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Name Chapter 01 The Study of Business, Government, and Society
Description Questions which Blackboard's assessment component is incapable of supporting are not
included in the export.
Instructions

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Question 1 True/False

Question The U.S. Congress passed the Sherman Antitrust Act in 1890 in an
attempt to prevent monopoly in business.
Answer True
False
Correct Feedback correct
Incorrect Feedback incorrect
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Question In the U.S., there are about 300 federal regulatory agencies.
Answer True
False
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Question BCG is the study of business, government and society and its
importance for managers.
Answer True
False
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True/False

Question 4
Question The primary purpose of a business is to make a profit by providing
products that satisfy human needs.
Answer True
False
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Question The structures and processes in a society that make and apply policies
and rules are called business.
Answer True
False
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Question An enduring belief about which basic choices in a society are "correct"
is called an idea.
Answer True
False
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Question A business uses society's resources to create new wealth.
Answer True
False
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Question Institutions are formal patterns of relations that link people together to
accomplish a goal.
Answer True
False

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Question A business needs to be responsive to its economic environment but not
to its non-economic environment.
Answer True
False
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Question The broad duties of a business that are needed to obtain the support of
society are called its social contract.
Answer True
False
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Question The public generally believes that a business has social responsibilities
beyond merely making a profit.
Answer True
False
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Question The market capitalism model describes business as responding
primarily to economic forces.
Answer True
False
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Question In the market capitalism model, the "market" acts as a buffer between
business and non-market forces.
Answer True

False
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Question Karl Marx wrote "The Wealth of Nations".
Answer True
False
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Question Adam Smith used the word "capitalism" often in his published writings.
Answer True
False
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Question The dominance model represents business primarily based on the
economic forces that affect it.
Answer True
False
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Question The dominance model states that corporations act primarily for the
good of most of the people in the society.
Answer True
False
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Question The dominance model believes that society is democratic in its

operations.
Answer True
False
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Question The countervailing forces model states that society is governed
primarily by economic forces.
Answer True
False
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Question The countervailing forces model reflects the BGS relationship in
undemocratic societies.
Answer True
False
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Question The countervailing forces model is essentially the same as the market
capitalism model.
Answer True
False
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Question The stakeholder model states that the immediate priority of a
corporation is to benefit its investors.
Answer True
False
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Question In the stakeholder model, the interests of stakeholders are valued only
to the extent that they enrich the corporation's investors.
Answer True
False
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Question The stakeholder model accepts the shareholder-centered view of the
corporation as stated in the market capitalism model.
Answer True
False
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Question The combined ethical/economic performance of a business can be
measured in an objective way.
Answer True
False
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Question 26 Multiple Choice

Question A profit-making activity that provides products that are intended to
satisfy human needs is called a(n):
Answer Business.
Ngo.
Government.
Society.
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Question The structures and processes in a society that authoritatively make and
apply policies and rules are called:
Answer

Ideas.
Ideologies.
Governments.
Institutions.
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Question The network of human relations that consists of ideas, institutions and
material things is a(n):
Answer Ideology.
Society.
Theory.
Government.
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Question According to the text, an intangible object of thought is a(n):
Answer Value.
Theory.
Theme.
Idea.
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Question An enduring belief about what important choices in how we live are
"correct" is a(n):
Answer Value.
Institution.
Ideology.
Idea.
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Question A set of values that create a specific view of the world is a(n):

Answer Institution.
Ideology.
Society.
Idea.
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Question These are essential to coordinate the work of individuals who have no
personal relationship with each other.
Answer Values.
Institutions.
Ideologies.
Ideas.
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Question A formal pattern of relationships that links people together in order to
accomplish a goal is a(n):
Answer Society.
Idea.
Institution.
Ideology.
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Question The tangible artifacts of a society that are shaped by ideas and
institutions are called:
Answer Material things.
Markets.
Immaterial things.
Services.
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Question The basic agreement between a business and its society that defines

