EOU TEST 1 2 HP4CTTT

EOU TEST 1
SECTION 1: Vocabulary and Structure (30 marks, 1 mark/answer)
1. Throughout my career, I have ensured that my
________________ successfully executed the
strategies developed by senior management, delivered
results and maximized revenue.
A. suppliers
B. subordinates
C. investors
D. distributors
2. People in ________________ cultures often like to
do many things at once.
A. linear-active
B. multi-active
C. reactive
D. mixed
3. Businesspeople in ________________ cultures
such as Britain, the USA and Germany are generally
organized and rational, try to act logically rather than
emotionally, plan in advance, and like to do one thing
at a time.
A. multi-active
B. linear-active
C. reactive
D. hyper-active
4. At the ________________ of the product life
cycle, the product's features may have to be changed
so that it differs from competing brands, which
involves new costs.
A. introduction stage
B. maturity stage

C. growth stage
D. decline stage

C. Product elasticity
D. Product life cycle
7. ________________ means setting a high price for
a new product, to make maximum revenue before
competing products appear on the market.
A. Market research
B. Market skimming
C. Market opportunities
D. Market penetration
8. The possibility of providing a new product or
service to satisfy particular needs is called
________________.
A. Market variation
B. Market opportunity
C. Market capitalization
D. Market channels
9. ________________ companies focused their
energies on changing customers' minds to fit the
product – practicing the ‘any color as long as it's
black' school of marketing.
A. Sales-driven
B. Market-driven
C. Technology-driven
D. Customer-driven
10. ________________ is a period of ending or
relaxing of legal restrictions.
A. regulation

B. deregulation
C. repossession
D. depositor

5. At the ________________ of the product life cycle
the price is either maintained, or greatly reduced to
liquidate stock if the product is discontinued.
A. introduction stage
B. growth stage
C. maturity stage
D. decline stage

11. In order to be a good manager, you have to know
how to lead people, how to motivate people, and how
to make sure that you are ________________.
A. seeing your targets
B. going your targets
C. meeting your targets
D. looking your targets

6. ________________ are the attributes or
characteristics of a product, such as size, shape,
quality, price, reliability, etc.
A. Product differentiation
B. Product features

12. Banks make a profit by charging a higher rate of
interest to borrowers than they pay to
________________.
A. regulators

B. collateral


C. depositors
D. retailers
13. ________________ offer interest-free banking.
They do not pay interest to depositors or charge
interest to borrowers but invest in companies and
share the profits (or losses) with their depositors.
A. Islamic banks
B. Investment banks
C. Private banks
D. Commercial banks
14. A ________________ is a group of companies,
operating in different fields, which have joined
together.
A. hedge fund
B. local marketplace
C. Islamic bank
D. conglomerate
15. ________________ are certificates of debt issued
by governments or companies to raise money
A. Shares
B. Dividends
C. Bonds
D. Stocks
16. A ________________ is defined as one with a
higher-than-normal credit risk.
A. credit crunch
B. credit crisis

C. subprime borrower
D. subprime crisis
17. A ________________ is a distribution of a
portion of a company's earnings, decided by the board
of directors, to a class of its shareholders. It can be
issued as cash payments, as shares of stock, or other
property.
A. loan
B. mortgage
C. surplus
D. dividend
18. A balance sheet is a financial statement that
________________.
A. reflects what the company owns, owes and what
the shareholders put in as equity.
B. reflects how much profit the company made in the
year from selling their product.
C. reflects how many goods were sold by the
company and how many customers they have.

D. reflects the cash and revenue of a company.
19. ________________ is defined as anything owned
by a business – cash, buildings, machines, equipment,
etc.
A. Liability
B. Asset
C. Turnover
D. Revenue
20. ________________ involves calculating how
much an

individual or a company will have to pay to the local
and national governments.
A. Finance accounting
B. Tax accounting
C. Management accounting
D. Cost accounting
21. Patents and trademarks are typical examples of
________________.
A. tangible assets
B. total equity
C. current assets
D. intangible assets
22. Managers ________________ of their staff to see
whether they are reaching their targets.
A. make the decisions
B. deal with the crisis
C. measure the performance
D. allocate the resources
23. ________________ is the loss of value of
tangible assets.
A. Inventory
B. Depreciation
C. Amortization
D. Proceeds
24. Top managers have to be prepared to
________________ if they occur and then have to
make quick decisions.
A. set objectives
B. allocate resources
C. deal with crises

