BUSED 101 Chapter 1 PLA

the quality and quantity of goods and services available to a population is referred to as the _________. a. standard of living b. gross domestic revenue c. per capita income d. expectancy margin

a. Standard of living

which of the following statements is true of entrepreneurs? a. they produce a ripple effect that enriches everyone around them b. they are bound to face recurring loses before making a profit c. they serve the society instead of creating wealth for themselves d. they do not risk their time and money when managing a business

a. They produce a ripple effect that enriches everyone around them

which of the following scenarios illustrates the utilization of human resources as a factor of production? a. Fred capitalizes on the demand in the market for animation and starts his own design company b. Carlos hires a content writer to develop content for his online portal that sells fashion accessories c. Serena's company extracts and purifies coal deposits to use as a feedstock in the manufacture of chemical fertilizers d. Tia obtains machines required to create iron blocks that her company sells

b. Carlos hires a content writer to develop content for his online portal that sells fashion accessories

in the context of the history of American business, which of the following is a feature of the relationship era? a. manufacturing firms hire skilled artisans to facilitate mass production of goods b. cultivating current customers turn out to be more profitable than constantly seeking new ones c. jobs become specialized, increasing productivity and lowering costs and prices d. major businesses focus more on refining production processes than on competing with each other

b. cultivating current customers turn out to be more profitable than constantly seeking new ones

in the context of the history of American business, which of the following statements is true of the production era? a. factories hired large numbers of semiskilled workers who specialized in a limited number of tasks b. jobs became specialized, increasing productivity and lowering costs and prices c. laws were passed for the first time by the government to protect consumers and workers d. balance of power shifted away from producers and towards consumers, flooding the market with enticing choices

b. jobs became specialized, increasing productivity and loweirng costs and prices

in the context of the history of American business, which of the following statements is true of the industrial revolution? a. individual ownership in various productoin processes was promoted b. balance of power shifted away from producers and towards consumers c. factories hired large numbers of semiskilled workers who specialized in a limited number of tasks d. the government passed laws to regulate business and protect consumers and workers, creating balance in the economy

c. Factories hired large numbers of semiskilled workers who specialized in a limitered number of tasks

Which of the following is a similarity between millennials and digital natives? a. like millennials, digital natives approach adulthood hoping to be discovered b. like millennials, digital natives tend to have very long attention spans c. like millennials, digital natives tend to be extremely tolerant and inclusive d. like millennials, digital natives feel entitled to a great job when they graduate college

c. Like millennials, digital natives tend to be extremely tolerant and inclusive

during the _________, the government of the United States stepped into the business realm to pass laws to regulate business and protect consumers and workers a. relationship era b. production era c. marketing era d. entrepreneurship era

d. entrepreneurship era

in the context of a business environment, which of the following is a key element of the U.S. economic environment? a. protocols that restrict mergers between nonprofits and private businesses b. regulations that decrease corporate accountability c. policies that ensure high federal tax rates for businesses d. legislation that supports enforceable contracts

d. legislation that supports enforceable contracts

in the context of the competitive environment of a business, the best measure of value is the: a. total number of returning customers per quarter b. relative difference in the selling price of a product across competitors c. difference in the market price and the selling price of a product d. size of the gap between product benefits and price

d. size of the gap between product benefits and price

which of the following is a key dimension of the business environment? a. the physiological environment b. the natural environment c. the economic environment d. the communal environment

c. the economic environment

which of the following marketing concepts emerged during the marketing era? a. a consumer focus that permeates successful copmanies in every department, at every level b. a need for nonprofit organizations to work together with businesses to improve the quality of life in a society c. a need to identify whether an overall economy thrives or disintegrates d. a focus on increasing profits that result in high standards of living for people across the country

a. a consumer focus that permeates successful copmanies in every department, at every level

which of the following statements is true when a person makes a career choice based on what he or she loves doing? a. chances of personal success are boosted b. less-routine abilities are not valued c. it guarantees a fat paycheck d. it hinders a person's chances of acquiring financial gains

a. chances of personal success are boosted

in the context of the technological environment, which of the following statements is true of business technology? a. it includes any tools that companies can use to become more efficient and effective b. it is the rate at which a new product moves from conception to commercialization c. it includes the creative contributions of everyone who works within an economy d. it is the rate at which similar products from competitive brands attract consumers

a. it includes any tools that companies can use to become more efficient and effective

which of the following factors is most likely to be covered by the social environment dimension of a business? a. population size and density b. federal tax laws c. bank interest rates d. internet traffic and e-commerce

a. population size and density

in the context of the competitive environment, which of the following statements is true of bleeding-edge firms? a. they launch products that fail because they are too far ahead of the market b. they launch innovative products that have a small existing market c. they launch cheaper versions of already existing successful products d. they launch successful products that are in high demand among consumers

a. they launch products that fail because they are too far ahead of the market

_______ is an international economic and political movement designed to help goods and services flow more conveniently across international boundaries a. retail trade b. free trade c. bulk trade d. wholesale trade

b. free trade

which of following was a result of the bold steps taken by the General Agreement on Tariffs and Trade (GATT) to reduce restrictions worldwide? a. legislations against international dumping of goods increased b. goods moved more freely than ever across international boundaries c. subsidies to local firms were increased so that they could compete with importers d. import quotas were imposed to benefit domestic producers

b. goods moved more freely than ever across international boundaries

in the context of the history of American business, which of the following statements is true of the entrepreneurship era? a. balance of power shifted away from entrepreneurs and towards consumers, flooding the market with enticing choices b. large-scale entrepreneurs emergedd in the second half of the 1800s, building business empires c. entrepreneurs chose to replace huge factories with skilled artisan workshops d. entrepreneurs focused on aggressive persuasion to serparte consumers from their cash

b. large-scale entrepreneurs emerged in the second half of the 1800s, building business empires

in the context of factors of production, which of the following is a natural resource? a. information b. wind c. an investment d. a computer

b. wind

Anya is an administrator at Zenorx Inc., a start-up software company. she is responsible for acquiring capital for the company. in the context of various factors of production that businesses rely on, which of the following functions is most likely to be a part of Anya's responsibilities? a. conducting training sessions for new employees b. looking for opportunities to expand the business and to increase profits c. acquiring synthetic resources like computers and telephones d. conducting interviews to recruit employees to the firm

c. acquiring synthetic resources like copmuters and telephones

in the context of factors of production that businesses and nonprofits rely on, _______ cannot be considered a natural resource a. mineral deposits b. land c. cereal crops d. water

c. cereal crops

conela is a nonprofit organization that renovates abandoned government shcools and facilitates their functioning. it is headed by two social activists and is funded by the government. Which of the following statements is true of conela? a. it does not employ people b. its primary goal is financial gain c. it takes in revenue like any other business d. it does not contribute to the nation's economy

c. it takes in revenue like any otehr business

in the context of factors of production, which of the following statements is true of entrepreneurial enterprises? a. they encompass the intellectual and creative contributions of everyone who works within an economy b. they concentrate mostly on merging with nonprofit organizations so that huge investments by the entrepreneurs can be avoided c. they can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production d. they focus mostly on transforming customers into loyal advocates of the company's products

c. they can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production