the broad duties of the business that are needed to retain the support of society is
called a(n):
Answer Social contract.
Ideology.
Institution.
Idea.
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Question Which of the following statements about social contracts is true?
Answer It defines the broad duties that business must perform to
retain society's support.
It resides completely in law.
It is as clear-cut as the economic forces a business faces.
It resides completely in social values.
Correct
correct
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Incorrect
incorrect
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Question Which model describes business as responding primarily to economic
forces in society?
Answer The market capitalism model.
The stakeholder model.
The dominance model.
The countervailing forces model.
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Question Which of the following is not one of the basic BSG models?
Answer The market capitalism model.
The collective business model.
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Question Who wrote "The Wealth of Nations"?
Answer Karl marx.
John D. Rockefeller.
Adam smith.
Bill gates.
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Question An economy in which private individuals and corporations own the
methods of production and compete in a free market within limited restraints by
government is called:
Answer Capitalism.
Socialism.
Communism.
Democracy.
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Question All of the following statements about the laissez-faire concept are true
EXCEPT:
Answer It stands for the belief that government intervention in the
market is undesirable.
It is costly because it lessens the efficiency with which free
enterprise operates to benefit consumers.
It is unnecessary because market forces are benevolent.
It represents primarily the perspective of business critics.
Correct
correct
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incorrect
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Question The perspective of the market capitalism model leads to all of the
following conclusions EXCEPT:
Answer Government regulation should be limited.
Markets discipline private economic activity to promote
social welfare.
The ethical duty of management is to promote the

interests of society.
The proper measure of corporate performance is profit.
Incorrect
incorrect
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Question A market economy that contains large businesses that are managed by
salaried managers is called:
Answer Socialism.
Managerial capitalism.
Marxism.
Democracy.
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Question In the market capitalism model, the assumption that government
should interfere with the economy only in a limited way is called:
Answer Laissez-faire.
Managerial capitalism.
Marxism.
Socialism.
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Question The economic philosophy that rejects the intervention of government in
the operations of markets is called:
Answer Socialism.
Laissez-faire.
Communism.
Democracy.
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Question In which of the following models do business and government
dominate the great mass of people?

Answer The countervailing forces model.
The market capitalism model.
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Question Proponents of this model focus on the defects and inefficiencies of
capitalism.
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Question This is a recurrent spectacle in which common people who feel
oppressed or disadvantaged in some way seek to take power from a ruling elite
that thwarts fulfillment of the collective welfare.
Answer Populism.
Collectivism.
Laissez-faire.
Capitalism.
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Question Which of the following is a model of multiple or pluralistic forces?
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Question Which of the following statements about the countervailing forces

model is true?
Answer It represents primarily the perspective of business critics.
It reflects the BGS relationship in industrialized nations with
democratic traditions.
It stands for the belief that government intervention in the
market is undesirable.
It assumes that individuals can own private property and
freely risk investments.
Correct
correct
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Incorrect
incorrect
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Question An entity that is either benefited or burdened by the actions of a
corporation is called a(n):
Answer Stockholder.
Customer.
Stakeholder.
Supplier.
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Question Which of the following is an example of a secondary stakeholder in a
corporation?
Answer Customers.
Trade associations.
Employees.
Stockholders.
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Question Which of the following is an example of a primary stakeholder in a
corporation?
Answer Schools.
Customers.
Trade associations.
Activist groups.

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Question The entities that have a relationship with a corporation in such a way
that they are affected immediately and powerfully by the actions of the
corporation are called:
Answer Primary stakeholders.
Activist groups.
Secondary stakeholders.
Trade associations.
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Question Which of the following statements about the stakeholder model is true?
Answer It reorders the priorities of management away from those in
the market capitalism model.
Its immediate priority is to benefit the society.
It is a model of multiple or pluralistic forces.
It focuses on the defects and inefficiencies of capitalism.
Correct
correct
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Incorrect
incorrect
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Question According to the text, critics of the stakeholder model argue that it:
Answer Creates prosperity only at the cost of rising inequality.
Represents primarily the perspective of the business and
government.
Seeks to give power to the powerless by replacing force with
ethical duty.
Represents a series of recurrent attacks that wind through
the Western philosophical tradition.
Correct
correct
Feedback
Incorrect
incorrect
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Question The actions taken by the managers of a business that are intended to
adapt the business to changes in the marketplace are called:

Answer Theories.
Strategic management.
Diffusion.
The moral imperative.
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Question A set of statements that describes patterns of relationships in a
complex subject is a(n):
Answer Idea.
Value.
Theory.
Postulate.
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Question All of the following are true about theories EXCEPT:
Answer They simplify and organize areas of knowledge.
They integrate entire fields of knowledge.
They are statements or visions that create insight.
They are important in every field.
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Question The study of phenomena that move through time is called:
Answer History.
Ideology.
Idea.
Theory.
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Question 61 Fill in the Blank

Question _____ is a profit-making activity that provides products and services to
satisfy human needs.

