1) The cost principle requires that when assets areacquired, they be recorded at __________.A.  exchange price paid B.  selling price C.  appraisal value D.  list price 2) The first step inactivity-based costing is to __________.A.  compute the activity-based overhead rate percost driver B.  identify and classify the major activitiesinvolved in the manufacture of specific products C.  assign manufacturing overhead costs for eachactivity cost pool to products D.  identify the cost driver that has a strongcorrelation to the activity cost pool 3) Which one of the following is a product cost?A.  Office salaries B.  Sales person’s salaries C.  Indirect labor D.  Advertising costs 4) “Generally accepted” in the phrase generallyaccepted accounting principles means that the principles __________.A.  have substantial authoritative support B.  have been approved by the Internal RevenueService C.  are proven theories of accounting D.  have been approved for use by the managementsof business firms 5) What is the preparation of reports for each level ofresponsibility in the company’s organization chart called?A.  Responsibility reporting B.  Exception reporting C.  Static reporting D.  Master budgeting analysis 6) What exists whenbudgeted costs exceed actual results?A.  A favorable difference B.  An unfavorable difference C.  A budgeting error D.  An excess profit 7) The cost principleis the basis for preparing financial statements because it is __________.A.  relevant and objectively measured, andverifiable B.  the most accurate measure of purchasing powerC.  a conservative value D.  an international accounting standard 8) The incomestatement and balance sheet columns of Pine Company’s worksheet reflects thefollowing totals: Income StatementBalance SheetDr. Cr.  Dr. Cr. Totals  $58,000$48,000  $34,000 $44,000   To enter the netincome (or loss) for the period into the above worksheet requires an entry tothe __________.A.  income statement credit column and thebalance sheet debit column B.  balance sheet debit column and the balancesheet credit column C.  income statement debit column and the balancesheet credit column D.  income statement debit column and the incomestatement credit column 9) The primarypurpose of the statement of cash flows is to __________.A.  prove that revenues exceed expenses if thereis a net income B.  facilitate banking relationships C.  provide information about the investing andfinancing activities during a period D.  provide information about the cash receiptsand cash payments during a period 10) Sam’s Used Cars uses the specific identification methodof costing inventory. During March, Sam purchased three cars for $6,000,$7,500, and $9,750, respectively. During March, two cars are sold for $9,000each. Sam determines that at March 31, the $9,750 car is still on hand. What isSam’s gross profit for March?A.  $4,500 B.  $8,250 C.  $5,250 D.  $750 11) If a companyreports a net loss, it __________.A.  will not be able to pay cash dividends B.  will not be able to make capital expendituresC.  may still have a net increase in cash D.  will not be able to get a loan 12) One of Astro Company’s activity cost pools is machinesetups, with estimated overhead of $150,000. Astro produces sparklers (400setups) and lighters (600 setups). How much of the machine setup cost poolshould be assigned to sparklers?A.  $60,000 B.  $90,000 C.  $150,000 D.  $75,000 13) Of the following companies, which one would not likelyemploy the specific identification method for inventory costing?A.  Farm implement dealership B.  Hardware store C.  Music store specializing in organ sales D.  Antique shop 14) The major reporting standard for management accounts is__________.A.  the Sarbanes-Oxley Act of 2002 B.  generally accepted accounting principles C.  the Standards of Ethical Conduct forPractitioners of Management Accounting and Financial Management D.  relevance to decisions 15) Assume oligopoly firms are profit maximizers, they donot form a cartel, and they take other firms’ production levels as given. Thenin equilibrium the output effect __________.A.  must be smaller than the price effect B.  can be larger or smaller than the priceeffect C.  must dominate the price effect D.  must balance with the price effect 16) A tax on an importedgood is called a __________.A.  tariff B.  trade tax C.  quota D.  supply tax 17) A logicalstarting point from which the study of international trade begins is__________.A.  the recognition that government interventionin markets sometimes enhances the economic welfare of the society B.  the recognition that not all markets arecompetitive C.  the principle of absolute advantage D.  the principle of comparative advantage 18) In economics, thecost of something is __________.A.  always measured in units of time given up toget it B.  the dollar amount of obtaining it C.  what you give up to get it D.  often impossible to quantify, even inprinciple 19) Which of the following would be most likely tocontribute to the breakdown of a cartel in a natural resource (e.g., bauxite)market?A.  