Once the Explicit Rules and Implicit Understandings That Govern All

question 116

Multiple Choice

Once the explicit rules and implicit understandings that govern all the firm's transactions are in place, there must be:

• A)a system of controls that rewards appropriate behaviour and punishes inappropriate behaviour.
• B)a forum through which employees can appeal lapses in ethical behaviour.
• C)weekly reminder seminars to enforce guidelines.
• D)commitment from customers to accept these rules.
• E)cooperation from competitors to avoid conflicting outcomes.

Recognize lawful versus unlawful questions an employer can ask during a job interview.

Understand the importance of researching the interviewer and the company before the interview.

Identify essential items to bring to every interview.

Prepare for common interview questions and develop strategies for answering them.

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Definitions:

Market Economy

An economic system where decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.

Aggregate Demand

The sum total of all economic needs for goods and services, appraised at a constant overall price level in a stated period.

Excess Capacity

A situation where a company or economy can produce more goods or services than currently demanded, leading to unused resources or capacity.

Productive Capacity

The maximum output that an economy can produce without causing inflation, determined by the availability of factors of production.