Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

The competitive environment now empowers managers to make decisions quickly for their front line employees.

Recent studies have shown that the major advantage rich nations have over poor nations is an abundance of land and labour.

Starting a business is a riskier path toward business success than working your way up the ranks of a large business.

World trade has its costs and benefits.Because of increased trade,there is now an increased interdependence between nations.

The B2C market consists of selling goods and services from one business to another.

Countries with an inadequately trained work force and few entrepreneurs often achieve the highest levels of income by relying on a large number of workers. Poor countries often have plenty of labor and access to adequate capital.However,the two factors of production that are most critical in generating national wealth are entrepreneurship and knowledge.A country found lacking in these will experience relatively low levels of income.

Baby boomers are those people born between 1965 and 1980.

Global competition has decreased in recent years.

Customer-driven organizations require managers to more closely direct and control their employees. Customer-driven organizations will exceed their customers' expectations by empowering their front line employees.The movement toward empowerment suggests that lower level workers are likely to have less management oversight in the future.Managers will spend more time training,supporting,coaching,and motivating,and less time directly supervising lower level workers.

Which of the following statements about factors of production is the most accurate?

The knowledge and skills students acquire in business courses will be useful to them:

The federal privacy law is known as what?

A loss occurs when a business's expenses are greater than its:

The Internet and the emergence of an information based economy are important parts of the ___________ environment in which businesses operate.

Health care availability,a clean environment,and good schools all contribute to a high quality of life.

Which of the following is the most accurate statement about the impact of entrepreneurs?

Machines,tools,buildings and other means of manufacturing are called:

The continuing increase in the number of Canadian workers in the service sector means that more and more workers are employed in low-wage positions. Some jobs in the service sector do pay low wages,but there are actually more high-paying jobs in the service sector than in the goods-producing sector.Service jobs include high wage positions in such industries as health care,accounting,architecture,law,and telecommunications.

The Internet is more important to business-to-business segment of e-commerce than to the business-to-consumer segment of e-commerce.

The knowledge and skills learned in business courses are seldom relevant to students who work for nonprofit organizations or volunteer groups.