that a business has social responsibilities beyond merelymaking a profit.TrueFalse

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Chapter 01-The Study of Business, Government, and Society1-28.The broad duties of a business that are needed to obtain the support of society are called itssocial contract.TrueFalse9.In the market capitalism model, the "market" acts as a buffer between business andnonmarket forces.TrueFalse10.The dominance model represents business primarily based on the economic forces thataffect it.TrueFalse11.The dominance model states that corporations act primarily for the good of most of thepeople in the society.TrueFalse12.The dominance model believes that society is undemocratic in its operations.TrueFalse13.The countervailing forces model states that society is governed primarily by economicforces.TrueFalse14.The countervailing forces model accepts the absolute primacy of business as in thedominance model.TrueFalse

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Chapter 01-The Study of Business, Government, and Society1-315.The countervailing forces model is essentially the same as the market capitalism model.TrueFalse16.The stakeholder model states that the immediate priority of a corporation is to benefit itsinvestors.TrueFalse17.Governments are secondary stakeholders to corporations.TrueFalse18.A concern with the stakeholder theory is that it is not always clear who or what alegitimate stakeholder is.TrueFalse19.Theories simplify and organize areas of knowledge by describing patterns or regularitiesin the subject matter.TrueFalse20.In addition to unprecedented wealth creation and new material comforts, capitalism alsobrings in risks of economic shocks.TrueFalse

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Chapter 01-The Study of Business, Government, and Society1-4Multiple Choice Questions21.A profit-making activity that provides products and services that are intended to satisfyhuman needs is called a(n) _______.A.businessB.NGOC.governmentD.society22.The structures and processes in a society that authoritatively make and apply policies andrules are called ________.A.ideasB.ideologiesC.governmentsD.institutions23.The network of human relations that consists of ideas, institutions, and material things isa(n) ________.A.ideologyB.societyC.theoryD.government24.An enduring belief about which fundamental choices in personal and social life are"correct" is a(n) _______.A.valueB.institutionC.functionD.process

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Chapter 01-The Study of Business, Government, and Society1-525.A set of values that create a specific view of the world is a(n)_______A.institutionB.ideologyC.societyD.economy26.A formal pattern of relations that link people together in order to accomplish a goal is a(n)________.A.societyB.ideaC.institutionD.ideology27.Which of the following statements is true about ideologies?A.All ideologies have the power to organize collective activity.B.Ideologies are structures and processes that authoritatively make and apply policies andrules.C.Ideologies are essential to coordinate the work of individuals who have no directrelationship with each other.D.Secular and sacred ideologies are distinct from one another and rarely overlap.28.The tangible artifacts of a society that shape and are shaped by ideas and institutions arecalled _______.A.material thingsB.marketsC.customsD.services29.The basic agreement between a business and its society that defines the broad duties of thebusiness that are needed to retain the support of society is called a(n) _______.A.social contractB.ideologyC.institutionD.scheme

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Chapter 01-The Study of Business, Government, and Society1-630.Which of the following statements about social contracts is true?A.Businesses are not obligated to fulfill social contracts.B.It codifies the expectations of business from society and other stakeholders.C.It is as clear-cut as the economic forces a business faces.D.It is partly expressed in law, but also resides completely in social values.31.Which of the following models describes business as responding primarily to economicforces in society?A.The market capitalism modelB.The stakeholder modelC.The dominance modelD.The countervailing forces model32.In the _____ model, the _____ acts as a buffer between business and non-market forces.A.stakeholder; marketB.countervailing forces; governmentC.dominance; managementD.market capitalism; market33.A _____ emerges when people move beyond subsistence production to production fortrade, and markets take on a more central role.A.centrally planned economyB.welfare economyC.market economyD.socialist economy34.Which of the following is NOT one of the basic BGS models?A.The market capitalism modelB.The dominance modelC.The collective business modelD.The stakeholder model

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Chapter 01-The Study of Business, Government, and Society1-735.Who wrote "The Wealth of Nations"?A.Karl MarxB.Émile DurkheimC.Adam SmithD.Max Weber36._____ is an economic ideology with a bundle of values including private ownership ofmeans of production, the profit motive, free competition, and limited government restraint inmarkets.A.CapitalismB.SocialismC.CommunismD.Democracy37.Which of the following was an observation made by Adam Smith?A.Corporations are insulated from pressures holding them responsible.B.The desire to trade for mutual advantage lies deep in human instinct.C.Common people who feel disadvantaged in some way seek to take power from the rulingelite.D.To maintain broad public support, business must adjust to social, political, and economicforces.38.________ refers to a market economy in which the dominant businesses are large firmsrun by salaried managers, not smaller firms run by owner-entrepreneurs.A.SocialismB.Managerial capitalismC.MarxismD.Egalitarianism39.Which of the following is an assumption of the market capitalism model?A.Government intervention in economic life is significant.B.Individuals can own private property and freely risk investments.C.Consumers have limited knowledge about products and prices.D.Limited information prevents individuals from making completely rational decisions.

