Question 1 The broad agreement that permits a business to have a working relatio

Question

Question 1

The broad agreement that permits a business to have a working relationship with the society in which it operates is called the:

Select one:

a. Constitution of the United States.

b. Bill of Rights.

c. Balance Sheet.

d. Social Contract.

Question 2

When Henry Ford used assembly lines to produce Model T cars in 1914, this was an example of:

Select one:

a. technological power.

b. pluralism.

c. environmental power.

d. market failure.

Question 3

When businesses hire lobbyists to influence legislation they are attempting to use:

Select one:

a. political power.

b. social power.

c. the Doctrine of Natural Rights.

d. technological power.

Question 4

The idea of a “classless society” in which all of the people collectively own property is a fundamental tenet in:

Select one:

a. capitalism.

b. communism.

c. feudalism.

d. democracy.

Question 5

Which of the following U.S. social movements attacked business for contributing to a variety of social ills during the 1960s?

Select one:

a. Civil rights groups.

b. Environmental groups.

c. Consumer Advocacy Groups

d. All of the above.

Question 6

J.P. Morgan was the most powerful ________ in the early 20th Century.

Select one:

a. politician

b. commercial banker

c. oil baron

d. environmentalist.

Question 7

Which group has the ability to influence business behavior?

Select one:

a. Consumers.

b. Community activists.

c. Workers.

d. All of the above.

Question 8

Firms that have market power:

Select one:

a. behave competitively.

b. have some control over the market price.

c. create a more equitable distribution of income.

d. All of the above.

Question 9

The social contract that a business has with society:

Select one:

a. Is legally binding.

b. Is required by the government.

c. Suggests that businesses have a moral obligation to benefit other stakeholder groups.

d. All of the above.

Question 10

Monopoly violates which assumptions of the competitive market model?

Select one:

a. That consumers have choice.

b. That firms have little or no pricing power.

c. That entry by new firms is relatively easy.

d. All of the above.

Explanation / Answer

1. Option D is correct.

Its an agreement between the members of an organised community and the ruler that defines the social and political obligations so that peopl and government could cooperate and work together.

2. Option A is correct.

Henry Ford's production of model T used strategies of mass production and this was only possible by technological power that high volume assembly line and large scale production could be done.

3. Option A is correct.

Lobbyist influencing legislation itself points out that the businesses are trying to attempt the use of the political power.

4. Option B is correct.

This theory was basically propounded by Karl Marx. In this system all people are the same and hence there is no class, the society is classless. The property is communally owned and equally distributed amongst all.

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