Can You Pass This Business Administration Quiz?

When the price increases, the quantity demanded falls. This is because as the price of a product or service increases, consumers are less willing or able to purchase it. This creates a downward movement along the demand curve, resulting in a decrease in the quantity demanded.

Social responsibility refers to the concept that businesses have an obligation to act in a way that benefits society as a whole. It involves considering the impact of business decisions on various stakeholders, such as employees, customers, communities, and the environment. Socially responsible businesses strive to go beyond profit-making and actively contribute to the betterment of society. This can include initiatives such as philanthropy, environmental sustainability, ethical business practices, and employee welfare. Therefore, social responsibility is the most appropriate term to describe the concern of businesses for the welfare of society as a whole.

Raising interest rates expands the money supply because it encourages saving and reduces borrowing. When interest rates are high, people are more likely to save their money in banks, which increases the supply of money available for lending. This leads to more borrowing and spending, which in turn expands the money supply.

Oligopoly is the correct answer because it is a market structure where a few firms dominate the market and produce most or all of the output. In an oligopoly, these few firms have significant market power and can influence prices and competition. This market structure is characterized by barriers to entry, interdependence among firms, and strategic decision-making. Unlike perfect competition, monopolistic competition, and pure monopoly, an oligopoly consists of a small number of large firms that control the market.

When there is a price increase, it becomes more profitable for producers to supply goods or services. As a result, they are motivated to increase their supply in order to take advantage of the higher prices. Higher prices typically incentivize producers to supply more. Therefore, the correct answer should be "increase". 

The correct answer is "Fiscal, taxation, spending". Fiscal policy refers to the use of government spending and taxation to influence the economy. By adjusting taxation levels, the government can control the amount of money flowing into the economy. Similarly, by manipulating government spending, the government can influence the amount of money flowing out of the economy. Therefore, the correct answer states that fiscal policy changes levels of taxation and spending to control the economy.

Using a misleading advertisement to increase sales is considered unethical behavior. In the context of ethical development, the conventional stage is characterized by conforming to societal norms and expectations. At this stage, individuals are motivated by the desire to gain social approval and avoid disapproval. Engaging in deceptive practices to boost sales aligns with this stage as it prioritizes following established rules and norms, even if they may be morally questionable.

The given answer, "Component," is the correct answer because a lifestyle is made up of various components or elements that define a person's interests and choices. These components can include hobbies, beliefs, values, and activities that shape an individual's way of living. Therefore, "Component" accurately describes the different parts that make up a lifestyle.

The given answer, "Non-Tariffs," suggests that the trade barrier being referred to in the question is not related to tariffs. Tariffs are a form of tax imposed on imported goods, so they are not included in the category of non-tariff barriers. Non-tariff barriers refer to any other restrictions or regulations that can impede trade, such as embargoes, import quotas, customs regulations, and exchange controls. Therefore, the correct answer implies that the trade barrier being discussed in the question falls under the category of non-tariff barriers.

The correct answer is Uraguay Round. The Uraguay Round refers to a series of negotiations that took place between 1986 and 1994 under the General Agreement on Tariffs and Trade (GATT). During this round, 117 countries agreed to reduce trade barriers, including tariffs and quotas, in order to promote international trade and economic growth. This agreement led to the creation of the World Trade Organization (WTO) in 1995, which replaced GATT as the global organization responsible for regulating international trade. The Uraguay Round was a significant milestone in the history of international trade and played a crucial role in shaping the modern global trading system.