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

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Question 81

True/False

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

A) True
B) False

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Question 82

Multiple Choice

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A nation progresses socially when it has good schools,clean air and water,and more.Which of the following statements addresses conditions for social progress?

A) Social progress will evolve when capital is apportioned to everyone in equal amounts.
B) A city,state,or nation's social progress needs the right business environment.
C) The foundation for social progress is a handful of wealthy entrepreneurs willing to spread the wealth.
D) Social progress can only improve when there is a strong labor pool to draw from.

E) B) and D)
F) A) and C)

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Question 83

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Certain industries of the U.S.economy such as farming and heavy equipment manufacturing have experienced a significant decline in employment.Which of the following best explains this job loss?

The term "standard of living" refers to the amount of debt people can incur on a given income.

Ross wants to invest some money that he just inherited.He found that his bank offers a savings account paying a guaranteed 3% rate of return.However,he would like to earn a higher return.Ross should keep in mind that to earn a higher return on his money he:

Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

In an effort to increase wealth and their country's standard of living,many governments are taking over major industries and operating them as nonprofit organizations.

Contemporary governments promote business development by:

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

Which of the following is the most accurate statement about the impact of business on society?

Businesses seek to earn a profit by providing goods and services to others.

In order to compete well and gain market share,contemporary businesses are changing to be more ________________.

E-commerce is the buying and selling of goods over the Internet.

Rob is an emergency room nurse at a local hospital in Texas.On a weekly basis,he will serve a number of patients who are not legally U.S.citizens.Many of them are giving birth to babies.Fortunately,Rob speaks enough Spanish to communicate with the patients.Rob is experiencing the realities of the social environment in some states. There is a sizeable Spanish speaking population that lives in this state.The social environment in many states and many countries can differ.Both for profit and non-profit companies must adjust to accommodate for changes in the social environment.

People living in San Jose,CA on average earn more money than people living in St.Louis,MO.The citizens of San Jose enjoy a higher standard of living than the citizens of St.Louis. The standard of living depends on the price level as well as the income people earn.For example,as our text indicates,people in Germany and Japan may earn more money than Americans,but they have a lower standard of living because the prices they pay for goods and services are higher.

The most important difference between for-profit businesses and nonprofit organizations is that:

Businesses collect ________ information on where people live,what they buy,and how they spend their time.

The immigrant population (both legal and illegal) is having a dramatic effect on

Demographic changes create new business opportunities.

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