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

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Question 111

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If they wish to create more wealth, poor nations should focus on policies that increase entrepreneurship and the effective use of knowledge.

A) True
B) False

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Question 112

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The advice provided by a personal trainer is an example of the service industry.

A) True
B) False

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Question 113

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

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the online firms face very little competition.

Mini-Case Eli Moneybags works for Second Commercial Bank, one of the largest banks in the Southwestern U.S. He is a loan officer, specializing in mortgages. Tio Jaime, Eli's favorite (and wealthiest) uncle, passed away last month and left him a sizable amount of money. Eli is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Eli is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor. He is also a bit bored and looking for a new challenge. He thinks he might get a lot of satisfaction from owning his own business. Eli has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself! -Eli's frustration with his lack of freedom at work indicates that Second Commercial

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

A policy of empowerment encourages managers to make decisions quickly for their frontline employees.

According to the box, "Hollywood Climbs the Great Wall," casting American actors of Chinese descent attracts larger audiences in China rather than casting a Chinese actor.

According to the box, "Hollywood Climbs the Great Wall," Chinese investors are not only distributing Hollywood films in their home country, they are also

HealthLink Hospital is looking into introducing a flextime program for its employees. A group of workers who would probably benefit from flextime is

The only real purpose of a business is to make money for entrepreneurs.

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

Globalization

Starting a business always involves ________.

Businesses favor:

Laws that allow companies to write enforceable contracts decrease the risk of doing business.

Which of the following is a factor of production?

The U.S. population tends to buy the same things and spend time in roughly the same way as people did a decade ago.

Health care availability, a clean environment, and good schools all contribute to a high quality of life.

Which of the following statements about the competitive environment is most accurate?