Low price elasticity of demand B.  High prices C.  High compatibility of member interests D.  Unequal member ownership of the naturalresource 20) A production possibilities frontier will be a straightline if __________.A.  increasing the production of one good by xunits entails a constant opportunity cost in terms of the other good B.  increasing the production of one good by xunits entails no opportunity cost in terms of the other good C.  the economy is producing efficiently D.  the economy is engaged in trade with at leastone other economy 21) In order to besuccessful, a cartel must __________.A.  agree on the total level of production forthe cartel, but they need not agree on the amount produced by each member B.  find a way to encourage members to producemore than they would otherwise produce C.  agree on the total level of production and onthe amount produced by each member D.  agree on the prices charged by each member,but they need not agree on amounts produced 22) The part of the balance of payments account that recordsthe amount of foreign currency the government buys or sells is the:A.  financial and capital account. B.  current account. C.  government financial account. D.  balance of trade. 23) Real GDP __________.A.  evaluates currentproduction at the prices that prevailed in some specific year in the past. B.  evaluates current production at currentprices. C.  is not a valid measure of the economy’sperformance, since prices change from year to year. D.  is a measure of the value of goods only; itexcludes the value of services. 24) The principal lagfor monetary policy __________.A.  and fiscal policy is the time it takes forpolicy to change spending B.  and fiscal policy is the time it takes toimplement policy C.  is the time it takes to implement policy. Theprincipal lag for fiscal policy is the time it takes for policy to changespending D.  is the time it takes for policy to changespending. The principal lag for fiscal policy is the time it takes to implementit 25) President GeorgeW. Bush and congress cut taxes and raised government expenditures in 2003.Which of the following is not correct?A.  While there was subsequent improvement ineconomic performance, it’s not entirely clear that this was due to the policy. B.  At the time the economy was just moving intoa recession. C.  In general monetary policy can be implementedfaster than fiscal policy. D.  In general it is easier to reverse monetarypolicy than to reverse fiscal policy. 26) Consider twoitems that might be included in GDP: (1) The estimated rental value ofowner-occupied housing; and (2) purchases of newly-constructed homes. How arethese two items accounted for when GDP is calculated?A.  Item (1) is included in the consumptioncomponent, while item (2) is included in the investment component. B.  Both item (1) and item (2) are included inthe consumption component of GDP. C.  Item (1) is included in the investmentcomponent, while item (2) is included in the consumption component. D.  Only item (2) is included in GDP and it isincluded in the investment component. 27) Many U.S.business leaders argue that the current state of U.S. net exports is the resultof __________.A.  free trade policies of foreign governments. B.  unproductive U.S. workers. C.  unfair foreign competition. D.  U.S. export subsidies. 28) An invisible barrier that makes it difficult for certaingroups, such as minorities and women, to move beyond a certain level in theorganizational hierarchy is referred to as the:A.  Job enrichment theory B.  Job enlargement concept C.  Glass ceiling D.  Black box theory E.  Glass floor 29) The pursuit oflucrative opportunities by enterprising individuals is called:A.  Business incubating B.  Entrepreneurship C.  Independence D.  Intrapreneurship E.  Social experimentation 30) An organization that is managed aggressively and hasgrowth and high profits as primary objectives may be considered a(n):A.  Small business B.  Entrepreneurship venture C.  