Quiz Based On The Business And Society Journal (Spring 2009)

195 Questions | Total Attempts: 194

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Quiz Based On The Business And Society Journal (Spring 2009)

Business and Society (Spring 2009) Chapter 1, 2, 3


Questions and Answers
  • 1. 
    ExxonMobil is the among three largest publicly traded international oil companies.
    • A. 

      True

    • B. 

      False

  • 2. 
    ARCO, Chevron, and Mobil are all descendents of the 1911 breakup of the Standard Oil Trust.
    • A. 

      True

    • B. 

      False

  • 3. 
    ExxonMobil today has a centralized and authoritarian structure.
    • A. 

      True

    • B. 

      False

  • 4. 
    Profit is an overriding goal at ExxonMobil today.
    • A. 

      True

    • B. 

      False

  • 5. 
    Fadel Gheit, a former employee of ExxonMobil, is quoted in an April 2007 Fortune magazine article as saying that ExxonMobil "is not a fun place to work."
    • A. 

      True

    • B. 

      False

  • 6. 
    According to the text, the advent of the market economy reshaped human life.
    • A. 

      True

    • B. 

      False

  • 7. 
    According to Adam Smith, the ceaseless tendency of markets was to make commodities cheaper, better, and more available.
    • A. 

      True

    • B. 

      False

  • 8. 
    Through markets that harnessed the constant energy of greed for the public welfare, Adam Smith believed that nations would achieve universal opulence.
    • A. 

      True

    • B. 

      False

  • 9. 
    The prescriptive dimension of the market capitalism model led to the rise of the economic philosophy known as laissez-faire.
    • A. 

      True

    • B. 

      False

  • 10. 
    People who embraced the economic philosophy of laissez-faire believed that government intervention in (regulation of) markets (and market participants) is unnecessary because market forces are benevolent and, if liberated, will channel economic resources to meet society's needs.
    • A. 

      True

    • B. 

      False

  • 11. 
    People who embraced the economic philosophy of laissez-faire believed that, if free competition exists, the market will hold profits to a minimum and the quality of products and services will rise as firms try to attract more buyers.
    • A. 

      True

    • B. 

      False

  • 12. 
    The four conclusions that the market capitalism model leads us to about what the BGS relationship should be like have shaped economic values in the industrialized West.
    • A. 

      True

    • B. 

      False

  • 13. 
    Critics of capitalism claim that capitalism creates prosperity only at the cost of rising inequality.
    • A. 

      True

    • B. 

      False

  • 14. 
    Some critics of capitalism and the market capitalism model believe that capitalism erodes virtue.
    • A. 

      True

    • B. 

      False

  • 15. 
    In his later years, Adam Smith grew to see more need for government intervention in markets.
    • A. 

      True

    • B. 

      False

  • 16. 
    Marxism, an ideology opposed to industrial capitalism, emerged in Europe about the same time as the American and Japanese populist movements.
    • A. 

      True

    • B. 

      False

  • 17. 
    The stakeholder model reorders the priorities of management away from those in the market capitalism model.
    • A. 

      True

    • B. 

      False

  • 18. 
    In the stakeholder model, stakeholder interests have intrinsic worth.
    • A. 

      True

    • B. 

      False

  • 19. 
    Stakeholder management creates duties toward multiple constituents of the corporation.
    • A. 

      True

    • B. 

      False

  • 20. 
    ExxonMobil descends from
    • A. 

      the Standard Oil Trust, incorporated in 1882.

    • B. 

      The Exxon Petrochemical corporation, incorporated in 1942.

    • C. 

      The Mobil Manufacturing Company, incorporated in 1962.

    • D. 

      The Exxon Valdez Corporation, incorporated in Alaska in 1972.

  • 21. 
    According to the chapter opener vignette on page 1, a company's "culture" consists of  
    • A. 

      The stories and myths that are passed on from generation to generation by the employees of the company.

    • B. 

      The attitudes and strategies of a company's employees.

    • C. 

      the shared assumptions, both spoken and unspoken, that animate the company's employees.

    • D. 

      All of the above.

  • 22. 
    According to the chapter opener vignette, Standard Oil once had more than _____ percent of the American oil market.  
    • A. 

      60

    • B. 

      70

    • C. 

      80

    • D. 

      90

  • 23. 
    Standard Oil's power so offended public values that in 1890
    • A. 

      Over 90% of its employees engaged in a walk-out that shut down production for a week.

    • B. 

      9 out of 10 people surveyed said they thought the government should do something about it.

    • C. 

      Congress pass the Sherman Antitrust Act to outlaw its (particular kind of) monopoly.

    • D. 

      All of the above.

  • 24. 
    Today, ExxonMobil pumps about ____ percent of the world's daily output of oil.
    • A. 

      8

    • B. 

      12

    • C. 

      16

    • D. 

      20

  • 25. 
    In the United States alone, approximately ______ federal agencies and bureaus impose rules and standards on ExxonMobil.
    • A. 

      50

    • B. 

      100

    • C. 

      150

    • D. 

      200

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