Exam 1: The Changing Face of Business

The current philosophy among managers today is best described as transaction management.

During the era of Industrial Revolution,the focus was on agriculture and other rural activities.

Today,workers are much less likely to remain with the same employer throughout their entire careers.

If Motorola and Microsoft work on developing a new cell phone that also is a PDA,then such a merger would be an example of a strategic alliance.

Physical exercise releases endorphins,which can help a manager come up with creative ideas.

Namesh recently sold his Ford Taurus to a personal friend.Namesh's sale of his automobile illustrates the right to _____.

Gristal Inc. ,a content management company,introduces a new software tool for quality analysis.This product has been programmed and introduced after several rounds of meticulous analysis that included researching,brainstorming sessions,arguments,and several rounds of testing for the product's accuracy and authenticity.In this scenario,which of the following has Gristal Inc.demonstrated?

A key element of the production era was the use of consumer research.

In colonial society,the economic focus was centered on _____.

What are the advantages of a diverse workforce?

The managerial quality of vision is the ability to perceive marketplace needs and what an organization must do to satisfy them.

Customers are central to Dave's business.His fundamental principle is to understand consumer needs and satisfy them in terms of range,quality,and specifications of products.Dave is most likely to have started his business in the _____ era.

Participating in nonprofit programs is an example of exhibiting social responsibility.

Ingle is a new recruit at an IT firm.He feels that his compensation is below industry standards,and his colleagues at other firms urge him to switch his employment with a company that pays a better salary.Instead of changing his job,he forms a trade union to ensure fair wages in the firm.Which of the following rights has Ingle exercised?

Winzer Corp.a multinational corporation located in Los Angeles is planning to relocate its operations in Southern Asia.The firm has identified that the labor cost and technology available in the region would ensure optimum performance of its business operations.Which of the following strategies has Winzer Corp.adopted?

The private enterprise system is enhanced by maximized government participation.

The right to private property is considered the most basic right in the private enterprise system.

Inventors such as Robert McCormick and Eli Whitney were part of the _____.

Finding unique ways to use the factors of production is a common characteristic of most entrepreneurs.

When Greenlawn Inc.finds itself losing contracts because Instillite Inc.charges less money,Greenlawn responds by lowering its bids.According to Adam Smith,this reaction demonstrates _____.