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

The Internet and the emergence of an information-based economy are important parts of the ___________ environment in which businesses operate.

Which of the following statements describes a recurring theme about today's ecological environment?

China is a nation with a vast amount of land and a very large population.Another characteristic of this nation is its people's affinity for saving money.Referring to the five factors of production,the government of China has made significant progress in building its business environment by focusing on factors that needed improvement.Its strategy was to:

After losing her manufacturing job in the U.S.automobile industry,Juanita has found that well paid service sector jobs require retraining and further education.

Which of the following is a benefit of owning your own business?

Xavier,a recent college graduate,is thinking of investing in a home health care business.He believes this will be a profitable venture because of the increasing number of people in the U.S.that will be over 60 in the near future and more likely to need this type of service.This accurately describes a demographic trend that will affect his business choice.

The primary focus of successful firms is designing and producing high quality goods.Advertising is then used to convince consumers to buy their superior products.

Businesses use demographic studies to understand where people live,their lifestyles,and what they are likely to buy.

In most industries,the only producers that pose a serious threat to U.S.manufacturers are those in Japan and Western Europe. Producers in countries like China and India have become major U.S.competitors.For example,Lenovo,a Chinese firm,recently bought IBM's PC unit.

Companies that outsource research and development and design jobs:

Two factors of production that seem to contribute the most to a nation's ability to create wealth are:

Producing a high quality product will ensure success in the competitive environment.

Businesses provide goods,jobs,and services to others.

The war on terrorism will:

Taxes and government regulations are part of the economic and legal environment in which businesses operate.

Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of Internet and telecommunications products that enhance the lives of consumers.Identity theft and other forms of cybercrime are also by-products of these technological advancements.Which of the following statements describes a form of identity theft?

Last year,Adventure Enterprises reported revenues of $24 million while its total expenses were $10 million.Based on this information,Adventure reported:

Demographic changes create new business opportunities.

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

The transition from an agricultural economy to a manufacturing economy to a service based economy has resulted in a serious increase in long-term unemployment.