Master CIPS L3M1 Exam with Reliable Practice Questions
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A market situation where there is only one supplier is called:
Correct : D
The correct answer is, of course, 'monopoly'.
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Thinking of the STEEPLED factors which may impact long-term on an organisation, under which one heading would the following appear: growth trends, unemployment patterns, incomes, interest rates exchange rates and tax rates?
Correct : A
The correct answer, covering all of these, is 'economic'.
'Political' could also be considered, but 'economic' covers them all.
The other two answers suggested are not really relevant.
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The study of population and population trends is called:
Correct : A
Demographics now seen as being a part of STEEPLED.
The other terms shown have nothing to do with this topic and are simply fillers.
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Which of the following would not be part of the not-for-profit sector?
Correct : D
A local independent supermarket would be a private sector organisation - that is one intended to make a profit. The others suggested here would all be not-for-profit.
Public sector organisations, although not created to make a profit, are generally referred to as 'public sector' - often funded from taxation - with 'not-for-profit' often being funded from members, do-nors, or other voluntary sources.
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'The costs of business activities which are not reflected in the costing of a product or service and paid for by consumers, but which are borne by the wider community -- such as the costs of pollution and associated ill health, traffic congestion or environmental degradation' are known as:
Correct : A
We are now aware that the cost of externalities to society are considerable. A simple example would be that proximity to flow of motor vehicles is likely to increase ill-health requiring state-funded medical services where they exist, to treat at state (taxpayers') expense those who become ill. In the UK the number of people affected this way is believed to be numbered in the tens of thousands an-nually. Thus some businesses' cost structures do not reflect their true cost to society.
Another example would be the discharge of untreated waste into rivers or the sea, where the com-panies undertaking these activities may not be contributing financially to the cleaning up required.
In future years there is likely to be much debate about this, as some people will attempt to find ways to make companies pay the full cost of running their businesses.
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