Answer Business
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Question The _____ refers to structures and processes in a society that makes
and applies policies and rules.
Answer government
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Question A _____ is a network of human relations that consists of ideas,
institutions and material objects.
Answer society
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Question _____ are tangible objects that shape ideas and institutions.
Answer Material things
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Question _____ is an economic system wherein private individuals and
corporations own production methods and attempt to make a profit in a free
market with limited interference by government.
Answer Capitalism
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Question _____ is an economy in which the dominant businesses are large
companies run by managers who are on salary.
Answer Managerial capitalism

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Question A _____ is an entity that is either benefited or burdened by the actions
of a corporation.
Answer stakeholder
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Question _____ are entities that have a relationship with a corporation and who
are affected immediately, continuously and powerfully by this corporation.
Answer Primary stakeholders
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Question Actions taken by management to adapt their company to changes in
the marketplace are called _____ management.
Answer strategic
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Question A _____ is a statement that describes relationships in a diffuse subject
matter.
Answer theory
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Question 71 Essay

Question What is the definition of a "business?"
Answer Business is defined as a profit-making activity that provides products and
services to satisfy human needs. It is a broad term encompassing a
range of actions and institutions. It covers management, manufacturing,
finance, trade, service, investment and other activities.
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Question 72 Essay

Question What are values and how do they impact our life in important ways?
Answer Values are enduring beliefs about which fundamental choices in
personal and social life are correct. Cultural habits and norms are based
on values.
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Question 73 Essay

Question Explain what is meant by an "ideology" and give two examples of this
concept.
Answer Ideologies are bundles of values that create a certain world view. They
establish the broad goals of life by defining what is considered good,
true, right, beautiful and acceptable. Democracy and capitalism are
examples of ideologies.
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Question 74 Essay

Question What is meant by the "material things" in a society and why are they
important?
Answer Material things are tangible artifacts of a society that shape and are
shaped by ideas and institutions. They include land, natural resources,
infrastructure and manufactured goods. Economic institutions, together
with the extent of resources, largely determine the type and quantity of
society's material goods.
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Question 75 Essay

Question What is the "social contract" that exists between a business and the
society in which it operates?
Answer A social contract is an underlying agreement between business and
society on basic duties and responsibilities business must carry out to
retain public support. It may be reflected in laws and regulations. It
defines the broad duties that business must perform to retain society's
support. It is partly expressed in law, but it also resides in social values.
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Question 76 Essay

Question Discuss the market capitalism model and explain how it differs from the
dominance model.
Answer
The market capitalism model depicts businesses as operating within a
market environment, responding primarily to powerful economic forces. It
is substantially sheltered from direct impact by social and political forces.
The market acts as a buffer between business and non-market forces.
The model incorporates important assumptions. One is that government
interference in economic life is slight. This is called laissez-faire. Another
assumption is that individuals can own private property and freely risk
investments.
The dominance model is a basic way of seeing the BGS relationship. It
represents primarily the perspective of business critics. In it, business
and government dominate the great mass of people. Proponents of the

dominance model focus on the defects and inefficiencies of capitalism.
They believe that corporations are insulated from pressures holding
them responsible, that regulation by a government in thrall to big
business is feeble and that market forces are inadequate to ensure
ethical management.
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Question 77 Essay

Question What is meant by capitalism?
Answer Capitalism is economies in which private individuals and corporations
own the means of production and, motivated by the desire for profit,
compete in free markets under conditions of limited restraint by
government.
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Question 78 Essay

Question What is meant by "managerial capitalism?"
Answer Managerial capitalism is a market economy in which the dominant
businesses are large firms run by salaried managers, not smaller firms
run by owner-entrepreneurs.
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Question 79 Essay

Question How does the term "laissez-faire" describe the market capitalism
model?
Answer Laissez-faire is an economic philosophy that rejects government
intervention in markets. It stands for the belief that government
intervention in the market is undesirable. It is costly because it lessens
the efficiency with which free enterprise operates to benefit consumers. It
is unnecessary because market forces are benevolent and, if liberated,
will channel economic resources to meet society's needs.
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Question 80 Essay

Question What is meant by the countervailing forces model in the BGS
relationship?
Answer The countervailing forces model depicts the BGS relationship as a flow
of interactions among the major elements of society. It suggests complex
exchanges of influence among them, attributing dominance to none. This
is a model of multiple or pluralistic forces. Their strength waxes and
wanes depending on factors such as the subject at issue, the power of
competing interests, the intensity of feeling and the influence of leaders.
This model reflects the BGS relationship in industrialized nations with
democratic traditions. It differs from the market capitalism model,
because it opens business directly to influence by non-market forces.
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