NAIMMCQ: BUS 475

Although the U.S. has had a longstanding agreement with _ after the passage of NAFTA, _ became the United States’ second largest trading partner.

A. Mexico, Canada
B. Canada, Venezuela
C. Canada, Mexico
D. Mexico, Venezuela
E. Great Britain, Paraguay

One study found that manufacturing labour costs about _ an hour in China, compared to _ dollars in the United States.

A. Less than $1; about 25
B. Less than $1; about 15
C. About $2; about 15
D. $2; about 25
E. Less than $1; about 40

Which country does the text describe as becoming the largest producer and consumer of many of the world’s goods?

A. Mexico
B. Japan
C. Canada
D. China
E. Ecuador

Which social responsibility theory has been advocated by Novel Prizewinning economist Milton Friedman?

A. Stakeholder interest.
B. Maximizing profits.
C. Moral minimum.
D. Corporate citizenship.
E. Corporate social audit.

An agent’s obligation to perform in accordance with the terms of the agency arrangement is the agent’s duty of:

A. Indemnification.
B. Obedience.
C. Loyalty.
D. Performance.
E. Nonbreach.

Which of the following is true about “proof of claims?”

A. They are never used by secured creditors.
B. They must be field by both secured and unsecured creditors in order for the creditor to receive a distribution from the bankruptcy estate.
C. They need not be filed by secured creditors whose security covers the amount of their debt.
D. They can generally be filed any time within one year of the filing of the bankruptcy petition.

Which of the following statements is true regarding the relationship of law and ethics?

A. In some cases the law will require a higher standard of conduct than ethics, but never vice versa.
B. Depending on the circumstances, the law can require a higher, lower, or the same standard of conduct as ethics demands.
C. In some cases ethics will require a higher standard of conduct than the law, but never vice versa.
D. The legal requirements will almost always be the same as the ethical requirement because the law is based on the ethical standards.

An agent’s duty of notification can best be described as a duty to:

A. Notify the principal about any material information that the agent learns relative to the subject matter of the agency.
B. Notify the principle only if the principle if acting as an agent
C. Notify the principal a reasonable period of time in advance of terminating the agency arrangement.
D. Notify any third parties that the agent is acting as an agent.
E. Notify any third parties as to the identity of the principal.

Which of the following is correct about litigating commercial disputes?

A. A few states have established specialized trial courts for commercial disputes.
B. In all states, commercial disputes must be heard in a limited-jurisdiction court.
C. Businesses generally dislike the concept of specialized trail courts for commercial disputes because the large numbers of consumers who sue businesses in these courts have led the judges to become generally biased against business.
D. Nearly all states have specialized trial courts that hear commercial disputes.
E. Commercial disputes, because of their specialized nature, are first heard at the appellate court level.

The tort of palming off involves:

A. Failing to credit another for that other person’s legal accomplishments.
B. Representing one’s own goods to be those of a competitor.
C. Making false statements about the goods of another.
D. Knowingly selling goods that are defective.
E. Blaming another for one’s own actions and communicating that blame to at least one other person.

The tort of intentional interference with contractual relations requires the following except:

A. Third-party inducement to breach the contract.
B. A new contract involving the third party who induced the breach.
C. Third-party knowledge of this contract.
D. A valid, enforceable contract between the contracting parties.

To be guilty of monopolization, the defendant must:

A. Must be part of a conspiracy, combination, or contract.
B. Be a US company.
C. Have been previously convicted.
D. Possess monopoly power and have obtained the monopoly power by some improper act or be abusing the monopoly power.
E. Have obtained the monopoly power from the government.

Which of the following is correct about interpretive rules?

A. They must be accompanied by substantive rules.
B. All federal administrative agencies have implied power to make interpretive rules.
C. They require public notice and participation to create.
D. They do not establish new law.
E. Interpretive rules are not subject to judicial review.

The managerial process of developing and maintaining a match between the resources of an organization and its market opportunities is called:

A. marketing strategy planning.
B. strategic (management) planning.
C. marketing programming.
D. management by objective.
E. market planning.

The three basic tasks of ALL managers, according to the text, are:

A. execution, feedback, and control.
B. hiring, training, and compensating.
C. marketing, production, and finance.
D. planning, staffing, and evaluating.
E. planning, implementation, and control.

An Australian wine producer, facing declining sales at home, set up a new channel of distribution to sell wine in the United States. This seems to be an effort at:

A. market penetration.
B. product development.
C. diversification.
D. market development.
E. stratification.

Regarding organizational buying, the people who have the power to select or approve the supplier–especially for larger purchases–are called:

A. buyers.
B. gatekeepers.
C. deciders.
D. influencers.
E. users.

In comparison to the buying of final consumers, the purchasing of organizational buyers:

A. leans basically toward economy, quality, and dependability.
B. is even less predictable.
C. is always based on competitive bids from multiple suppliers.
D. is strictly economic and not at all emotional.
E. is always emotional.

is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

A. Market scanning
B. Positioning
C. Brand familiarity
D. Customer relationship management (CRM)
E. Market segmentation

The economists’ view of buyers:

A. assumes that they always buy the lowest-price alternative.
B. is based on the idea that consumers value time and select the first alternative they learn about.
C. puts a great deal of emphasis on differences in buying behavior related to individual differences among consumers.
D. None of these are true
E. emphasizes psychological variables rather than social influences.

Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States’ second largest trading partner.

One study found that manufacturing labour costs about _____ an hour in China, compared to _____ dollars in the United States.