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

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Question 31

True/False

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Over the past several years, workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that has reduced the total number of hours they work each year. However, the output per worker in Rainland is higher now than it was before the reduction in hours. These facts suggest that productivity in Rainland has increased.

A) True
B) False

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Question 32

Multiple Choice

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Appliance repair firms, tax consultants, law firms, and insurance companies are all business firms that are part of the:

A) production sector.
B) management sector.
C) neo-industrial sector.
D) service sector.

E) A) and B)
F) None of the above

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Question 33

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As you consider the factors of production, which of the following did management theorist, Peter Drucker believe to be one of the most important contributing factors to increasing our nation's wealth?

is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.

The amount of profit or loss earned by a business can be found by subtracting the firm's expenses from its revenues.

Information in a database allows firms to carry only the products that the local population wants.

Life of Luxury, Inc., is a mail order firm that specializes in expensive and unusual gifts for all occasions. The company keeps a large file of information on all of its regular customers, including names, addresses, type of gifts they have ordered in the past, and the size and frequency of their orders. The electronic file which stores this information is a(n) :

One of the best things the governments of developing countries can do to increase wealth is to minimize interference with the free exchange of goods and services.

Gabriella wants to compare the price of a designer bag she saw in a local department store, with other stores that may have the same. She locates the product on three different websites on the Internet, and then stumbles on a site that does the price shopping for her. Gabriella's quest is an example of how customers are using to solve problems.

Companies have responded to a diverse customer base by hiring a more diverse workforce.

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Customer-driven organizations require managers to closely direct and control their employees.

As emerging technologies become widespread, businesses tend to find better uses for them. However, in the case of the Internet, businesses that sell B2B have not benefited from directly selling to their business customers in the same way that B2C companies have done.

Technology can help businesses become more efficient and productive.

is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.

Business decisions should consider the interests of customers, employees, suppliers, government leaders, and stockholders.

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

Working as an entrepreneur is the only way to succeed in business.

In recent years, businesses in general have experienced a lasting impact due to the emergence of .

Which of the following entails the greatest amount of risk?