Large corporation D.  Multinational corporation E.  Online Business 31) Listening toemployee suggestions, gaining support for organizational objectives andfostering an atmosphere of teamwork are all considered:A.  Diagnostic skills B.  Professional skills C.  Interpersonal/communication skills D.  Technical skills E.  Conceptual 32) One of the most important contributors to total qualitymanagement has been the introduction of statistical tools to analyze the causesof product defects in an approach called:A.  ISO 9000 B.  Mechanistic C.  Total quality integration D.  Six Sigma Quality E.  Organic 33) A series of quality standards developed by a committeeworking under the International Organization for Standardization to improvetotal quality in all businesses for the benefit of both producers and consumersis:A.  ISO 9000 B.  Computer-integrated manufacturing (CIM) C.  Just-in-time control (JIT) D.  Total quality management E.  Customer-based integration 34) Japanesemanufacturers’ kaizen (continuous improvement) programs enable them tomaintain:A.  Larger, faster facilities B.  Positive working relationships with allemployees C.  A Learning advantage over their competition D.  A strategic alliance E.  A homogeneous workforce 35) The best way foran employer to find out if a potential employee can do a job is by __________.A.  having them spend a day in the office B.  administering an IQ test C.  using a written test D.  using the interview process E.  using a performance simulation test 36) The AquaticCenter, Inc. periodically reviews the goals of the company. During the process,The Aquatic Center managers analyze their current strategies as compared totheir competitors, determine goals that they will pursue and decide uponspecific actions for each area of the company to take in pursuit of thesegoals. The Aquatic Center managers have been engaged in the management functionof:A.  Goal Coordination B.  Controlling C.  Planning D.  Organizing E.  Staffing 37) As related tomanaging of human resources, diversity refers to:A.  Differences in demographics (such as age,race, gender, disability status, lifestyle, veteran status, educational level,etc.) B.  Differences in pay methods (such as hourly,salaried, overtime, hazard-pay, commissioned, etc.) C.  Differences in recruiting methods (such asnewspapers, schools, flyers, magazines, agencies, etc.) D.  Differences in employee benefit plans (suchas pensions, insurance, vacations, memberships, etc.) E.  Differences in retention strategies (such astraining, hiring, incentives, etc) 38) Your roommate is interested in starting a business andeverybody has been giving him different information about being anentrepreneur. Since you have been studying about entrepreneurship and newventures, which of these would you tell him is true?A.  Money should not be considered a start-upingredient B.  All entrepreneurs need venture capital inorder to get started C.  Successful entrepreneurs take very careful,calculated risks D.  Entrepreneurs are their own bosses andcompletely independent E.  Anyone can start a business 39) Teams that operate separately from the regular workstructure and exist temporarily are known as:A.  Self-designing teams B.  Transnational teams C.  Self-managed teams D.  Parallel teams E.  Management teams 40) SebastianStabilio just joined a team of people from throughout his organization whoseprimary task is to recommend valuable uses for the scrap generated in themanufacturing process. The team meets twice per week; otherwise members workwithin the usual organizational structure. The team, not permanent, whichSebastian has joined, would be considered a:A.  Project group B.  Parallel team C.  Project team D.  Working group E.  Work team 41) Which of theserepresent skills that managers need?A.  Professional, technical and interpersonal& communication B.  Interpersonal, quantitative, and professionalC.  Conceptual & decision making, professionaland technical D.  Technical, interpersonal & communicationand conceptual & decision making E.  Interpersonal & communication, conceptual& decision making and professional 42) William used a sample of 68 U.S. cities to estimate therelationship between Crime (annual property crimes per 100,000 persons) andIncome (median income per capita). His estimated regression equation was Crime= 428 + .050 Income. Which outcomes wouldbe likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005withY = number ofrobberies in each city (thousands of robberies) andX = size of policeforce in each city (thousands of police)?A.  