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

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Question 101

True/False

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Technology affects people in most, but not all industries.

A) True
B) False

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Question 102

Multiple Choice

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Jane's income has remained stable over the past few years while the prices of things she buys have gone up. Nevertheless, Jane feels better off because the environment is cleaner, the crime rate has declined, she has more leisure time, and the quality of medical care has improved. If Jane's experience is typical, we can conclude that the standard of living has:

A) increased, but the quality of life has decreased.
B) increased, and so has the quality of life.
C) declined, but the quality of life has increased.
D) declined, and so has the quality of life.

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

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Question 103

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Workplace changes due to the rise of single-parent families create many job opportunities in day care, counseling, and other related fields.

Greg recently completed his college degree in construction management. He is heading to Mexico City to start a business developing apartment dwellings. After researching several potential areas, he chose Mexico City due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.

Outsourcing has caused many complications in many states where jobs have been lost to overseas companies.

Demographic trends suggest that businesses will benefit from offering flexible work schedules, eldercare, and childcare to help employees balance the demands of job and family.

Preferred Pet Care, Inc., a mobile veterinary care company is planning for the future. As a business student who has studied social trends, which of the following statements reflects the need for Preferred Pet Care's service in the future?

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

People between the ages of 65 and 74 represent:

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

Effectiveness means producing the desired result.

The United States has one of the highest standards of living in the world.

The rise of Internet marketing has become particularly important in doing business in the B2B markets.

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

Nonprofit organizations use financial gains to meet stated social or educational goals of the organization rather than personal profit.

Effectiveness means producing goods and services using the least amount of resources.

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

Outsourcing means selling goods and services to people in other countries.

Successful businesses are keenly focused on their: