QUESTION: 17

The total variety of life on Earth' is CIPS' definition of:

Depletion of renewables
Biodiversity
The environment
Corporate Social Responsibility

Answer(s): B

Explanation:

Biodiversity is significantly under threat, with many species being lost almost daily on Earth. The other answers given in response to this QUESTION NO :, whilst they can be seen as being broadly relat-ed do not fit the bill precisely.
The BBC's one-hour documentary (2020) 'Extinction - The Facts' explains in all-too-chilling detail the meaning of biodiversity, and is recommended viewing for all.

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QUESTION: 18

'Price' and 'payment terms' are the same thing.
True or false?

False
True

Answer(s): B

Explanation:

An easy question.
Price is what the customer will pay for goods or services eg fifty dollars; payment terms are the ar- rangements under which you pay the price eg in advance, on delivery, 30 days, 60 days, etc. Although this may seem rather obvious, I have encountered a surprising number of people who seem to confuse the two.

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QUESTION: 19

`The social responsibility of business is profit maximisation' - focusing on returns to shareholders. This is a famous business philosophy - in contrast to a philosophy of Corporate Social Responsibility as expounded by CIPS.
Which economic and management thinker famously promoted this view?

John Milton
Milton Friedman
John Maynard Keynes
Milton Keynes

Answer(s): B

Explanation:

It was Milton Friedman who promoted this view in the second half of the 20th century. This view is now less popular than it was. 'The business of business is business' is another famous quote from Professor Friedman, meaning profit maximisation is what business should be concerned with, not broader social or welfare issues. This thinking takes the view that governments can legislate as nec- essary to cater for society's needs, funding such activities from taxation placed on successful profit- able businesses.
Milton Keynes is a place in UK; J M Keynes was a famous economist who took a different view to Friedman's and John Milton is a famous 17th century English poet.

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QUESTION: 20

Which of the following might result from increased costs of production (especially wages) without increased demand, so that producers have to increase their prices to maintain profitability?

Demand-pull inflation
Cost-push inflation
Monetary inflation
Stagflation

Answer(s): B

Explanation:

Inflation, in this case, is created by the increased cost of production coming through into the econ- omy.
The other answers are essentially names of alternative types of inflation.

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QUESTION: 17

Explanation:

QUESTION: 18

Explanation:

QUESTION: 19

Explanation:

QUESTION: 20

Explanation: