Exam 1: Business Now: Change Is the Only Constant

In the context of making a career choice, following one's passion guarantees a fat paycheck.

In the context of factors of production, the value of all natural resources tends to:

In the context of the history of American business, explain how the entrepreneurship era is different from the industrial revolution.

In the context of the competitive environment of business, unlike leading-edge firms, bleeding-edge firms offer products just as the market becomes ready to embrace them.

In the context of the global environment of business, the migration of jobs from the United States relates closely to the global movement toward _____, which is an international economic and political movement designed to help goods and services flow more easily across international boundaries.

The traditional retirement age in the United States is 60.

Twilight Glitters sells ornate diamond jewelry. The company obtains diamond ore from the Yakutia region of Russia. In this scenario, the ore obtained by Twilight Glitters can be classified as _____.

Which of the following factors is most likely to be covered by the social environment of business?

Raebin Xi, a stock management firm, implemented a new rule that allows its clients to have better clarity and knowledge about the firm's core functions and methods of operation. Identify the dimension of the social environment that this scenario exemplifies.

Mercy's Apparels, a fabric company, was established post World War II with the aim of catering to the demands of consumers looking for affordable quality clothing. To differentiate itself from its competitors, the company developed a distinctive identity as the producer of budget clothing. In the context of the history of American business, Mercy's Apparels was most likely established during the _____.

In the context of the dimensions of the business environment, which of the following is true of the competitive environment?

In the context of the history of American business, which of the following statements is true of the industrial revolution?

When the government takes steps to reduce the risks of starting and running a business, it is most likely to result in:

In September 2008, during the fiscal crisis in the United States, the stock market lost more than a third of its value, and 11.1 million Americans were out of work. Neither businesses nor individuals could borrow funds to meet their needs. Which of the following dimensions of the business environment does this illustrate?

Welterwes, a multinational company, has 15 members in its top management. These executives have to abide by the same company policies as the other employees. However, when it came to light that the executives were not following the appropriate office timings and were abusing their power, the HR department had to pass new policies aimed specifically at the top management. These policies stated that the executives would lose a part of their monthly commission if they failed to abide by the company policies. Identify the dimension of the social environment that this scenario exemplifies.

Verti, a North American country, engages in business with Jerg, a South American country. Verti imports agricultural products from Jerg, whereas Jerg outsources its technological operations to workers in Verti. The two nations are able to carry out these business transactions with minimal tax implications. The given scenario most likely exemplifies the concept of _____.

A coal mining company has employed around 250 miners who work 8-hour shifts every day. In the context of factors of production, the miners can be classified as _____.

In the context of the competitive environment of business, a product has value when its benefits to the customer are lesser than the price that the customer pays.

Mavin is the regional manager of Crustie Mex, a packaged food company. He is respected by his peers and subordinates for his immense knowledge and skills. Mavin decides to quit the company for a higher position at another firm. The CEO of Crustie Mex entices him with a competitive compensation package and promotion because he knows that Mavin is an important resource. The given scenario most likely exemplifies the concept of _____.

The significance of the social dimension of a business environment is highlighted when a number of states-from Alabama to Nevada-make their local economies more appealing by providing special tax deals to attract new firms.