Exam 1: Business Now: Change Is the Only Constant

Vertibram, a packaged food company, solely manufactured food products that catered specifically to the Islamic community in the United States. However, after facing a stagnation in its sales, the company started manufacturing other products that contained pork to cater to the whole community. Which of the following dimensions of the social environment does this scenario exemplify?

Judith plans to start a prosthetic company to help physically challenged people avail prosthetics at affordable prices. She researches and develops a cost-effective way of crafting durable prosthetics. In the context of factors of production, the given scenario exemplifies the concept of _____.

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

Marsa and Hunare are Asian nations. Jorwen, Kellpit, and Denqor are North American nations. These five nations recently signed a multilateral agreement that allows them to carry out business operations with minimal tax implications. This arrangement would allow Jorwen, Kellpit, and Denqor to import goods from Marsa and Hunare, which have low labor costs and high production quality. This agreement among these five nations is most likely possible because of the _____.

During the production era, managers focused mostly on customer satisfaction and not on production efficiency.

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

Lint Port, an apparel company, offers personalized customer service in all its stores and engages in post-purchase communication to take feedback from its customers. It also gives gift vouchers with customized messages to its customers on their birthdays. The company values the importance of building long-term customer relationships. In this context, which dimension of the business environment is affected the most?

Spearhead Flight Academy uses flight simulation games to train its students in the basics of aviation. It uses these games to make its students more effective and efficient. In addition, it also offers six months of flight training. In this context, which of the following dimensions of the business environment is affected the most?

President Barack Obama spearheaded passage of a massive economic stimulus package, which was designed not only to create jobs but also to build infrastructure, with a focus on _____.

In the context of the workforce advantage in the business environment, finding and holding the best talent will likely become a crucial competitive issue in the next decade as the baby boom generation begins to retire. However, job market contraction may not be an issue, because:

Which of the following statements is true of the economic environment of a business?

Renault and Renoir, a law firm, is infamous for influencing witnesses with the use of bribes. Because of this corruption, the law firm has won many cases that it would have otherwise lost. In this context, which dimension of the business environment is affected the most?

When Ruben wanted to start a new online news service, he was skeptical about investing in it because of the economic crisis in his country. However, he was put at ease after learning about the government's policy of levying low federal taxes on startup businesses. In this context, which dimension of the business environment is affected the most?

In the context of the competitive environment of business, which of the following can be a key source of competitive advantage?

Vertivius, a gaming device manufacturer, entered the gaming market only after conducting a thorough survey of the potential customer base. Vertivius waited for five years before introducing its unique product-the first handheld gaming device-in the market. It introduced this product after ensuring that it would be embraced by the customers. In this scenario, Vertivius:

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

In the context of the technological environment of business, which of the following statements is true of online technology?

Unity Prax is a manufacturer of bronze sculptures. It obtains copper ore from the Pima County in Arizona. In this scenario, the copper ore obtained by Unity Prax can be classified as _____.

In the context of the history of American business, which of the following was a result of rapid industrialization in America from the mid-1700s to the mid-1800s?

Richard is a technical analyst at a marketing firm. He is highly regarded by his peers and supervisors who always seek his advice while making important decisions for the company. In this scenario, Richard can be classified as a(n) _____.