D. perform tasks
25. After an organization has ________________, it
has to make sure that it achieves them.
A. considered the future
B. introduced innovations
C. set objectives


D. allocated resources
26. Managers have to find the best way to allocate all
the human, physical and capital ________________
available to them.
A. materials
B. resources
C. effects
D. values
27. ________________ is an invented word
combining worldwide and regional concerns.
A. Grobalization
B. Localization
C. Globalization
D. Glocalization

B. compromise
C. confrontation
D. connection
29. ________________ are people of influence or
importance with whom you are associated.
A. Collectivists
B. Confrontation

C. Intuition
D. Connections
30. In terms of business across cultures,
________________ assume that rules should be
applied to everybody.
A. individualists
B. universalists
C. collectivists
D. particularists

28. A ________________ is a person who believes
that the group is more important than the individual.
A. collectivist
SECTION 2: Reading Cloze (20 marks, 2 marks/answer)

Fill in each blank with one suitable word/phrase. You don’t need to use all the words provided.
statistical
agency
communication

features
shareholders
strategy

conditions
motivation
external

statements
individual

internal

balance
corporation

One of the most important (31) ________________ in any business is communication. Good communications are
required at all stages of the business process. Businesses employ, and are owned and run by, various groups of
people. Workers, directors and (32) ________________ are three important groups closely involved with a
business. Other influential groups include customers, suppliers and the government.
Communication takes place between these groups and the individuals who make up the groups. Within individual
companies, internal communications occur at, and between the various levels. Directors communicate with one
another concerning the company’s overall (33) ________________. They inform managers of their plans, and the
managers then communicate with the other employees. Negotiations are conducted concerning pay and working
(34) ________________. Managers communicate decisions and orders and try to improve morale and
(35) ________________ through good communication. Employees also communicate with each other, for example
over production and wages.
(36) ________________ communication occurs when a company’s directors or employees communicate with those
individuals and groups who deal with the company. Shareholders receive copies of the company’s financial
(37) ________________ together with the reports of the Chairman and Directors. Government departments require
(38) ________________ and financial information from the company. An advertising (39) ________________ is
consulted about the company’s advertising policies. Customers need to know if goods have not been despatched and
suppliers contacted if their goods have not been delivered. Reliable and effective (40) ________________ is one of
the key elements which leads to efficient management of a company.
SECTION 3: Reading Comprehension (30 marks, 2 marks/answer)

Marketing is everything


1

Several decades ago, there were sales-driven companies. These organizations focused their energies on changing
customers’ minds to fit the product - practicing the ‘any color as long as it’s black’ school of marketing. As
technology developed and competition increased, some companies shifted their approach and became customer
driven. These companies expressed a new willingness to change their product to fit customers’ requests practicing the ‘tell us what color you want’ school of marketing. Successful companies are becoming market
driven, adapting their products to fit their customers’ strategies. These companies will practice let’s figure out
together how and whether color matters to your larger goal’ marketing. It is marketing that is oriented toward
creating rather than controlling a market.

2

The old approach - getting an idea, conducting traditional market research, developing a product, testing the
market, and finally going to market - is slow and unresponsive. As the demands on the company have shifted
from controlling costs to competing on products to serving customers, the center of gravity in the company has
shifted from finance to engineering - and now to marketing.

3

Marketing today is not a function; it is a way of doing business. Marketing is not a new ad campaign or this
month’s promotion. Marketing has to be all-pervasive, part of everyone’s job description, from the receptionists
to the board of directors. Its job is neither to fool the customer nor to falsify the company’s image. It is to
integrate the customer into the design of the product.

4

US companies typically make two kinds of mistake. Some get caught up in the excitement and drive of making
things, particularly new creations. Others become absorbed in the competition of selling things, particularly to
increase their market share in a given product line. Both approaches could prove fatal to a business. The
problem with the first is that it leads to an internal focus. Companies can become so fixated on pursuing their
R&D agendas that they forget about the customer, the market, the competition. The problem with the second
approach is that it leads to a market-share mentality. It turns marketing into an expensive fight over crumbs

rather than a smart effort to own the whole pie.

5

The real goal of marketing is to own the market- not just to make or sell products. Smart marketing means
defining the whole pie as yours. In marketing, what you lead you own. Leadership is ownership. That is why
marketing is everyone’s job, why marketing is everything and everything is marketing.