High R2 (due to city size). B.  Autocorrelation. C.  Positive slope (due to city size). D.  No correlation. 43) Twelve randomly-chosen students were asked how manytimes they had missed class during a certain semester, with this result: 2, 1,5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample,which measure of central tendency is least representative of the “typical”student?A.  Mode B.  Midrange C.  Median D.  Mean 44) In a right-tail test, a statistician came up with a ztest statistic of 1.469. What is the p-value?A.  .0708 B.  .4292 C.  .0874 D.  .0301 45) Which of the following statements is true?A.  The sum of two mutually exclusive events isone. B.  If A and B are independent events, the P(B) =P(A) P(B). C.  The probability of A and its complement (A’)will always sum to one. D.  If event (A) occurs, then its complement (A’)will also occur. 46) Independent events A and B would be consistent withwhich of the following statements:A.  P (A) = .4, P (B) = .3, P (A  B) = .5 B.  P (A) = .5, P (B) = .4, P (A  B) = .3 C.  P (A) = .3, P (B) = .5, P (A  B) = .4 D.  P (A) = .4, P (B) = .5, P (A  B) = .2 47) Jolly Blue GiantHealth Insurance (JBGHI) is concerned about rising lab test costs and wouldlike to know what proportion of the positive lab tests for prostate cancer areactually proven correct through subsequent biopsy. JBGHI demands a sample largeenough to ensure an error of ± 2% with 90% confidence. What is the necessarysample size?A.  1,692 B.  2,401 C.  1,604 D.  609 48) In anactivity-on-node [AON] network, the nodes represent ____________, whereas thearcs represent ____________.A.  events; activities B.  activities; time C.  precedence relationships; time D.  activities; precedence relationships 49) Companies usinglean systems generally have:A.  suppliers that are willing to acceptshort-term contracts. B.  many suppliers to ensure that materialshortages never occur. C.  suppliers who are low-cost producers. D.  suppliers that are located nearby to decreasedelivery lead time. 50) Which one of thefollowing statements about managerial inputs to production and staffing plansis best?A.  Marketing provides new product or servicedevelopments. B.  Finance provides labor and machine standards.C.  Materials provide the current staffing level.D.  Human resources provide the training capacityand labor-market conditions. 51) Theoretically,service capacity must exceed demand, lest queues become infinitely long. Ifcapacity does not exceed demand, what is likely to happen?A.  Servers will eliminate time-consumingportions of their jobs, thereby increasing capacity. B.  Customers will renege or balk, therebyreducing demand. C.  All of these D.  Servers will decrease time spent percustomer, thereby increasing capacity. 52) You are facedwith a linear programming objective function of: Max P = $20X + $30Y and constraints of:   3X + 4Y = 24(Constraint A)   5X – Y = 18(Constraint B) You discover that theshadow price for Constraint A is 7.5 and the shadow price for Constraint B is0. Which of these statements is TRUE?A.  For every additional unit of the objectivefunction you create, the price of A rises by $7.50. B.  You can change quantities of X and Y at nocost for Constraint B. C.  The most you would want to pay for anadditional unit of A would be $7.50. D.  For every additional unit of the objectivefunction you create, you lose 0 units of B. 53) Which of the following are disadvantages of the buyoption for acquiring IS applications?A.  company will not have control over softwareimprovements B.  software may not exactly meet the company’sneeds C.  all of the these are disadvantages D.  software may not integrate with existingsystems E.  software may be impossible to modify 54) When yourpurchases are swiped over the bar-code reader at the point-of-sale terminals atWal-Mart, a _____ records the data.A.  dashboard B.  transaction processing system C.  office automation system D.  enterprise resource planning system E.  functional area information system 55) Networks enable which of the following applications?A.  Collaboration B.  Discovery C.  All of the these D.  Web services E.  Communications 56) Which of thefollowing statements is correct?A.  An individual’s right to privacy supersedesthe needs of society B.  An individual’s right to privacy is absolute C.  The Internet has increased individuals’privacy D.  Advances in information technologies have notaffected individual privacy E.  