Busi 1301 Toombs Weatherford College - Chapter 1 Quiz
Ricord Books, a publication house, faced huge losses after 2008. The majority of its readers were born during the late 1950s, whose population was rapidly declining. Most modern readers preferred using e-books rather than reading from hard copies. This resulted in a decrease in the sales of Ricord Books. Identify the dimension of the social environment that this scenario exemplifies.
Aging population
Torino Mex, a men's fashion boutique, is renowned for creating designer clothes for Latino Americans. However, it introduced a new line of designer clothing that especially caters to young Hispanic Americans to widen its customer base. Which of the following dimensions of the social environment is highlighted in this scenario?
Diversity
Demographic factors include the milestones achieved during the developments in the field of computers, telecommunications, and other digital products.
False
In the United States, nonprofits employ about one in hundend workes, accounting for less paid workes than the entire construction industry and less than the finance, innurance, and real-estate sectons combined
False
In the context of the competitive environment of business, unlike leading-edge firms, bleeding-edge firms offer products just as the market becomes ready to embrace them.
False
Millennials outnumber digital natives by one million people.
False
Online technology prevents leading-edge companies from offering customized products at prices that are comparable to standardized products.
False
People can create natural resources by growing and harvesting agricultural products.
False
Speed-to-market is the rate at which a company's competitors copy its product innovations.
False
The physiological environment is a key dimension of the business environment.
False
The value of all natural resources tends to rise with low demand, high supply, or both.
False
Marina, a garments manufacturing company, signed a contract with Tertch Tex, a textile company, to receive 2 million pounds of yarn at a rate of $2 per pound. However. Tertch Tex hikes up the price to S5 per pound just before the day of delivery. Marina files a lawsuit against Tertch Tex for breaking an enforceable contract and receives $100 million in compensation. In this context, which dimension of the business environment is affected the most?
The economic environment
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 statements is true of nonprofit organizations?
They employ people and take in revenue.
Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.
True
Digital natives only spend when a business offers them value.
True
In the context of the diversity in the American population, Caucasians continue to represent the largest chunk of the population at 63%.
True
In the context of your career choice, the broader economy will influence the level of your personal financial success.
True
The central banking system of the United States is the Federal Reserve.
True
Value is the relationship between the price of a good or a service and the benefits that it offers its customers.
True
Which of the following is a difference between the millennial generation and Generation Z?
Unlike the millennial generation, Generation Z approaches adulthood planning to work for success.
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
The Federal Trade Commission:
actively promotes fair competitive practices.
Children's Campground is a summer program for school children. It advertises that there is one counselor for every four children and that several other highly-trained professionals are part of its staff. Children's Campground advertisements indicate that the program relies heavily on its ___________ factor to provide its services.
human resources
In the context of the workforce advantage in the business environment, finding and holding the best talent will likely become a crucial competitive issue in the next decade as the baby boom generation begins to retire. However, job market contraction may not be an issue, because:
many baby boomers opt to postpone retirement in the face of inadequate financial resources.