Based on the information in the article, say whether the following statements are True (T), False (F).
41. Sales-driven companies tried to change customer's minds and make them like the products they produced.
True

False

42. The main focus of companies shifted from engineering to finance to marketing.
True

False

43. The author claims that marketing is to fool the customers and to falsify the company’s image.
True

False

44. Marketing today is to integrate the customer into the design of the product.
True

False

45. What is wrong with focusing on R&D and creating new products?

A. You forget about the customer and the competition.
B. You forget about the customer, the market and the competition.


C. You forget about the customer and the market.
D. You forget about the market and the competition.
46. What is wrong with focusing on increasing market share?
A. It turns the market into crumbs rather than a whole pie.
B. It turns marketing into a smart effort to own the whole pie.
C. It turns marketing into an expensive competition over small targets.
D. It turns the market share into a whole pie.
What does each of the underlined words refer to?
47 “… it is a way of doing business…” (Para. 3)
48 “… Others become absorbed in the competition …” (Para. 4)
Find words from the text which mean:
49. not reacting or paying enough attention to something (Para. 2)
50. spreading through or into everything (Para. 3)
51. to trick someone (Para. 3)
52. to change something in order to deceive people (Para. 3)
53. a person’s particular way of thinking about things (Para 4)
Fill in each gap of these sentences with one suitable word from the text:
54. Samsung can be considered as a ________________ driven business as it creates mobile phones in various
colors to suit all tastes of their customers.
55. In terms of marketing, some R&D companies show a weakness as they are so ________________ on the
creation of new products.

SECTION 4: Listening (20 marks)
PART 1: Listen and fill in the gaps (1 mark/answer)
So, a company's balance sheet, in principle, is intended to give you the value of the company’s (56)
________________, but in practice, some assets are very easy to (57) ________________, and some are very

difficult to value. So if you hold some (58) ________________ in another company or something, or you hold some
money in a bank (59) ________________, this is very easy to value. On the other hand, if your (60)
________________ comprise research and development, or people for that matter, then it's in principle very
difficult to put a value on those things. And when you measure the (61) ________________ of a company, what
you're trying to do is measure a change in value, so the (62) ________________ between what a company is worth
at the beginning of a year, and what it is (63) ________________ at the end of a year, is the profit that it makes, or
the (64) ________________ that it makes. And if it's difficult to measure the value of assets in the first place, it's
also difficult to (65) ________________ whether a company's making profit or not.


PART 2: Listen and complete the summary (2 marks/answer)
Managers should
- pursue the company goal
66 - ________________ ________________ for shareholders
67 - accomplish the ________________ ________________and objective of subordinates
68 - help ________________ ________________ to develop
- understand the expectation of team members
69 - try to ________________ ________________ of the company
70 - help ________________ to ________________ in their team


KEY – EOU TEST 1
Section 1 (30 marks, 1 mark/answer)
1. B. subordinates

17. D. dividend

2. B. multi-active

18. A. reflects what the company owns, owes and

3. B. linear-active

what the shareholders put in as equity.

4. B. maturity stage

19. B. Asset

5. D. decline stage

20. B. Tax accounting

6. B. Product features

21. D. intangible assets

7. B. Market skimming

22. C. measure the performance

8. B. Market opportunity

23. B. Depreciation

9. A. Sales-driven

24. C. deal with crises

10. B. deregulation

25. C. set objectives

11. C. meeting your targets

26. B. resources

12. C. depositors

27. D. Glocalization

13. A. Islamic banks

28. A. collectivist

14. D. conglomerate

29. D. Connections

15. C. Bonds

30. B. universalists

16. C. subprime borrower
Section 2 (20 marks, 2 marks/answer)
31. features

35. motivation

39. agency

32. shareholders

36. external

40. communication

33. strategy

37. statements

34. conditions

38. statistical

Section 3 (30 marks, 2marks/answer)
Reading comprehension
41. T
42. F
43. F
44. T
45. B. You forget about the customer, the market and the competition.
46. A. It turns the market into crumbs rather than a whole pie.
47. marketing / marketing today
48. U.S. companies / US companies
49. unresponsive
50. all-pervasive / all pervasive
51. to fool / fool
52. to falsify / falsify
53. mentality

54. customer
55. fixated
Section 4
Part 1 (10 marks, 1 mark/answer)


56. business

61. profit

57. value

62. difference

58. shares

63. worth

59. account

64. loss

60. assets

65. measure

Part 2 (10 marks, 2 marks/answer)
66. maximize value
67. personal goals
68. young professionals

