Exam 1: Business Now: Change Is the Only Constant

How do nonprofit organizations play a critical role in an economy?

Menoth, a recreational resort for the elderly, saw a sharp increase in its customers in the last decade compared to the period between 1996 and 2006. This was because 65% of working individuals retired in the last decade. Identify the dimension of the social environment that this scenario exemplifies.

In the context of the diversity in the American population, Caucasians continue to represent the largest chunk of the population at 63%.

Nonprofit organizations:

In the context of the history of American business, during the _____, jobs became more specialized, increasing productivity and lowering costs and prices.

In the context of career choices, less-routine abilities tend to be more rewarding for most people than routine skills.

Online technology prevents leading-edge companies from offering customized products at prices that are comparable to standardized products.

Niconti Inc. sells premium quality tea leaves. The company owns 400 acres of land on which it has established a large tea plantation with a tea processing factory. In this scenario, the land owned by Niconti Inc. can be classified as _____.

Russia and China are both rich in natural resources and human resources, and both countries have a solid level of capital. Yet, neither country is wealthy. The missing ingredient seems to be _____.

Which of the following dimensions of a business environment embodies the values, attitudes, customs, and beliefs shared by groups of people?

Digital natives only spend when a business offers them value.

Norman Phone Inc. is a leading cell phone manufacturer who recently launched Omn-1 model. Even before the sales of Omn-1 model could reach its peak, the company launched the next version, Omn-2. Omn-2 overtook the sales of the Omn-1 model and also of its competitors' products. This helped Norman Phone Inc. to maintain its position as a leading-edge cell phone manufacturer. This scenario demonstrates the importance of _____ as a key source of competitive advantage.

In the context of the social environment dimension of business, _____ is the measurable characteristics of a population.

Which of the following is a characteristic of entrepreneurs?

Moat & Meet, a travel agency, wants to widen its customer base. It adopts a strategy that allows customers to visit their favorite destinations through a virtual reality (VR) machine before visiting the place in person. In this context, which dimension of the business environment is affected the most?

When Rotomate, a technology solutions company, started producing portable GPS tracking devices in the early 1980s, it faced severe losses because of the lack of a market for its product. Given this information, it can be concluded that Rotomate:

Which of the following dimensions of a business environment is specifically highlighted when stock markets lose a major portion of their value and when huge, venerable institutions collapse financially?

In the context of the relationship era, leading-edge firms believe that:

In the context of the social environment of business, which of the following statements is true of workers?

In the context of the workforce advantage in the business environment, as the baby boom generation begins to retire, which of the following will likely become a crucial competitive issue in the next decade?