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Exam 1: Introduction to Business

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Question 61

Multiple Choice

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The production and operations manager at a large shoe factory notices that the total number of hours worked by production employees has increased 12 percent, while the number of pairs of shoes ready for shipping has dropped 6 percent this year over last year.This means

A) the inflation rate is unchanged.
B) the demand for shoes is decreasing.
C) the manager's calculations cannot be correct.
D) productivity has decreased.
E) the gross national product has increased by 6 percent.

F) A) and B)
G) B) and E)

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Question 62

True/False

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In a monopoly situation, there is no close substitute for the product or service.

A) True
B) False

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Question 63

Multiple Choice

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As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago.Based on this information, which stage of the business cycle would the economy be in?

Sony is most correctly classified as a marketing intermediary type of business.

The maker of Hanes pantyhose attempts to set its product apart from the competition.As a result, the company obtained limited control over the price of its product.Achieving price control in this manner is known as

If all leading corporations in the soft-drink industry merged, this would

Although changes have occurred over the years, ____ is historically considered to have a communist economy.

Exxon Mobil and Shell are two of the relatively few sellers in the oil-refining industry.Due to the tremendous capital investment required to enter this industry, these companies are insulated significantly from the threat of new competitive entrants and thus have considerable control over price.This market situation is referred to as a(n)

For a Pepperidge Farm production facility, managers and employees would be

In the last decade of the century, ____ became a major force in the economy in regard to business.

Inflation is a general rise in the level of prices experienced by people in a nation.

Satellite Communications Jonathan worked for Satellite Communications for twenty years.In the time that he worked there, he learned a lot about the company and how it operated.The company met its sales and revenue goals every year.However, most of the employees had similar educational and cultural backgrounds.He believed that the company could do much better if it cultivated an environment that promoted many different ideas.Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year.Jonathan felt that the most important goal should be to satisfy customers.He believed financial success would result from focusing on customers. After a lot of consideration, Jonathan decided to open his own business called Universal Communications and hire employees that reflected a more diverse customer base.He was happy to have this opportunity because it was a dream that he had always had.He had always wanted to make his own decisions about what his company would produce and how.The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. -Refer to Satellite Communications.When hiring people, Jonathan thinks it is important to consider

Service businesses employ approximately ___ percent of a western work force.

Productivity is the total output per worker per year.

For firms like Walmart, competition

Mondell Weller decides to start a residential landscaping business.How would this business most likely be classified?

Satellite Communications Jonathan worked for Satellite Communications for twenty years.In the time that he worked there, he learned a lot about the company and how it operated.The company met its sales and revenue goals every year.However, most of the employees had similar educational and cultural backgrounds.He believed that the company could do much better if it cultivated an environment that promoted many different ideas.Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year.Jonathan felt that the most important goal should be to satisfy customers.He believed financial success would result from focusing on customers. After a lot of consideration, Jonathan decided to open his own business called Universal Communications and hire employees that reflected a more diverse customer base.He was happy to have this opportunity because it was a dream that he had always had.He had always wanted to make his own decisions about what his company would produce and how.The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. -Refer to Satellite Communications.Which company has the correct objective?

When Toyota experienced declining sales as a result of quality and safety issues, it began offering buyer incentives to new-car buyers.Nearly immediately, Ford and General Motors began similar promotions.These businesses

According to economists, inflation is

A copyright of a product exists indefinitely.