69. match goals
70. people … develop


EOU TEST 2
SECTION 1: Vocabulary and Structure (30 marks, 1 mark/answer)
1. ________________ is referred to as government
actions concerning taxation and public expenditure
A. Monetary policy
B. Economic policy
C. Fiscal policy
D. Tax policy
2. During a(n) ________________, the demand for
goods and services will decline and the economy will
begin to work below its potential.
A. upturn
B. boom
C. downturn
D. expansion
3. The fact that people start saving money and
consuming less leads to a ________________ in
demand, production, and employment.
A. equilibrium
B. surplus
C. rise
D. fall
4. The company increased its production of the new
shoes after a recent advertising campaign made the
________________ for the product increase rapidly.
A. trough

B. demand
C. deficit
D. surplus

7. ________________ is the economic theory that
supports governmental intervention in the economy,
to counteract the business cycle.
A. Keynesianism
B. Monetarism
C. Classical economic theory
D. Friedman theory
8. The period during which radical innovations
destroy established companies or industries is called
________________.
A. creative destruction
B. technological invention
C. trough
D. endogenous
9. If the economy's turning down, it may make sense
for governments to have ________________, and to
keep expenditure in the economy.
A. budget surplus
B. budget deficit
C. budget equilibrium
D. budget supply
10. The upward and downward movement of
aggregate output produced in the economy is referred
to as the ________________.
A. long-lasting recession
B. negative growth

C. business cycle
D. monetary expansion

5. The difference between the funds a country
receives and those it pays for all internal transactions
is called ________________.
A. balance of payments
B. consumption decisions
C. equilibrium
D. gross domestic product

11. Groups of people with a stake in or an interest in
or a claim on the firm are called ________________.
A. stockholders
B. shareholders
C. bondholders
D. stakeholders

6. The total market value of all the goods and services
produced in a country during a given period is called
________________.
A. gross domestic product
B. balance of payments
C. consumptions
D. demand decline

12. Countries where taxes are low, where
multinational companies often set up their head
offices, are known as ________________.
A. tax launderers

B. tax harbors
C. tax havens
D. tax evasion


13. The model where companies have an obligation to
maximize profits because shareholders expect the
maximum return on their investments is called
________________.
A. stockholder model
B. stakeholder model
C. caveat emptor
D. classical theory
14. The community or outside society can be referred
to as ________________ stakeholders.
A. interval
B. internal
C. external
D. extended
15. The contract requires managers
________________ to high standards of personal
ethics.
A. to eliminate
B. to maximize
C. to provide
D. to conform
16. An economic system in which anyone can raise
capital, form a business, and offer goods or services
is called ________________.
A. free society

B. free expenditure
C. free enterprise
D. free corporate
17. It is clearly shown that their products are designed
to ________________ profit rather than behave
according to consumer expectations.
A. provide
B. maximize
C. optimize
D. localize
18. Selling your company's secrets to a rival is called
industrial ________________.
A. fraud
B. espionage
C. pollution
D. trading
19. ________________ means a country's ability to
produce particular goods more efficiently than some
other countries.
A. Absolute advantage
B. Comparative advantage

C. Relative advantage
D. Competitive advantage
20. ________________ means restricting imports by
way of trade barriers such as tariffs and quotas.
A. Consumerism
B. Strategic industry
C. Protectionism
D. Absolute advantage

21. ________________ is referred to as a maximum
quantity of goods of a specific kind that can be
imported into a country.
A. A quota
B. An output
C. A tariff
D. A sales target
22. ________________ helps to identify a product
made by a particular producer and cannot be legally
used by anyone else.
A. A generic
B. A trademark
C. A brand
D. A symbol
23. A tax collected at each stage of production,
excluding the already-taxed costs from previous
stages, is called a/an ________________.
A. added-value tax
B. sales tax
C. value-added tax
D. capital gains tax
24. WTO policies allow rich countries to
________________ heavily subsidized industrially
produced food in poor countries, which damages
local production.
A. dump
B. copy
C. protect
D. deny
25. ________________ is referred to as basic

systems and services such as transport and power
supplies.
A. Facilities
B. Infrastructure
C. Superstructure
D. Asset


26. ________________ penalizes all incomegenerating activity, which makes everyone poorer.
A. Value-added tax
B. Income tax
C. Inheritance tax
D. Capital gains tax

