Business, Government, and Society A Managerial Perspective, Text and Cases - Complete test bank - exam questions - quizzes (updated 2022)

Chapter 01
The Study of Business, Government and Society



True / False Questions


1. (p. 1) The U.S. Congress passed the Sherman Antitrust Act in 1890 in an attempt to prevent
monopoly in business.
TRUE




Difficulty: Medium




2. (p. 3) In the U.S., there are about 300 federal regulatory agencies.
FALSE




Difficulty: Easy




3. (p. 4) BCG is the study of business, government and society and its importance for
managers.
FALSE




Difficulty: Easy




4. (p. 4) The primary purpose of a business is to make a profit by providing products that
satisfy human needs.
TRUE




Difficulty: Easy

,5. (p. 4) The structures and processes in a society that make and apply policies and rules are
called business.
FALSE




Difficulty: Medium

,6. (p. 5) An enduring belief about which basic choices in a society are "correct" is called an
idea.
FALSE




Difficulty: Medium




7. (p. 5) A business uses society's resources to create new wealth.
TRUE




Difficulty: Easy




8. (p. 5) Institutions are formal patterns of relations that link people together to accomplish a
goal.
TRUE




Difficulty: Easy




9. (p. 7) A business needs to be responsive to its economic environment but not to its non-
economic environment.
FALSE




Difficulty: Medium

, 10. (p. 7) The broad duties of a business that are needed to obtain the support of society are
called its social contract.
TRUE




Difficulty: Medium