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Chapter Quiz
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1

An incidental purpose of business in society is to satisfy human needs through products and services.
A)True
B)False
2

In classical capitalism, economic activity is conducted primarily by public firms in competitive markets.
A)True
B)False
3

In the dominance model, business and government together dominate people.
A)True
B)False
4

The stakeholder model stresses duties toward people and groups in the society.
A)True
B)False
5

The actions of a company that help it to adapt to its changing environment are called strategic management.
A)True
B)False
6

Which of the following is included in the term "business?"
A)Trade
B)Finance
C)Manufacturing
D)All of the above
7

The structures and processes in a society that make and carry out the society’s policies and rules are called:
A)ideas.
B)ideologies.
C)business.
D)government.
8

All of the following elements are included in a society EXCEPT:
A)institutions.
B)material things.
C)profit.
D)ideas
9

Which of the following is an example of an institution in a society?
A)Universities
B)Corporations
C)Military
D)All of the above
10

Which of the following is an example of the material things present in a society?
A)Land
B)Manufactured goods
C)Natural resources
D)All of the above
11

In the market capitalism model, business is shaped by:
A)business operations.
B)social pressures.
C)political pressures.
D)all of the above.
12

In the countervailing forces model, which of the following is an important factor?
A)The relative power of competing interests
B)The subject under discussion
C)The strength of public opinion on the issue
D)All of the above
13

All of the following are examples of primary stakeholders in the stakeholder model EXCEPT:
A)colleges.
B)stockholders.
C)customers.
D)employees.
14

All of the following are examples of secondary stakeholders in the stakeholder model EXCEPT:
A)governments.
B)trade associations.
C)environmentalists.
D)the media.
15

Which of the following is an important part of a strategic management plan?
A)An organizational mission
B)Policies and the means to achieve them
C)The purpose and objectives of the organization
D)All of the above
16

In the BGS field, the social contract between business institutions and their society is known as a(n):
A)basic agreement.
B)laissez-faire agreement.
C)social dominance.
D)countervailing force.
17

In the market capitalism model, when government interferes very little in economic activities, this is called a(n):
A)stakeholder effect.
B)laissez-faire approach.
C)dominance effect.
D)secondary effect.
18

In the market capitalism model, corporate performance is measured primarily by:
A)social programs.
B)profit.
C)sales dollars.
D)market share.
19

In which model are stockholders defined by their legitimate interests in the corporation?
A)Countervailing forces model
B)Dominance model
C)Stakeholder model
D)Market capitalism model
20

Which of the following is emphasized in classical economic theory?
A)Social programs
B)Managerial salaries
C)Maximization of stockholder wealth
D)Duties towards groups in the society





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