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Chapter 01-The Study of Business, Government, and Society1-840.Which of the following statements about the laissez-faire concept is true?A.It stands for the belief that government intervention in the market is desirable.B.It lessens the efficiency with which free enterprise operates to benefit consumers.C.It is necessary because market forces are benevolent.D.It opines that businesses are responsible for correcting social problems.41.The perspective of the market capitalism model leads to the conclusion that:A.government regulation should be limited.B.it is the responsibility of businesses to correct social problems.C.businesses can get away with inferior quality goods and higher profits.D.the ethical duty of management is to promote the interests of all stakeholders.42.The economic philosophy that rejects government intervention in markets is called __.A.socialismB.laissez-faireC.communismD.totalitarianism43._____ believed that owners of capital exploited workers and promoted systems of risinginequality.A.Karl MarxB.Vladimir LeninC.Bernard MandevilleD.Adam Smith44.In which of the following models do business and government govern the great mass ofpeople?A.The countervailing forces modelB.The stakeholder modelC.The market capitalism modelD.The dominance model

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Chapter 01-The Study of Business, Government, and Society1-945.Proponents of the dominance model:A.focus on the defects and inefficiencies of capitalism.B.believe that corporations are exposed to societal pressures holding them responsible.C.believe that market forces are adequate to ensure ethical management.D.emphasize that businesses and governments are dominated by the masses.46.The _____ model believes that it is undemocratic for corporations and the powerful eliteto control a system that enriches a few at the expense of many.A.dominanceB.market capitalismC.stakeholderD.countervailing forces47._____ is a recurrent spectacle in which common people who feel oppressed ordisadvantaged in some way seek to take power from ruling elite that thwarts fulfillment of thecollective welfare.A.PopulismB.CollectivismC.Laissez-faireD.Capitalism48._____ is an ideology which says that workers should revolt against property-owningcapitalists who exploit them, replacing economic and political domination with more equaland democratic socialist institutions.A.PopulismB.MarxismC.Laissez-faireD.Global corporatism

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Chapter 01-The Study of Business, Government, and Society1-1049.Which of the following models suggests that there is an exchange of power among themultiple elements in society and does not attribute constant dominance to any one element?A.The countervailing forces modelB.The stakeholder modelC.The market capitalism modelD.The dominance model50.Which of the following statements about the countervailing forces model is true?A.It represents primarily the perspective of business critics.B.It reflects the BGS relationship in Western industrialized nations.C.It stands for the belief that government intervention in the market is undesirable.D.It assumes that individuals can own private property and freely risk investments.51.The countervailing forces model differs from the dominance model in that it:A.advocates opening businesses directly to influence nonmarket forces.B.rejects the absolute primacy of business.C.opposes industrial capitalism.D.fears both physical and moral decline in workers.52.A conclusion that can be drawn from the _____ model is that business is deeply integratedinto an open society and must respond to multiple economic and noneconomic factors.A.dominanceB.market capitalismC.stakeholderD.countervailing forces53.Which of the following is an example of a secondary stakeholder in a corporation?A.CustomersB.UnionsC.EmployeesD.Stockholders

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Chapter 01-The Study of Business, Government, and Society1-1154.Which of the following is an example of a primary stakeholder in a corporation?A.MediaB.GovernmentC.Trade associationsD.Political parties55.The entities that have a relationship with a corporation such that they are affectedimmediately and powerfully by the actions of the corporation are called __.A.primary stakeholdersB.activist groupsC.secondary stakeholdersD.trade associations56.Which of the following statements about the stakeholder model is true?A.It reorders the priorities of management away from those in the market capitalism model.B.Exponents of this model agree on how to identify a stakeholder.C.It makes a realistic assessment of power relationships between the corporation and otherentities.D.It sets up clear guidelines to measure profit.57.The _____ model is intended to revitalize capitalism with a new conceptualization of howthe corporation should work. This theory rejects the shareholder-centered view of the firm.A.dominanceB.market capitalismC.stakeholderD.countervailing forces58.Critics of the stakeholder model argue that it:A.creates prosperity at the cost of rising inequality.B.primarily represents the perspective of the business and government.C.seeks to give power to the powerless by replacing force with ethical duty.D.has received little support from leading global organizations.

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Chapter 01-The Study of Business, Government, and Society1-1259.A critique of the _____ model is that creating surplus ethical sensitivity that soars abovelegal duty is impractical and unnecessary.A.countervailing forcesB.stakeholderC.market capitalismD.dominance60.Which of the following is a criticism of the stakeholder model?A.It does not account for changes that take place in the ideas and processes of society.B.It generally reflects a way of looking at the BGS relationship Western nations.C.There is no single, clear, and objective measure to evaluate the combined ethical/economicperformance of a firm.D.It has a negative impact on a corporation's wealth-creating function.61.Despite its shortcomings, a compelling argument in favor of the stakeholder model isthat:A.it isolates business from the broader society and defines the duties of a business as one ofprofit making.B.it has distinguished proponents like Adam Smith and Karl Marx.C.it clearly distinguishes between primary and secondary stakeholders making it easier for acorporation to satisfy each of them.D.it is the ethical way to manage because stakeholders have moral rights that grow from theway powerful corporations affect them.62.____ refers to actions taken by managers to adapt a company to changes in its market andsociopolitical environments.A.Organizational developmentB.Strategic managementC.Social activismD.Value migration

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Chapter 01-The Study of Business, Government, and Society1-1363.All of the following statements are true about theories EXCEPT that:A.they simplify and organize areas of knowledge.B.they integrate entire fields of knowledge.C.they are statements or visions that create insight.D.they are important in every field.64._____ is a statement or vision that creates insight by describing patterns or relationships ina diffuse subject matter.A.ideaB.valueC.theoryD.postulate65.The study of phenomena that move through time is called __.A.historyB.ideologyC.time slipD.horology

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Chapter 01-The Study of Business, Government, and Society1-14Short Answer Questions66.Define "business".67.What is meant by "managerial capitalism"?68.What is Marxism?69.Define the term "stakeholders".

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Chapter 01-The Study of Business, Government, and Society1-1570.What is strategic management?Essay Questions71.What is a society? Discuss its elements.72.Discuss how institutions support markets.73.Discuss the importance of the BGS field.

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