Question 1

Over many years the nature of U.S.business has changed very little from century to century.

Accepted Answer

A) True 
 B)False

Question 2

Technology allows firms to be more responsive to their customers' wants and needs.

Accepted Answer

A) True 
 B)False

Question 3

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Accepted Answer

A) True 
 B)False

Question 4

Stakeholders include customers,employees,stockholders,suppliers,dealers,bankers,government officials and environmentalists.

Accepted Answer

A) True 
 B)False

Question 5

China and India have become major U.S.competitors.

Accepted Answer

A) True 
 B)False

Question 6

___________ refers to the amount of output generated with a given amount of input,e.g. ,the number of pizzas produced per worker per hour.

Accepted Answer

A)   Efficiency
B)   Technology
C)   Telecommuting
D)   ProductivityE) B) and C)
F) None of the above

Question 7

One reason given for the decline in the number of U.S.workers employed in manufacturing is that manufacturing firms in the U.S.have become more efficient.

Accepted Answer

A) True 
 B)False

Question 8

An activity which seeks to earn a profit by providing a good or service is known as a(n) :

Accepted Answer

A)   industry.
B)   corporation.
C)   business.
D)   service.E) None of the above
F) B) and D)

Question 9

Empowerment means:

Accepted Answer

A)   giving employees the authority to make decisions.
B)   making certain that employees always defer to management when making decisions.
C)   hiring employees that do not require training due to the costly nature of this activity.
D)   asking employees to write the policies which govern their jobs.E) A) and B)
F) A) and C)

Question 10

It was reported by a Beijing newspaper that China succeeded in improving its people's standard of living and establishing a relatively affluent society in the past seven years.This report clearly indicates that both income levels and the price of goods and services rose significantly during that time period.

Accepted Answer

A) True 
 B)False

Question 11

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves.Such things they are likely to pass-up on are:

Accepted Answer

A)   the freedom to make their own decisions.
B)   local government benefits such as enterprise zone tax credits.
C)   employer paid benefits such as paid vacation and health insurance.
D)   tickets to sporting events that trading partners may provide.E) A) and C)
F) B) and D)

Question 12

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Accepted Answer

A) True 
 B)False

Question 13

The service industry represents ________ of the value of the U.S.economy.

Accepted Answer

A)   about 30%
B)   under 50%
C)   about 70%
D)   about 50%E) A) and D)
F) B) and D)

Question 14

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Accepted Answer

A) True 
 B)False

Question 15

The databases of a business often include a great deal of information about the firm's customers.

Accepted Answer

A) True 
 B)False

Question 16

The green movement is:

Accepted Answer

A)   a trend that started with the U.S.government.
B)   concerned with depletion of natural resources and leaving a large carbon footprint.
C)   developing more green food products to feed the world's poor.
D)   our concern with the fact that everywhere we look,things are remaining green for longer periods of time.E) None of the above
F) B) and C)

Question 17

Starting a business is a riskier path toward business success than working your way up the ranks of a large business.

Accepted Answer

A) True 
 B)False

Question 18

When we compare the factors of production in wealthy and poor nations,we find:

Accepted Answer

A)   poor nations have plenty of land and knowledge,but very little labor.
B)   poor and wealthy nations (both) have an abundance of knowledge,it is the land that varies,with rich nations always having more.
C)   wealthy nations have knowledge and entrepreneurial opportunities,while poor nations are often lacking in these areas.
D)   wealthy nations have land and labor,while poor nations have capital and entrepreneurship.E) B) and C)
F) A) and D)

Question 19

Employers provide tools and technology for their employees in order to:

Accepted Answer

A)   increase the cost of production and profitability.
B)   improve their efficiency and productivity.
C)   reduce corruption in business and eliminate scandals.
D)   encourage the private ownership of businesses.E) A) and B)
F) All of the above

Question 20

The standard of living for a nation's people depends mainly on:

Accepted Answer

A)   the quality of the natural environment.
B)   how much political freedom they have.
C)   their income and the prices of the goods and services they buy.
D)   the amount of labor and capital available employed in the manufacturing sector.E) A) and D)
F) None of the above

Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

The service industry represents ________ of the value of the U.S.economy.

Correct Answer
verified

The green movement is:

Correct Answer
verified

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Correct Answer
verified

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Correct Answer
verified

Correct Answer
verified

The databases of a business often include a great deal of information about the firm's customers.

Correct Answer
verified

China and India have become major U.S.competitors.

Correct Answer
verified

Empowerment means:

Correct Answer
verified

An activity which seeks to earn a profit by providing a good or service is known as a(n) :

Correct Answer
verified

Starting a business is a riskier path toward business success than working your way up the ranks of a large business.

Correct Answer
verified

Technology allows firms to be more responsive to their customers' wants and needs.

Correct Answer
verified

Employers provide tools and technology for their employees in order to:

Correct Answer
verified

When we compare the factors of production in wealthy and poor nations,we find:

Correct Answer
verified

The standard of living for a nation's people depends mainly on:

Correct Answer
verified

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Correct Answer
verified

Stakeholders include customers,employees,stockholders,suppliers,dealers,bankers,government officials and environmentalists.

Correct Answer
verified

One reason given for the decline in the number of U.S.workers employed in manufacturing is that manufacturing firms in the U.S.have become more efficient.

Correct Answer
verified

___________ refers to the amount of output generated with a given amount of input,e.g. ,the number of pizzas produced per worker per hour.

Correct Answer
verified

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves.Such things they are likely to pass-up on are:

Correct Answer
verified

Over many years the nature of U.S.business has changed very little from century to century.

Correct Answer
verified

Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

The service industry represents ________ of the value of the U.S.economy.

Correct AnswerverifiedShow Answer

The green movement is:

Correct AnswerverifiedShow Answer

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Correct AnswerverifiedShow Answer

Empowerment means giving frontline workers the responsibility,authority,and freedom to respond quickly to customer requests.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The databases of a business often include a great deal of information about the firm's customers.

Correct AnswerverifiedShow Answer

China and India have become major U.S.competitors.

Correct AnswerverifiedShow Answer

Empowerment means:

Correct AnswerverifiedShow Answer

An activity which seeks to earn a profit by providing a good or service is known as a(n) :

Correct AnswerverifiedShow Answer

Starting a business is a riskier path toward business success than working your way up the ranks of a large business.

Correct AnswerverifiedShow Answer

Technology allows firms to be more responsive to their customers' wants and needs.

Correct AnswerverifiedShow Answer

Employers provide tools and technology for their employees in order to:

Correct AnswerverifiedShow Answer

When we compare the factors of production in wealthy and poor nations,we find:

Correct AnswerverifiedShow Answer

The standard of living for a nation's people depends mainly on:

Correct AnswerverifiedShow Answer

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Correct AnswerverifiedShow Answer

Stakeholders include customers,employees,stockholders,suppliers,dealers,bankers,government officials and environmentalists.

Correct AnswerverifiedShow Answer

One reason given for the decline in the number of U.S.workers employed in manufacturing is that manufacturing firms in the U.S.have become more efficient.

Correct AnswerverifiedShow Answer

___________ refers to the amount of output generated with a given amount of input,e.g. ,the number of pizzas produced per worker per hour.

Correct AnswerverifiedShow Answer

Entrepreneurs weigh the differences between the benefits of starting a business and those things that they are likely to forego because they choose to work for themselves.Such things they are likely to pass-up on are:

Correct AnswerverifiedShow Answer

Over many years the nature of U.S.business has changed very little from century to century.

Correct AnswerverifiedShow Answer

Correct Answer
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