Question 1

In a business, _____ is equal to sales minus expenses.

Accepted Answer

A)   loss
B)   profit
C)   premium
D)   value

Question 2

Jill, an entrepreneur, started a company and invented a power generator that will use alternative fuels. What should be the role of her business in society, and what should her company do?

Accepted Answer

A)   Jill should act such that by deploying her generator through careful licensing and patenting to protect her property, her firm will not only build wealth but will also drive up the standard of living.
B)   Jill's firm should voluntarily surrender her invention to the U.S. Government in the interest of national security.
C)   Since her firm will run the oil companies out of business and possibly cause economic chaos as the world tries to adjust to the changing technology, Jill should try to find a way to minimize her company's impact, and sit on her invention for now.
D)   Jill should share the designs of her invention with her competitors so that the power generator can be produced in all markets..

Question 3

ExxonMobil uses natural resources, such as reserves of petroleum, to produce its goods and services. The value of these resources is likely to:

Accepted Answer

A)   remain constant, because natural resources are created by natural forces and don't respond to market forces.
B)   rise with either an increase in demand or with a decrease in supply.
C)   fall with increased demand and rise with increased supply.
D)   rise with decreased demand, but remain steady when supply falls.

Question 4

China has recently relaxed its strict regulations and done more to support entrepreneurship.

Accepted Answer

A) True 
 B)False

Question 5

The retirement of the baby boomer generation does not concern U.S companies because there are so many people who need a job and the baby boomers can be easily replaced.

Accepted Answer

A) True 
 B)False

Question 6

Super King Groceries competes with some of the larger grocery stores in the area and offers services not provided by its competitors such as car service and delivery service. Super King is unable to utilize economies of scale as efficiently as other retailers and has moderately higher prices. This does not seem to hurt the store's business. The most likely reason for this is:

Accepted Answer

A)   Super King is a premium brand.
B)   Super King provides grocery items that are not available in other stores.
C)   Super King's employees are friendlier.
D)   Super King's customers receive value that is not provided by other stores.

Question 7

Scott started mowing his neighbor's lawn while he was very young. After completing his education, he started a landscaping business and hired some of his friends. Scott is an entrepreneur.

Accepted Answer

A) True 
 B)False

Question 8

Nonprofit organizations employ approximately one in ten U.S. workers.

Accepted Answer

A) True 
 B)False

Question 9

Human resources is a factor that includes the physical, intellectual, and creative contributions of everyone who works within an economy.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following best describes the current global environment?

Accepted Answer

A)   European countries have attracted most manufacturing jobs in the past couple of decades.
B)   The annual wage inflation in China is growing rapidly.
C)   Technology has resulted in jobs migrating to the lowest bidder in the immediate vicinity of the employer.
D)   Jobs have migrated away from the lowest bidders in recent years.

Question 11

Which of the following is the best way for firms to enhance customer satisfaction?

Accepted Answer

A)   By providing the lowest­priced products in the market
B)   By providing greater value
C)   By providing effective advertising and promotion
D)   By providing post­purchase support

Question 12

Greater levels of customer satisfaction often translate into higher profits.

Accepted Answer

A) True 
 B)False

Question 13

People employed by nonprofit organizations are voluntary workers and are not paid for their services to the organization.

Accepted Answer

A) True 
 B)False

Question 14

List and describe the four factors of production required for an economic system to thrive and create wealth. Give an example of each in your answer.

Accepted Answer

Natural Resources include inputs that of...

Question 15

Growing ethnic populations represent the potential for profits if companies orient their marketing programs to pursue them.

Accepted Answer

A) True 
 B)False

Question 16

As competition has become truly global, free trade has resulted in _____ across virtually every product category.

Accepted Answer

A)   lower prices and lower quality
B)   higher prices and lower quality
C)   lower prices and higher quality
D)   higher prices and higher quality

Question 17

The relationship era introduced the idea:

Accepted Answer

A)   that customers are are poor agents of promotion.
B)   that cultivating current customers is more profitable than constantly seeking new ones.
C)   of focusing on short­term relationships with customers.
D)   of aggressive persuasion designed to separate consumers from their cash.

Question 18

The entrepreneurship era contributed in raising the standard of living during the second half of the 1800s.

Accepted Answer

A) True 
 B)False

Question 19

A firm will experience a loss when its revenue is less than its expenses.

Accepted Answer

A) True 
 B)False

Question 20

The Industrial Revolution was characterized by unprecedented production efficiency.

