unit 3 business test

A trade ____ occurs when a country imports more goods and services than it exports.

deficit

Which of the following groups does NOT benefit when a nation has a weak currency?

domestic firms with operations in foreign countries

In operations management, _____ refers to completing a task or producing a product at the lowest cost.

efficiency

The _____ expresses the value of one nation's currency in terms of another nation's currency.

exchange rate

Data are facts and figures that have been organized in a way that makes them immediately useful to decision makers.

false

In recent years the rate of economic growth for both India and China has lagged well behind that of the United States.

False

Total quality management (TQM) relies on a small cadre of quality experts to exert complete control over the organization's quality assurance efforts.

False

in operations management, quality is defined in terms of:

how well a product satisfies the preferences of customers.

The logic behind international trade, in regard to the factors of production, is

international trade allows increased access to the factors. For instance, the U.S. has capital, India and China have inexpensive skilled labor, and OPEC nations have vast reserves of natural resources.

Intellectual property refers to

marketable products and services that result from someone's creative and intellectual efforts.

A _____ links computer resources using either a wired or wireless connection.

network

When a company utilizes _____ it arranges for other organizations in the value chain to perform functions that were previously performed internally.

outsourcing

International trade provides businesses with access to new customers through

outsourcing, importing, exporting, licensing, franchising, and foreign direct investment.

The three countries participating in the North American Free Trade Agreement (NAFTA) are

Canada, Mexico, and the United States.

Documents stored on the World Wide Web are written and linked together using

HTML

_____ is concerned with all of the activities involved in creating goods and services and the distribution of those goods and services to customers.

Operations management

In recent years, many supply chains have begun using _____ to reduce employee theft.

RFID technology

Which statement about robots is false? Robots do not tire, eat, or sleep. Robots are flexible and reprogrammable, so they can perform a variety of tasks.. Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear". Robots perform jobs humans find dangerous or physically demanding.

Robots are capable of manipulating materials, but they currently lack the ability to perform tasks that require them to "feel" or "hear".

Services are:

consumed where they are provided.

A country has a comparative advantage in the production of a good or service when it can produce that good or service at a lower opportunity cost compared to other countries.

True

International trade stimulates competition as it encourages innovation and creativity for new products.

True

Operations management is concerned with all of the activities involved in creating goods and services and distributing them to customers.

True

The competitive and global nature of markets today requires operation managers to change their views on the production and distribution of goods and services from a cost perspective to a value perspective.

True

Ministers of the World Trade Organization (WTO) meet every two years to address current world trade issues. With a global shift to services rather than goods, the WTO has and will continue to work toward controlling

piracy of intellectual property and reducing subsidies.

Given the nature of their products, many service firms base their facility location decisions primarily on:

proximity to their customers.

_____ refer(s) to computer programs that provide instructions for a computer to execute a desired task.

software

_____ is software installed, often erroneously, on a computer that might log each keystroke in an effort to capture passwords and user names to accounts.

spyware

The vital function of _____ involves transforming data into useful information for decision makers.

the information technology department

Data mining uses powerful statistical and mathematical techniques to analyze the vast amounts of data in data warehouses in order to identify information that was previously hidden.

true

When a company goes beyond a firewall to store data using Internet-based resources it is said to be cloud computing.

true