Exam 1: Business Now: Change Is the Only Constant

A college has contracted a construction company to build a bookstore for its new campus. In the context of factors of production, the heavy machinery and equipment used by the contractor in the construction process are referred to as _____.

Which of the following statements is true of successful firms?

In the context of the history of American business, the _____ emerged in the second half of the 1800s, by building on the foundation of the industrial revolution.

Which of the following is an example of a nonprofit organization?

Lewis Gretsz, the owner of a small railroad company in the 1860s, started gaining more influence and money as his business started to flourish to a point where he began controlling the entire northern half of railroad services. He followed a ruthless and cunning business strategy that involved exploiting workers and decimating the environment. In the context of the history of American business, Lewis Gretsz most likely belonged to the _____.

Which of the following is a key dimension of the business environment?

The physiological environment is a key dimension of the business environment.

Which of the following is a difference between the millennial generation and Generation Z?

The employees of Carrick Inc., an electronics company, are requesting the management to adopt a new performance appraisal process to allow better transparency between different levels of the company. They propose to have one-on-one feedback sessions that would help reduce various appraisal biases. Identify the dimension of the social environment that this scenario exemplifies.

Marina, a garments manufacturing company, signed a contract with Tertch Tex, a textile company, to receive 2 million pounds of yarn at a rate of $2 per pound. However, Tertch Tex hikes up the price to $5 per pound just before the day of delivery. Marina files a lawsuit against Tertch Tex for breaking an enforceable contract and receives $100 million in compensation. In this context, which dimension of the business environment is affected the most?

Which of the following dimensions of the business environment covers the measurable characteristics of a population?

Temont Esson, a pharmaceutical company, saw a drastic increase in its sales in 2016 when compared to 2015. A survey showed that the growing percentage of the elderly was directly responsible for improving the company's sales. Identify the dimension of the social environment that this scenario exemplifies.

In the context of the economic environment of business, which of the following is most likely to reduce the risks of running a business?

Demographic factors include the milestones achieved during the developments in the field of computers, telecommunications, and other digital products.

A small-scale consulting firm in Hawaii was struggling financially because it was unable to generate enough capital to run its business transactions. To generate capital, the firm decided to use web technologies and digital resources to build long-term associations with current customers and to reach out to new customers. In this scenario, the firm is using concepts that primarily originated in the _____ of American business history.

In the context of today's business environment, which of the following statements is true of millennials?

Operth, an automobile company, hires people from various cultural and social backgrounds. This allows the company to enjoy a competitive advantage by developing innovative products that serve a wide customer base. Which of the following dimensions of the social environment does this scenario exemplify?

Which of the following approaches, which emerged during the marketing era, continues to influence business decisions today as global competition heats up to unprecedented heights?

Millennials outnumber digital natives by one million people.

In the context of factors of production, the synthetic resources that a business needs to produce goods or services are referred to as _____.