BA 1100 - Module 2

What is an example of a nonprofit organization?

a community museum that is funded by a trust and is free for public use

Which of the following can be considered a business?

an online shopping portal that offers discounted prices on clothing

in the context of the competitive environment of business, customer satisfaction comes in large part from:

delivering unsurpassed value

Which of the following strategies for reaching global markets in a specialized type of licensing?

foreign franchising

in the context of the history of American business, during the _____, businesses began to develop distinctive identities to help customers understand the differences among various products.

marketing era

in the context of global trade, a balance of payments deficit means that:

more money flows out than in

trade restrictions were created to:

protect domestic industry

In the context of the history of American business, which of the following statements is true of the marketing era?

the balance of power shifted away from producers and toward customers

When Ruben wanted to start a new online news service, he was skeptical about investing in it because of the financial crisis in his country. However, he was put at ease after learning about the government's policy of levying low federal taxes on startup businesses. In this context, which dimension of the business environment is affected the most?

the economic environment

which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

the social environment

Which of the following statements is true of successful firms?

they deliver unsurpassed value to their customers

which of the following is a characteristic of entrepreneurs?

they risk their time, money, and other resources to start and manage their business

Resorto, a European country, exported sugar worth $600 million between 2015 and 2016 and imported tea worth $750 million during the same period. in this scenario, Resorto most likely had a _____ between 2015 and 2016.

trade surplus

In the context of the history of American business, which of the following was a result of rapid industrialization in America from the mid-1700s to the mid-1800s

unprecedented production efficiency

a college has contracted a construction company to build a bookstore for its new campus. in the context of factors of production, the heavy machinery, and equipment used by the contractor in the construction process are referred to as

capital

A(n) _____ refers to a group of countries that have eliminated tariffs and harmonized trading rules to facilitate the free flow of goods among the member nations.

common market

Brixbee Inc., a European electronics company, has given a domestic firm in Lougard, an Asian country, the rights to manufacture and market its product within Lougard. In this scenario, Brixbee Inc. is most likely to be involved in

foreign licensing

which of the following statements is true of foreign outsourcing?

it drives down the cost of production

Norman Phone Inc. is a leading cell phone manufacturer who recently launched Omn-1 model. Even before the sales of Omn-1 model could reach its peak, the company launched the next version, Omn-2. Omn-2 overtook the sales of the Omn-1 model and also of its competitors' products. This helped Norman Phone Inc. to maintain its position as a leading-edge cell phone manufacturer. This scenario demonstrates the importance of _____ as a key source of competitive advantage.

speed-to-market

which of the following countries exemplifies the concept of opportunity cost?

An asian country that increases its production of sugar by decreasing its production of cocoa