It is difficult to determine and enforceprivacy regulations 57) The costs ofdelivering products in the _____ channel are much higher than deliveringproducts in the _____ channel.A.  digital, physical B.  e-commerce, digital C.  physical, digital D.  physical, financial E.  digital, e-commerce 58) _____ is theefficient and effective execution of specific tasks.A.  Strategic planningB.  Expertise C.  Wisdom D.  Operational control E.  Management control 59) Which of the following is not a function of functionalarea information systems?A.  provides information mainly in the form ofreports B.  provides data from business events to thecorporate database C.  provides analysis capabilities to middlelevel managers and staff D.  provides information to managers in thefunctional areas E.  supports the managerial tasks of planning,organizing, and controlling operations 60) Computer support is greatest for which of the followingproblems?A.  Structured and operational control B.  Semistructured and management control C.  Structured and management control D.  Semistructured and strategic planning E.  Unstructured and operational control 61) _____ is theacquisition and efficient use of resources in accomplishing organizationalgoals.A.  Strategic planning B.  Expertise C.  Wisdom D.  Operational control E.  Management control 62) Information-basedindustries are most susceptible to which one of Porter’s five forces?A.  threat of substitute products B.  bargaining power of customers C.  rivalry among existing firms in an industry D.  bargaining power of suppliers 63) The common stockholders are most concerned with:A.  the risk of the investment. B.  the size of the firm’s beginning earnings pershare. C.  the spread between the return generated onnew investments and the investor’s required rate of return. D.  the percentage of profits retained. 64) You hold aportfolio with the following securities: SecurityPercent of PortfolioBetaReturnX Corporation 20% 1.35 14% Y Corporation 35% .95 10% Z Corporation 45% .75 8%   Compute theexpected return and beta for the portfolio.A.  34.4%, .94 B.  9.9%, 1.02 C.  9.9%, .94 D.  10.67%, 1.02 65) Exchange rate risk:A.  has been phased out due to recentinternational legislation. B.  applies only to certain types of domesticbusinesses. C.  doesn’t affect trades made in US Dollars. D.  arises from the fact that the spot exchangerate on a future date is a random variable. 66) Mortgage bonds:A.  usually pay little or no interest. B.  are secured by a lien on real property. C.  can only be issued by financial institutions.D.  are a type of debenture. 67) Which of thefollowing represents an attempt to measure the earnings of the firm’soperations over a given time period?A.  Income statement B.  Cash flow statement C.  Quarterly statement D.  Balance sheet 68) Bell Weather,Inc. has a beta of 1.25. The return on the market portfolio is 12.5%, and therisk-free rate is 5%. According to CAPM, what is the required return on thisstock?A.  14.37% B.  15.62% C.  20.62% D.  9.37% 69) Which of the following best represents the stream ofincome that is available to common stockholders?A.  Gross profit B.  Operating profit C.  Net profit after tax and after preferreddividend payments D.  Earnings before interest and taxes 70) A machine costs $1,000, has a three-year life, and hasan estimated salvage value of $100. It will generate after-tax annual cashflows (ACF) of $600 a year, starting next year. If your required rate of returnfor the project is 10%, what is the NPV of this investment? (Round youranswerwer to the nearest $10.)A.  $900 B.  -$150 C.  $490 D.  $570 71) Which of the following best represents operating income?A.  Income from capital gains B.  Income from discontinued operations C.  Income after financing activities D.  Earnings before interest and taxes 72) An increase in future value can be caused by an increasein the __________.A.  rate of return B.  dividends paid C.  annual interest rate and number ofcompounding periods D.  original amount invested E.  starting value 73) Bondholders have a priority claim on assets ahead of:A.  investors B.  creditors. C.  common and preferred stockholders. D.  shareholders. 74) If the quote fora forward exchange contract is greater than the computed price, the forwardcontract is:A.  a good buy. B.  at equilibrium. C.  overvalued. D.  undervalued. 75) Suppose you determine that the NPV of a project is$1,525,855. What does that mean?A.  Under all conditions, the project’s paybackwould be less than the profitability index. B.  