Exam 1: Introduction: Business and Its Environment in a Globalizing World

The term business is only ever used to refer to private sector, profit-making companies.

When we refer to businesses as complex, internally differentiated systems, which of the following aspects of the business environment do we focus on? Please select all that apply.

In the UK the hourly rate below which, by law, pay for employees aged over 25 years must not be allowed to fall is known as the:

There is general agreement within society about how the success of private sector business is defined and measured.

In reality there is no such thing as a free market in the sense of firms being left entirely free to make decisions for themselves.

Only poor societies and poor people in rich societies have to face the problem of scarcity.

Tax avoidance may be defined or characterized as: (Please select all that apply.)

In the 1980s Conservative governments used the policy of privatization to bring about a major shift in the boundary between the public and private sectors in the UK.

Firms may seek 'locational advantage' from which of the following? Please select all that apply.

Which four economies constitute the BRIC group?

The private sector of the economy is characterized by the following features: (Please select all that apply.)

When we conduct a stakeholder analysis of business, which of the following statements are generally true? Please select all that apply.

The definition of a stakeholder in a private sector business is:

According to John Kay the profit-seeking paradox is that:

The basic economic problem facing society is:

A market system can be characterized as a decentralized mechanism for deciding the allocation of resources.

In addition to a specific business organization or firm, the term 'business' may be used to refer to: (Please select all that apply.)

Examples of the spatial scale of the business environment may include the following: (Please select all that apply.)

Christine Lagarde is head (in 2018) of which international organization?

Adam Smith characterized the operation of the market system in the following terms: (Please select all that apply.)