B. taxation
C. proportion
D. restriction
29. The business cycle or trade cycle is a
________________ feature of market economies:
GDP alternately grows and contracts.
A. temporary
B. permanent
C. alternative
D. expansive

27. Unfettered free markets can ensure the long- term
optimal ________________ of resources and longterm economic growth.
A. provision
B. allocation
C. calculation

D. collaboration

30. During a(n) ________________, parts of the
economy expand to the point where they are working
at full capacity.
A. upturn
B. downturn
C. consumption
D. balance of payments

28. He also maintained that increases in public
expenditure would lead to increased
________________ and higher unemployment.
A. intervention
SECTION 2: Reading Cloze (20 marks, 2 marks/answer)

Fill in each blank with one suitable word/phrase. You don’t need to use all the words provided.
designing
environment
economic

protecting
impact
business

advanced
schedule
managed

committed

related
progression

Business and the environment
These days in business, people have to face many challenging questions when (31) ________________ and
implementing new projects in undeveloped areas of the countryside. One issue which has to be faced is whether it is
possible to introduce new technology without destroying the local (32) ________________.
(33) ________________ development and environmental conservation are often seen as natural enemies. It is
unfortunate that in the past this has often been true, and it has been necessary to choose between running the project
or (34) ________________ the environment. However, by taking environmental considerations seriously at an early
stage in a project, companies can significantly reduce any (35) ________________ on local plants and animals.
For example, in southern Africa, a company called CEL was asked to put up 410 km of a power transmission line
without disturbing the rare birds which inhabit that area. The project was carried out with minimal disturbance last
summer. What may surprise many (36) ________________ people is the fact that this consideration for local
wildlife did not in any way slow down the project. Indeed, the necessary advance planning, combined with local
knowledge and (37) ________________ technology, meant that the project was actually completed ahead of (38)
________________. CEL was contracted to finish the job by October and (39) ________________ to do so two
months earlier.
CEL is one of those companies which is (40) ________________ to the principle of environmental conservation.
Many other companies have yet to be convinced of the importance of balancing the needs of people with those of
the environment. However, it may be the only realistic way forward.

SECTION 3: Reading Comprehension (30 marks, 2 marks/answer)


Profits and social responsibility
1 Pure free market theorists argue that the function of a business is to make profits. Milton Friedman, for example,
argued that any corporate action inspired by “social responsibility”, rather than the attempt to maximize profits,
is “unbusinesslike”. In an article called “The social responsibility of business is to increase its profits”, he argued
that people who say that business has “responsibilities for providing employment, eliminating discrimination,

avoiding pollution”, and so on, are “undermining the basis of a free society”. For Friedman, “only people can
have responsibilities”, and not corporations:
2 In a free enterprise, private-property system, a corporate executive is an employee of the owners of the business.
He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with
their desires, which generally will be to make as much money as possible, while of course conforming to the
basic rules of the society, both those embodied in law and those embodied in ethical custom.
3 Therefore, “to say that the corporate executive has a “social responsibility” in his capacity as businessman” is to
say that “he is to act in some way that is not in the interest of his employers”. Because if an executive makes
“social” expenditures he is spending someone else’s money ... Insofar as his actions in accord with his “social
responsibility” reduce returns to stockholders, he is spending their money. Insofar as his actions raise the price to
customers, he is spending the customers’ money. Insofar as his actions lower the wages of some employees, he is
spending their money.
4 Furthermore, such actions are “undemocratic” as they involve corporations taking on responsibilities that should
be the government’s: taxation and expenditure, and solving social problems. If the elected government is not
taking certain actions, it is because the voters did not want it to do so. Any such action “harms the foundations of
a free society” and reveals an unfortunate “suicidal impulse” in businessmen.
5 Friedman does not seem to consider the possibility that stockholders might prefer to receive lower dividends but
live in a society with less pollution or less unemployment and fewer social problems.
6 An alternative view to the “stockholder model” exemplified by Friedman’s article is the stakeholder model.
According to this approach, business managers have responsibilities to all the groups of people with a stake in or
an interest in or a claim on the firm. These will include employees, suppliers, customers and the local
community, as well as the stockholders. Proponents of the stakeholder approach argue that all these groups
should be represented on a company’s board of directors.
Based on the information in the article, say whether the following statements are True (T), False (F).
41. Free market theorists think that people do business to make money.
True

