FINAL EXAM STUDY GUIDE
According to the Classical growth model, an economy that increases its saving
will grow:
Quickly since the increase in saving will permit greater investment.
Quickly since the increase in saving will permit more rapid technological
progress.
Slowly because consumption and aggregate demand will be reduced.
Slowly because interest rates will fall, causing investment to decline.
When does the straw man fallacy occur?
When a decision maker dismisses an alternative that fails to solve the issue
completely.
When a person tries to disprove a claim based on its source.
When a person falsifies or overstates an adversary’s position.
When a person considers only 2 alternatives even when other options are
available.
Identify the statement that accurately describes the Sarbanes-Oxley Act.
Unlike other Acts, its violations do not result in fines or prosecutions.
Complying with the act saves time and money, but deteriorates efficiency.
It requires business to have only company insiders as board directors.
It was passed to promote business ethics by creating legal requirements.
, Other things held constant in a competitive labor market, if workers negotiate a
contract in which the employer agrees to pay an hourly wage of $17.85 while the
market equilibrium hour rate is $16.50, the:
Supply of labor will decrease until the equilibrium wage rate is $17.85.
Quantity of workers demanded will exceed the quantity of workers
supplied.
Quantity of workers supplied will exceed the quantity of workers
demanded.
Demand for labor will increase until the equilibrium wage rate is $17.85.
In which of the following situations is a budget surplus most likely to occur?
When fiscal policy is contractionary and the economy is expanding
When fiscal policy is expansionary
When the economy is contracting
When fiscal policy is expansionary and the economy is contracting
Suppose farmers can use their land to grown either wheat or corn. The law of
supply predicts that an increase in the market price of wheat will cause:
farmers to raise the production of corn and wheat.
farmers to lower the production of corn and wheat.
farmers to substitute wheat for the production of corn.
farmers to substitute corn for the production of wheat.
Which of the following statements is true of the WARN Act?
,
It requires employers to give notice to employees that they are being
subjected to polygraph tests.
It requires employers to give notice to employees that an unscheduled drug
test will be conducted for all employees.
It requires employers to give notice to an “at will” employee that he/she is
being fired.
It requires employers to give notice of a scheduled mass layoff.
According to the Ajzen model, the strongest predictor of an employee’s behavior
is/are__________.
the employee’s values
the employee’s attitudes
the employee’s intentions
social norms
Which of the following is useful advice on conducting business across cultures
with those who have limited English ability?
Allow those with limited English ability enough time to process their
thoughts into English.
Speak at your normal, regular pace instead of speaking slowly as this may
be viewed as disrespectful.
Determine a person's level of communication proficiency within the first
few moments of your interactions with them.
Use slang and jargon instead of literal language as much as possible.
According to the Classical growth model, an economy that increases its saving
will grow:
Quickly since the increase in saving will permit greater investment.
Quickly since the increase in saving will permit more rapid technological
progress.
Slowly because consumption and aggregate demand will be reduced.
Slowly because interest rates will fall, causing investment to decline.
When does the straw man fallacy occur?
When a decision maker dismisses an alternative that fails to solve the issue
completely.
When a person tries to disprove a claim based on its source.
When a person falsifies or overstates an adversary’s position.
When a person considers only 2 alternatives even when other options are
available.
Identify the statement that accurately describes the Sarbanes-Oxley Act.
Unlike other Acts, its violations do not result in fines or prosecutions.
Complying with the act saves time and money, but deteriorates efficiency.
It requires business to have only company insiders as board directors.
It was passed to promote business ethics by creating legal requirements.
, Other things held constant in a competitive labor market, if workers negotiate a
contract in which the employer agrees to pay an hourly wage of $17.85 while the
market equilibrium hour rate is $16.50, the:
Supply of labor will decrease until the equilibrium wage rate is $17.85.
Quantity of workers demanded will exceed the quantity of workers
supplied.
Quantity of workers supplied will exceed the quantity of workers
demanded.
Demand for labor will increase until the equilibrium wage rate is $17.85.
In which of the following situations is a budget surplus most likely to occur?
When fiscal policy is contractionary and the economy is expanding
When fiscal policy is expansionary
When the economy is contracting
When fiscal policy is expansionary and the economy is contracting
Suppose farmers can use their land to grown either wheat or corn. The law of
supply predicts that an increase in the market price of wheat will cause:
farmers to raise the production of corn and wheat.
farmers to lower the production of corn and wheat.
farmers to substitute wheat for the production of corn.
farmers to substitute corn for the production of wheat.
Which of the following statements is true of the WARN Act?
,
It requires employers to give notice to employees that they are being
subjected to polygraph tests.
It requires employers to give notice to employees that an unscheduled drug
test will be conducted for all employees.
It requires employers to give notice to an “at will” employee that he/she is
being fired.
It requires employers to give notice of a scheduled mass layoff.
According to the Ajzen model, the strongest predictor of an employee’s behavior
is/are__________.
the employee’s values
the employee’s attitudes
the employee’s intentions
social norms
Which of the following is useful advice on conducting business across cultures
with those who have limited English ability?
Allow those with limited English ability enough time to process their
thoughts into English.
Speak at your normal, regular pace instead of speaking slowly as this may
be viewed as disrespectful.
Determine a person's level of communication proficiency within the first
few moments of your interactions with them.
Use slang and jargon instead of literal language as much as possible.
