Exam 2: The Environment of Business

Marquand says: Information technology has had its biggest impact on business in communication and access to data.Businesses can collaborate with colleagues in different locations and with external partners with ease.Businesses also have access to a greater range of information at a greater speed than ever before.And with this constantly updated information,businesses can plan quicker responses to real-time market conditions and increase efficiency. Stevenson responds: Information is important,but what's more important is how that information is used.And there is no more direct way that information technology has helped businesses than the ability to sell directly to consumers.Online selling has opened entirely new markets that allow businesses to make greater profits in an efficient manner.Many businesses,such as Amazon,have used online selling to disrupt industries.Without having to spend money on bricks-and-mortar storefronts,they can make billions in profits selling products at low prices.In addition,Amazon (along with Alibaba and many others)have opened efficient platforms allowing small and big businesses to sell around the world. Which of the following,if true,would best support Stevenson's position?

The consumer price index (CPI)is a measure of the prices of typical products purchased by consumers.

________ is a measure of economic growth that compares how much a system produces with the resources needed to produce it.

The growth (and contraction)pattern of short-term ups and downs in an economy is called economic rhythms.

A ________ balance of trade results when a country exports more than it imports.

Which of the following is not one of Michael Porter's five forces?

Which of the following best defines the term aggregate output?

What is outsourcing (provide an example)? Describe three advantages of outsourcing.

Which of the following would be included in the GNP of Canada?

What is improving knowledge in an area without a primary focus on whether any discoveries are immediately marketable called?

In terms of organizational boundaries and environments,which is correct?

How might the productivity of a company that is located in an island nation (e.g. ,Madagascar)be negatively affected?

Which of the following statements is correct regarding describing budget deficits and the national debt?

Ben is unemployed,but he is currently in a training program designed to increase the skills he needs to perform the kinds of jobs that are available.Ben is experiencing ________ unemployment.

Which of the following is a correct statement as it relates to the business cycle?

When unemployment is low,employers will tend to reduce the prices of their products.

A negative balance of trade results when a country imports more than it exports.

All the products that a country exports minus the all of the products that it imports is which of the following?

Why would a government most likely be concerned about its country carrying a trade deficit?

What is outsourcing?