Exam 1: Business Now: Change Is the Only Constant

In the context of ethics and social responsibility, which of the following has become a core issue in the marketplace?

Tornio, a steel company, imports iron ore from Marquette iron range in Michigan. In this scenario, the iron ore obtained by Tornio can be classified as _____.

Chargon Flasks, a restaurant specializing in Asian cuisine, focuses solely on customer satisfaction. It allows patrons to customize the quantity of their meals and only charges them half the price if their meal is unsatisfactory. The restaurant also has a voluntary service charge policy. In this context, which dimension of the business environment is affected the most?

In the context of factors of production, which of the following statements is true of capital?

In the context of the history of American business, during the _____, businesses began to develop distinctive identities to help customers understand the differences among various products.

In the context of the economic environment of business, which of the following will most likely increase the cost of doing business for everyone involved?

Minsk Revel, a food and beverage company, recently faced criticism when customers found worms in some of its products. As a result, the company was obligated to have a better level of transparency between its production processes and its consumers. Identify the dimension of the social environment that this scenario exemplifies.

In the context of the history of American business, describe the emergence of the hard sell in the production era and the marketing concept in the marketing era.

Despite the U.S. economic crisis of 2008, research suggests that:

Ryron Bank, a private bank, introduced Internet banking facilities for its customers after the government demonetized hundred dollar bills. Customers who were reluctant to use credit cards for their daily purchases were enthusiastic about this new option. In this context, which dimension of the business environment is affected the most?

When business drives up the standard of living for people worldwide, it contributes to a higher quality of life.

In the United States, nonprofits employ about one in hundred workers, accounting for less paid workers than the entire construction industry and less than the finance, insurance, and real-estate sectors combined.

Buba Joe's Pizzeria, a fast food chain, wants to expand its customer base. It introduced a new range of vegan pizzas to cater specifically to the vegan market. It also introduced new flavors to cater especially to Hispanic Americans. In this context, which dimension of the business environment is affected the most?

Despite having a small population and severely limited natural resources, Hong Kong has consistently ranked among the richest regions in Asia. The prime reason behind this is:

Monclaire, a chain of luxury hotels, uses social media for promotional purposes. It also maintains a dedicated interactive Web page where customers write detailed reviews and discuss their experiences. In the context of the history of American business, Monclaire most likely belongs to the _____.

In the context of factors of production, which of the following is a natural resource?

Which of the following statements is true of profit in a business?

Restazure, a beauty therapy center, focuses on customer satisfaction and building long-term relationships with customers. The firm ensures that customers are provided with high-quality services, and feedback is collected after every customer visit. It also provides its members with seasonal discounts and points every time they avail any of the center's services. In this context, which dimension of the business environment is affected the most?

In the context of the history of American business, which of the following statements is true of the production era?

The Federal Trade Commission: