QUESTION In terms of achieving business success, self-development requires learning how to perform a specific job, think analytically, and interact well with people. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Being effective in business is not limited to successfully managing big issues like demographic change and economic uncertainty; it […]
QUESTION Which of the following is true of the influence of economic development on consumer preferences? A. The level of economic development does not impact consumer preferences as much as cultural difference does. B. Firms based in highly developed countries do not build extra performance attributes into their products. C. Consumers in less developed nations […]
QUESTION A recent addition to the traditional factors of production is technology. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Technology is considered a capital factor of production. Knowledge is considered an addition to the four traditional factors.
QUESTION Which strategy refers to the means that a firm chooses for delivering a product to its consumer? A. Pull B. Distribution C. Push D. Communication E. Pricing ANSWER B
QUESTION The term for all the equipment and machines required to help a business operate is technology. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Technology does not just refer to sophisticated tools like tablet computers and electron microscopes; a pickup truck can help a farmer transport goods.
QUESTION Which of the following is a factor that has contributed to greater retail concentration in developed countries? A. A tradition of established local neighborhood stores B. An increase in car ownership C. A retail system that encourages long channel length D. An increase in the number of single-income households E. An increase in the […]
QUESTION Only large enterprises need to be concerned about forces within the business environment. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Businesses of all sizes are impacted by these forces; even a sole proprietor must respond to demographic changes or comply with economic regulations.
QUESTION Only nonprofit organizations provide benefits to society. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Business organizations offer many societal benefits, including an improved quality of life and financial support for government services.
QUESTION Innovation is one factor used to measure a society’s quality of life. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Quality of life is measured by standard of living, health care, education, freedom, happiness, art, environmental health, and innovation.
QUESTION Taxes paid to the government by both a business and its employees provide an important social benefit. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Local, state, and federal governments use tax revenues to pay for important public services such as education, safety, and health.
