Business Overview and Resources Study Guide
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Questions and Answers

What type of economy is characterized by government control and centrally made decisions?

  • Market Economy
  • Monopoly
  • Mixed Economy
  • Planned (Command) Economy (correct)

    • Which type of resources includes tangible assets like buildings, equipment, and raw materials?

  • Physical Resources (correct)
  • Financial Resources
  • Informational Resources
  • Human Resources

    • In which type of competitive structure are there many buyers and sellers with identical products?

  • Monopolistic Competition
  • Monopoly
  • Oligopoly
  • Perfect Competition (correct)

    • What factors affect ethical behavior in business situations?

    <p>Personal Factors, Organizational Factors, and Environmental Factors</p> Signup and view all the answers

    What is the purpose of a Code of Conduct in a company?

    <p>To define rules for ethical behavior</p> Signup and view all the answers

    Which consumer right ensures the provision of accurate product information?

    <p>Right to Be Informed</p> Signup and view all the answers

    What does Offshore Outsourcing involve?

    <p>Contracting business functions to a third-party in a foreign country</p> Signup and view all the answers

    What is the purpose of Whistleblower Protection in a company?

    <p>To encourage reporting of unethical behavior</p> Signup and view all the answers

    How does a weaker domestic currency impact export prices?

    <p>It makes exports cheaper and more competitive</p> Signup and view all the answers

    What are Tariffs and Quotas examples of in international trade?

    <p>Trade Barriers</p> Signup and view all the answers

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