The project’s IRR would have to be less thatthe firm’s discount rate. C.  In all cases, investing in this project wouldbe better than investing in a project that has an NPV of $850,000. D.  The project would add value to the firm. 76) Comparing GDP for foreign countries can help a marketingmanager evaluate potential markets if the manager remembers that:A.  GDP measures show the degree of competitionin a market. B.  Other countries most likely don’t use the USDollar as their primary currency. C.  GDP measures show people’s tendency to buyparticular products. D.  GDP estimates may not be very accurate forvery different cultures and economies. E.  income tends to be evenly distributed amongconsumers in most countries.  77) In an effort to increase its total sales, Champion hasstarted exporting its spark plugs for use by several German auto producers.Champion is pursuing a _____ opportunity.A.  mass marketing B.  market development C.  diversification D.  product development E.  market penetration 78) The economists’ view of buyers:A.  emphasizes psychological variables ratherthan social influences. B.  puts a great deal of emphasis on differencesin buying behavior related to individual differences among consumers. C.  is based on the idea that consumers valuetime and select the first alternative they learn about. D.  assumes that they always buy the lowest-pricealternative. E.  None of these are true 79) An Australianwine producer, facing declining sales at home, set up a new channel ofdistribution to sell wine in the United States. This seems to be an effort at:A.  product development. B.  market development. C.  diversification. D.  market penetration. E.  stratification. 80) Analysis of demographic dimensions:A.  can be used along with analysis of otherdimensions to identify attractive target markets. B.  is the most important step to successfulsegmentation. C.  considers income and sex, but not age. D.  is the most effective way to identify unmetconsumer needs. E.  only considers age. 81) Economists’economic-buyer theory assumes that __________.A.  consumers always make rational decisions B.  demographic data are very useful forpredicting consumer behavior C.  buyers logically compare choices in order tomaximize their satisfaction D.  consumers should purchase only low-pricedproducts E.  consumers only want the cheapest price 82) “Positioning”:A.  is useful for combining but not forsegmenting. B.  applies to new products–but not existingproducts. C.  helps strategy planners see how customersview competitors’ offerings. D.  is concerned with obtaining the best shelfspace in retail outlets. E.  eliminates the need for judgment in strategyplanning. 83) When looking at demographic dimensions, marketersshould:A.  understand that ethnic groups are generallyhomogeneous within. B.  know that it is illegal to segment marketsbased on membership in some racial or ethnic group. C.  know that demographics are especially helpfulin explaining why specific people buy specific brands. D.  recognize that demographics can be veryuseful for estimating the market potential of possible target markets. E.  always consider external influences. 84) A firm’s”marketing mix” decision areas would NOT include:A.  Product. B.  Promotion. C.  People. D.  Price. E.  Place. 85) Regardingorganizational buying, the people who have the power to select or approve thesupplier–especially for larger purchases–are called:A.  gatekeepers. B.  influencers. C.  deciders. D.  buyers. E.  users. 86) When evaluating macro-marketing:A.  one must consider each individual firm’s rolein the marketing system. B.  the evaluation is necessarily subjective. C.  the best approach is to consider the profitgenerated by individual firms within the overall system. D.  one must determine how efficiently thesociety’s resources are used. E.  one must consider the society’s role in themarketing system. 87) __________ is amarketing management aid which refers to how customers think about proposedand/or present brands in a market.A.  Market segmentation B.  Market scanning C.  Positioning D.  Customer relationship management (CRM) E.  Brand familiarity 88) Which of the following is true about the Sherman Act?A.  Liability undereither Section 1 or Section 2 requires agreement with another party. B.  Liability under Section 2 for monopolizationrequires agreement with another party, but liability under Section 1 forrestraint of trade does not. C.  Liability under Section 1 for restraint oftrade requires agreement with another party, but liability under Section 2 formonopolization does not. D.  