False

42. Friedman believes both people and corporations can have responsibilities.

True

False

43. Friedman describes social responsible actions of corporations as an undemocraticy€€.
True

False

44. Friedman argues that the social responsibility of business is to solve social problems.
True
Choose the best answer.

False


45. According to Friedman, in what way are "social responsible" actions by businesses "undemocratic"?
A. Because this is generally what the owners of the business want, and what they employ executives to do.
B. Because they involve doing things that should be done by governments.
C. Because only people can have responsibilities, and not corporations.
46. According to the text, what other desires might stockholders have, apart from making as much money as
possible?
A. Lower dividends, higher prices, or lower wages.
B. A society with less pollution or less unemployment and fewer social problems.
C. A government that takes on social responsibilities.
What does each of the underlined words refer to?
47 “… he argued that people who say that business has …” (Para. 1)
48 “… to say that he is to act in some way that is not …” (Para. 3)
Find words from the text which mean:
49. complying with or following (rules, etc.) (Para. 2)

50. treating some people in a worse way than you treat other people (Para. 1)
51. making something weaker (Para. 1)
52. causes damage to (Para. 4)
53. according to generally accepted beliefs based on morals (Para. 2)
Fill in each gap of these sentences with one suitable word from the text:
54. The new factory will ________________ employment for about a hundred local people.
55. According to the ________________ model, business managers have responsibilities to all the groups of people
with a stake in or an interest in or a claim on the firm.
SECTION 4: Listening (20 marks)
PART 1: Listen and fill in the gaps. (1mark/answer)
But let's think what happens there. I'm working in a cloth factory in a (56) ________________ country. We move
from going from no trade to (57) ________________. My country specializes just in computers. What's going to
happen, I'm going to (58) ________________ my job. OK. Now that may be a big (59) ________________,
governments may be concerned about workers losing jobs in certain sectors. Now we could argue in theory I just
need to (60) ________________ my job and become working in computing. It may be very (61)
________________ for me to do that. I may be in the wrong part of the country, I may not have the (62)
________________ and so on.
Basically what happens with free trade is that many many people (63) ________________ and a few people may
lose and they may lose big time, and if we’re concerned about those people we may want to have some (64)
________________ process, we may be concerned about (65) ________________ free trade.


PART 2: Listen and complete the summary (2 marks/answer)
Q: What recent changes have you noticed in the job market?
A: The most unique change in the job market recently is the intervention of (66) ________________
________________ and websites. As a global business, we can recruit roles that are based wherever. Besides, the
candidate or (67) ________________ ________________ do have a large number of choice. For example, you can
go online at home to look for roles and jobs that are advertised worldwide. It’s an absolutely (68)
________________ ________________ for both candidates and employers. In terms of the recruitment market,
there has been an increasing need for interim and temporary employees. The fact is that many organizations will

continue to experience change, and quite often, (69) ________________ ________________ will need to be
brought in on project bases to handle specific projects in areas such as IT, (70) ________________
________________ … and people will keep looking for project management.


KEY – EOU TEST 2
Section 1 (30 marks, 1mark/answer)
1. C. Fiscal policy

16. C. free enterprise

2. C. downturn

17. B. maximize

3. D. fall

18. B. espionage

4. B. demand

19. B. Comparative advantage

5. A. balance of payments

20. C. Protectionism

6. A. gross domestic product

21. A. A quota

7. A. Keynesianism

22. B. A trademark

8. A. creative destruction

23. C. value-added tax

9. B. budget deficit

24. A. dump

10. C. business cycle

25. B. Infrastructure

11. D. stakeholders

26. B. Income tax

12. C. tax havens

27. B. allocation

13. A. stockholder model

28. B. taxation

14. C. external

29. B. permanent

15. D. to conform

30. A. upturn

Section 2 (20 marks, 2 marks/answer)
31. designing
32. environment
33. economic
34. protecting
35. impact
36. business
37. advanced
38. schedule
39. managed
40. committed
Section 3 (30 marks, 2 marks/answer)
41. T
42. F
43. T
44. F
45. B
46. B
47. Milton Friedman / Milton / Friedman
48. the corporate executive / corporate executive
49. conforming to

50. discrimination
51. undermine
52. harms
53. ethical
54. provide
55. stakeholder
Section 4
Part 1 (10 marks, 1mark/answer)
56. developed
57. free
58. lose
59. concern
60. reallocate
61. difficult
61. right
63. gain
64. transition
65. unfettered
Part 2 (10 marks, 2marks/answer)
66. online recruitment
67. job seekers / job seeker
68. unique opportunity
69. specialist people
70. human resources