Accepted Answer

A) True 
 B)False

Exam 1: Business Now: Change Is the Only Constant

List and describe the four factors of production required for an economic system to thrive and create wealth. Give an example of each in your answer.

Correct Answer
verified
Natural Resources include inputs that of...
View Answer

As competition has become truly global, free trade has resulted in _____ across virtually every product category.

Correct Answer
verified

People employed by nonprofit organizations are voluntary workers and are not paid for their services to the organization.

Correct Answer
verified

Scott started mowing his neighbor's lawn while he was very young. After completing his education, he started a landscaping business and hired some of his friends. Scott is an entrepreneur.

Correct Answer
verified

Which of the following is the best way for firms to enhance customer satisfaction?

Correct Answer
verified

Correct Answer
verified

The entrepreneurship era contributed in raising the standard of living during the second half of the 1800s.

Correct Answer
verified

Which of the following best describes the current global environment?

Correct Answer
verified

Growing ethnic populations represent the potential for profits if companies orient their marketing programs to pursue them.

Correct Answer
verified

In a business, _____ is equal to sales minus expenses.

Correct Answer
verified

Jill, an entrepreneur, started a company and invented a power generator that will use alternative fuels. What should be the role of her business in society, and what should her company do?

Correct Answer
verified

Human resources is a factor that includes the physical, intellectual, and creative contributions of everyone who works within an economy.

Correct Answer
verified

China has recently relaxed its strict regulations and done more to support entrepreneurship.

Correct Answer
verified

Nonprofit organizations employ approximately one in ten U.S. workers.

Correct Answer
verified

Greater levels of customer satisfaction often translate into higher profits.

Correct Answer
verified

ExxonMobil uses natural resources, such as reserves of petroleum, to produce its goods and services. The value of these resources is likely to:

Correct Answer
verified

The retirement of the baby boomer generation does not concern U.S companies because there are so many people who need a job and the baby boomers can be easily replaced.

Correct Answer
verified

A firm will experience a loss when its revenue is less than its expenses.

Correct Answer
verified

The Industrial Revolution was characterized by unprecedented production efficiency.

Correct Answer
verified

The relationship era introduced the idea:

Correct Answer
verified

Exam 1: Business Now: Change Is the Only Constant

List and describe the four factors of production required for an economic system to thrive and create wealth. Give an example of each in your answer.

Correct AnswerverifiedNatural Resources include inputs that of...View AnswerShow Answer

As competition has become truly global, free trade has resulted in _____ across virtually every product category.

Correct AnswerverifiedShow Answer

People employed by nonprofit organizations are voluntary workers and are not paid for their services to the organization.

Correct AnswerverifiedShow Answer

Scott started mowing his neighbor's lawn while he was very young. After completing his education, he started a landscaping business and hired some of his friends. Scott is an entrepreneur.

Correct AnswerverifiedShow Answer

Which of the following is the best way for firms to enhance customer satisfaction?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The entrepreneurship era contributed in raising the standard of living during the second half of the 1800s.

Correct AnswerverifiedShow Answer

Which of the following best describes the current global environment?

Correct AnswerverifiedShow Answer

Growing ethnic populations represent the potential for profits if companies orient their marketing programs to pursue them.

Correct AnswerverifiedShow Answer

In a business, _____ is equal to sales minus expenses.

Correct AnswerverifiedShow Answer

Jill, an entrepreneur, started a company and invented a power generator that will use alternative fuels. What should be the role of her business in society, and what should her company do?

Correct AnswerverifiedShow Answer

Human resources is a factor that includes the physical, intellectual, and creative contributions of everyone who works within an economy.

Correct AnswerverifiedShow Answer

China has recently relaxed its strict regulations and done more to support entrepreneurship.

Correct AnswerverifiedShow Answer

Nonprofit organizations employ approximately one in ten U.S. workers.

Correct AnswerverifiedShow Answer

Greater levels of customer satisfaction often translate into higher profits.

Correct AnswerverifiedShow Answer

ExxonMobil uses natural resources, such as reserves of petroleum, to produce its goods and services. The value of these resources is likely to:

Correct AnswerverifiedShow Answer

The retirement of the baby boomer generation does not concern U.S companies because there are so many people who need a job and the baby boomers can be easily replaced.

Correct AnswerverifiedShow Answer

A firm will experience a loss when its revenue is less than its expenses.

Correct AnswerverifiedShow Answer

The Industrial Revolution was characterized by unprecedented production efficiency.

Correct AnswerverifiedShow Answer

The relationship era introduced the idea:

Correct AnswerverifiedShow Answer

Correct Answer
verified
Natural Resources include inputs that of...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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