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

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Question 61

Multiple Choice

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

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) B) and D)
F) C) and D)

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Question 62

True/False

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Business consultant Peter Drucker said that the most important factor of production is knowledge.

A) True
B) False

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Question 63

Multiple Choice

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_______________ is/are the external and internal circumstances that surround the business.

Ross wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed .5% 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:

In recent years, manufacturing firms in the U.S. have laid off workers. The best explanation of this trend is that:

With the emergence of the Internet, Jasmine finds it easy to do all her gift buying online. She takes comfort in the fact that new technologies if installed properly are seldom used in unethical ways.

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

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

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

Businesses provide goods, jobs, and services to others.

Diversity groups identified in the market today can include extroverts, introverts, atheists, and the devout.

Maintaining a competitive advantage is very important to the success of today's businesses. All of the following strategies will help a firm remain competitive, except:

When corruption is present in the business environment:

Robin has started her own online consulting firm. While she recognizes the risks involved in operating a business, she is still willing to invest her time, effort, and money in hopes of earning a profit. Robin is an example of an entrepreneur.

Increases in productivity have allowed fewer farmers to feed more and more people.

Which of the following predictions about the impact of e-commerce on traditional businesses is likely to be most accurate?

Adam Ripley sells custom bicycles. Adam buys several bike parts including wheels and tires from the Good Treads Company. Although several government-supported regulations help Adam in his business, regulations that make it easy for Adam's business to enjoy good vendor relationships are:

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

Several years ago, the government of the small nation of Allegro owned the nation's telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government desired to rapidly improve people's access to phone service, its best course of action would involve selling the telephone company to private investors.

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