Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

In rich countries such as the United States, changes in the level of taxation have little impact on the incentives of entrepreneurs.

Increases in productivity have allowed fewer farmers to feed more and more people.

Companies have responded to a diverse customer base by hiring a more diverse workforce.

Jose earned the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.

Describe how businesses can use technology to be more responsive to customers.

In some cities, the number of legal and illegal immigrants has caused governments to adapt by changing signs and forms to other languages.

A nation progresses socially when it has good schools, clean air and water, and more. Which of the following statements addresses conditions for social progress?

It's important that firms are as efficient as possible. This is done by becoming management-driven for efficiency.

The only real purpose of a business is to make money for entrepreneurs.

Empowerment requires managers to focus more on ________ lower-level employees.

Most business experts agree that entrepreneurship and the effective use of knowledge are the most important contributors to the creation of wealth.

A charitable organization, such as the American Red Cross or Salvation Army, is classified as a for-profit organization.

Taxes and government regulations are part of the ________ environment of business.

Businesses that cater to older consumers in the future will likely not be successful.

World-class businesses attempt to meet the needs of: