Question

1.

Inflation can be controlled through ________.

  

stable pricing policies

   

fiscal and monetary policies

   

effective trade policies

   

monitoring competition

2.

All of these are primary activities in a firm's value chain EXCEPT ________.

  

operations

   

human resource management

   

customer service

   

inbound and outbound logistics

3.

Which of these teaches people to be considerate and understanding of other people's feelings and emotions?

  

Sensitivity training

   

Cultural orientation

   

Watching foreign soap operas

   

Guerilla linguistics

   

Environmental briefings

4.

Most nations have resorted to ________ in which citizens nominate individuals from their groups to represent their political needs and views.

  

representative democracy

   

socialist communism

   

public referendums

   

secular totalitarianism

Answer 1

Ans.1. fiscal and monetary policies

The growth of an economy of a nation due to an increase in its spending is termed inflation. Such growth may result in higher prices and depreciation in the value of the currency of the economy and country. The exchange rate of the currency also weakens and reduces when compared to the other currencies of the world when inflation occurs.

Inflation is controlled by the government or the central bank. Some of the ways through which it is controlled include the physical, monetary, and supply-side policies, and by the control of the money supply and wages. For instance, a change in the monetary policy like a higher interest rate will reduce demand in the economy of a nation, which will reduce inflammation by reducing economic growth. A fiscal policy like income tax can also be used for controlling inflation. For instance, if the income tax rate is high, spending will be reduced automatically and hence the inflationary and demand pressures will be reduced.

Ans.2. human resource management

The goal of a company is to provide its offerings to the customers of the market in a way that these offerings have the greatest value for the customers when compared to the original value of creating them. A company or a business organization here can be said to be a collection of activities performed for designing, producing, marketing, delivering, and supporting certain business offerings (product or service).

The value chain is also called a value system. It is the supply chain that is embedded in the larger activity stream. The activities of a value chain may be classified into two categories viz. “primary activities” and “support activities”.

Primary activities include the main activities of a supply chain and company and these are the activities involved directly with the production as well as selling of a product or service. These five important primary activities include:

a. Inbound logistics- activities related to the handling, storage, as well as dismantling of the inputs/raw materials for making a product are termed as inbound logistics activities.

b.Operations- these activities are involved with converting raw materials into the form of final products.

c.Outbound logistics- these are the activities concerned with delivering the finished product to the end customers.

d.Marketing and Sales- these activities may include the promotion, advertising, and other similar activities that are aimed at creating awareness of the product and the brand and to gain more customers.

e. Service- these activities are concerned with handling consumer complaints after they have received and used the product, and for providing service and maintenance for an offering.

Support activities, which form the 2nd category of business activities, co-ordinate the different functions of primary activities, and also provide technical inputs and human resources to facilitate the primary activities. Human resource management and R&D (Research and Development) are some support activities.

3. Sensitivity training

If sensitivity training has to be defined in one word, it could be “empathy”. Sensitivity training will enable and individual to sense the feelings and emotions of others and think from their point of view. Sensitivity training usually employs counseling methods. It is an organizational development technique that focuses on increasing the well being of employees as well as their self-awareness regarding their own sensitivity to others and prejudices. Sensitivity training brings new values and ways of thinking to the trainees and help them discard the old ones. The trainee starts to accept the diversity of his/her workplace and can develop better interpersonal relationships by understanding the feelings and emotions of people from diverse backgrounds better.

Sensitivity training is also called as a process used for developing emotional intelligence. Emotional intelligence can be defined as the ability of a person through which he or she can be more sensitive to the emotions of others and understand them well by managing his/her own impulses and emotions. Lack of emotional intelligence has been found to be a cause of misunderstanding and conflicts and hence sensitivity training reduces them.

4. representative democracy

A system of government where the eligible citizens of a country vote for the representatives and select them to express their views and to pass laws for them is termed as representative democracy. Representative democracy is a democracy where there is an opportunity for all eligible citizens to indulge in genuine competition in selecting leadership. There will also be present free communication in citizens and the press. The voters will believe that there is a meaningful choice between the different candidates and the policies of the different political parties.

By the end of the year 2017, 96 out of the 167 countries of the world were democracies of one kind or another, and 21 could be classified as autocracies. Others were partial democracies.