Exam 1: Business Now: Change Is the Only Constant

In the context of the history of American business, which of the following occurred during the entrepreneurship era?

Ricord Books, a publication house, faced huge losses after 2008. The majority of its readers were born during the late 1950s, whose population was rapidly declining. Most modern readers preferred using e-books rather than reading from hard copies. This resulted in a decrease in the sales of Ricord Books. Identify the dimension of the social environment that this scenario exemplifies.

Black Marbles Resort is a resort in Miami. The members of the marketing department of the resort work hard to develop long-term associations with the resort's customers. They call them to receive feedback about their recent visits to the resort and offer huge discounts on their next visit. In the context of the history of American business, the marketing department is most likely using concepts that were popularized during the _____.

As life spans increase and birth rates decrease, the American population is rapidly aging. This may most likely lead to:

In the context of the social environment of business, which of the following is likely to happen as the American population rapidly ages?

In the context of your career choice, your own business skills cannot influence the level of your personal financial success.

In the context of factors of production, discuss how natural resources are different from capital.

In the context of your career choice, the broader economy will influence the level of your personal financial success.

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

Barter Bate, a wholesale store chain, was the first in the city to launch an online shopping website. Its website allowed customers to select required products and collect them from the nearest Barter Bate outlet. In this context, which of the following dimensions of the business environment is affected the most?

In the context of the history of American business, the "hard sell" emerged during the relationship era of marketing.

Western Transit Bank has 150 automated teller machines (ATMs) across the country. Customers can use these machines to withdraw money, deposit money in their bank accounts, check their account balance, and transfer money to other accounts. These machines enable Western Transit Bank to carry out some of its operations smoothly. In the given scenario, the ATMs of Western Transit Bank can be classified as _____.

Picxellate, a retail store chain, introduced a new mobile application that allows its customers to make online purchases. It also shows available products at every Picxellate store in the city for customers who wish to collect the products themselves. In this context, which dimension of the business environment is affected the most?

Melina and Carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. Melina and Carl are willing to invest their own resources in this project. In the context of factors of production, the given scenario exemplifies the concept of _____.

Samuel is struggling to run his start-up in his locality because local trade associations have established strict codes of conduct regarding certification, accreditation, and insurance obligation for businesses. In the context of economic freedom in a business environment, which of the following is adversely affecting Samuel's start-up?

People can create natural resources by growing and harvesting agricultural products.

Which of the following statements is true of the technological environment of business?

The value of all natural resources tends to rise with low demand, high supply, or both.

Susan, the Human Resources Director at Trangend Cosmetics, is responsible for recruiting, hiring, and training employees. In the context of the given scenario, Susan is a _____.

Debbie, along with Mick and Rory, decided to start a new catering business. She invested her time, money, and efforts in the project, and she directly managed the business development process. In this scenario, Debbie is most likely a(n) _____.