A business can be liable under either Section1 or Section 2 without any agreement with another party. 89) To be guilty of monopolization, the defendant must:A.  Have been previously convicted. B.  Must be part of a conspiracy, combination, orcontract. C.  Have obtained the monopoly power from thegovernment. D.  Be a US company. E.  Possess monopoly power and have obtained themonopoly power by some improper act or be abusing the monopoly power. 90) Overtime pay is required to be paid to nonexemptemployees who work:A.  Over 40 hours perweek. B.  Over 12 hours per day. C.  Over 10 hours per day. D.  Over 50 hours per week. E.  Over 8 hours per day. 91) Which of thefollowing is correct about interpretive rules?A.  All federal administrative agencies haveimplied power to make interpretive rules. B.  They must be accompanied by substantiverules. C.  They require public notice and participationto create. D.  Interpretive rules are not subject tojudicial review. E.  They do not establish new law. 92) Which of the following statements is generally not trueabout state intermediate appellate courts?A.  The appellate court allows the parties tointroduce new evidence so long as it was not previously introduced at theoriginal trial. B.  The appellate court allows the parties tomake oral arguments outlining their position. C.  The appellate court usually allows theparties to file briefs outlining support for their positions. D.  Appellate court decisions are final andfurther appeal is not possible. E.  The appellate court reviews the record of thetrial court. 93) Which social responsibility theory has been advocated byNovel Prizewinning economist Milton Friedman?A.  Corporate citizenship. B.  Stakeholder interest. C.  Moral minimum. D.  Corporate social audit. E.  Maximizing profits. 94) If the value ofthe collateral is less than the debt owed to the secured party, then:A.  The secured party gets to take some otherproperty as collateral so his entire debt is secured. B.  The secured party loses the excess of debtover the value of the security. C.  The secured party is unsecured for the excessof debt over the value of the security. D.  The secured party is unsecured for the entiredebt. E.  The secured party is still secured for theentire debt owed him. 95) Information which comes to the knowledge of an agent is:A.  Can be disclosed to the principal only withthe third party’s consent. B.  Is imputed to the principal. C.  Required to be communicated to the principalin all circumstances. D.  Will result in termination of the agencyarrangement if it is not communicated to the principal. 96) The theory ofbusiness social responsibility that holds that a business owes duties solely toproduce the highest return for its shareholders is:A.  The corporate citizenship theory. B.  The stakeholder interest theory. C.  The maximizing profits theory. D.  The social audit theory. E.  The moral minimum theory. 97) Which of the following is correct about the states’powers regarding foreign affairs?A.  The states can pass laws so long as they donot unduly burden foreign commerce, but the states have no authority to enterinto treaties with foreign nations. B.  Because of the sharing of powers between thefederal government and the states, states have powers over foreign affairsequal to the powers of the federal government. C.  The states can pass laws and enter intotreaties with foreign nations so long as they do not unduly burden foreigncommerce. D.  The states have no power over foreign affairsbecause the U.S. Constitution grants that power exclusively to the federalgovernment. E.  The states can pass laws affecting foreigncommerce and enter into treaties with foreign nations so long as they firstobtain the consent of the Senate. 98) Although the U.S. has had a longstanding agreement with_____ after the passage of NAFTA, _____ became the United States’ secondlargest trading partner.A.  Mexico, Venezuela B.  Great Britain, Paraguay C.  Canada, Mexico D.  Canada, Venezuela E.  Mexico, Canada 99) Which countrydoes the text describe as becoming the largest producer and consumer of many ofthe world’s goods?A.  China B.  Ecuador C.  Canada D.  Japan E.  Mexico 100) One study found that manufacturing labor costs about_____ an hour in China, compared to _____ dollars in the United States.A.  $2; about 25 B.  Less than $1; about 40 C.  About $2; about 15 D.  Less than $1; about 15 E.  Less than $1; about 25

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