Exam 1: The Changing Face of Business

"Newman's Own" is a food product line that gives 100 percent of its after-tax profits to charity. This company is practiscing ______.

List the four factors of production and the corresponding factor payments.

During the colonial period, the focus was on agriculture and other rural activities.

As a factor of production, capital includes all of the following EXCEPT

The number of people age 65 and over will ______ by 2030.

Social responsibility would include all of the following EXCEPT ______.

Why is social responsibility important in today's business operations?

Mental exercises like brainstorming often foster creativity.

When Greenlawn Inc. finds itself losing contracts because Lo-Price Lawn Co. charges less money, Greenlawn responds by lowering its bids. This reaction demonstrates ______.

The need to develop environmentally friendly products and processes is becoming a major new force in business today.

When 3M managers decided to manufacture Post-it notes, a new product was born. This was an example of ______ in action.

Private property is considered the most important right in the private enterprise system.

Technology has revolutionized business communications.

Critical thinking is the ability to analyze and assess information to pinpoint problems and opportunities.

Relationship management is important in the relationship era and the social era.

Strategic management is important in today's social era. Explain strategic alliance and give at least one example.

Which of the following statements is NOT correct?

Profits are guaranteed by the private enterprise system for every entrepreneur with good management skills.

The private enterprise system encourages government intervention.

All of the following statements are correct EXCEPT