1. An entrepreneur is an individual who has worked for a nonprofit organization for his entire career. (Points : 1)
True
False
2. In analyzing factors of production that make a country "rich," it has been observed that some relatively poor countries often have plenty of land and natural resources. (Points : 1)
True
False
3. Corrupt and illegal activities in one company rarely have an effect on other companies. (Points : 1)
True
False
4. Most new Internet companies have succeeded since e-commerce has become so important to our economy. (Points : 1)
True
False
5. One of the ways a company can compete is to empower frontline workers. (Points : 1)
True
False
6. The Bureau of the Census predicts that the U.S. population will remain essentially the same throughout the next century, in terms of diversity. (Points : 1)
True
False
7. Improvements in transportation and in communication have led to more global trade. (Points : 1)
True
False
8. When workers in the industrial sector were laid off, many of them went back to work in the agricultural sector. (Points : 1)
True
False
9. A loss occurs when a company: (Points : 1)
has revenues greater than expenses.
hires too many new workers.
has expenses greater than revenues.
has taken a risk.
10. Taxes would not be used to support which of the following activities? (Points : 1)
Build a new school
Support people in need
Keep a clean environment
Help run a privately-owned day care center
11. A clean environment, safety, free time and healthcare are elements which contribute to our: (Points : 1)
standard of living.
quality of life.
economic environment.
factors of production.
12. Insourcing is: (Points : 1)
contracting with other companies to do some or all of the functions of a firm.
keeping all essential functions within the firm.
when a foreign company sets up design and production facilities in the United States.
providing in-house consulting services for employees.
13. Which of the following is (are) not considered a factor of production? (Points : 1)
Information
Capital
Labor
Taxes
14. To foster entrepreneurial growth, governments must: (Points : 1)
pass laws that enable businesspeople to write contracts that are enforceable in court.
establish a high tax rate to support loans for small businesses.
take over ownership of small businesses when they are first getting started.
reduce the value of their currency to encourage foreign investment.
15. One of the most serious negative results of the increased use of databases by companies has been: (Points : 1)
a decrease in the amount of "junk mail" received by consumers.
an increase in identity theft.
increased failure rates by Internet companies.
changes in the organizational structures of companies leading to loss of jobs.
16. Efficiency means: (Points : 1)
producing items using the least amount of resources.
the amount of output you generate in a given amount of time.
using high tech equipment to do a job.
producing as much as you can as fast as you can, regardless of cost.
17. What must companies do to be competitive in today's market? (Points : 1)
Offer high quality products and outstanding service at competitive prices.
Create innovative and high quality marketing programs.
Create alliances with competitors.
Focus on those activities that will create the most profit.
18. The trend toward two-income families has led to: (Points : 1)
businesses paying lower wages and hiring fewer workers.
policies allowing only one family member to work for the same company.
programs such as flexible work schedules, pregnancy benefits, and elder care programs.
fewer opportunities in the area of human resource management.
19. Among the changes resulting from increased global trade are: (Points : 1)
less need for efficient distribution systems.
less global competition as companies set up manufacturing systems in foreign countries.
less need for employees to update skills as workers conform to U.S. standards.
improved living standards around the world.
20. Since the mid-1980s, the __________ has generated most of the increases in employment in the United States. (Points : 1)
manufacturing sector
agricultural sector
service sector
goods producing sector
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1. False. An entrepreneur is an individual who starts and manages their own business, not someone who has worked for a nonprofit organization.
2. True. The presence of land and natural resources alone does not guarantee wealth for a country. Other factors like infrastructure, education, and government policies play a significant role in determining a country's wealth.
3. False. Corrupt and illegal activities in one company can have far-reaching effects on other companies. It can erode trust in the business environment, affect investor confidence, and create negative spillover effects in the economy.
4. False. While e-commerce has become important to the economy, not all new internet companies have succeeded. Success in the competitive online marketplace is dependent on various factors such as business model, innovation, marketing, and customer satisfaction.
5. True. Empowering frontline workers can help a company compete by improving productivity, customer service, and innovation. Giving employees autonomy, training, and decision-making authority can improve their motivation and effectiveness.
6. False. The U.S. population is projected to become more diverse throughout the next century, mainly due to immigration and changing demographics.
7. True. Improvements in transportation and communication have facilitated the exchange of goods and information across borders, leading to increased global trade.
8. False. When workers in the industrial sector are laid off, they often face challenges finding employment in the agricultural sector, as it requires different skills and qualifications.
9. has expenses greater than revenues. A loss occurs when a company's expenses exceed its revenues, resulting in a negative net income.
10. Help run a privately-owned day care center. Taxes are generally used to support public goods and services, such as building schools, supporting people in need, and maintaining a clean environment. They are not typically used to directly support privately-owned businesses.
11. quality of life. Elements such as a clean environment, safety, free time, and healthcare contribute to an individual's quality of life, which refers to their overall well-being and satisfaction with their living conditions.
12. contracting with other companies to do some or all of the functions of a firm. Insourcing refers to the practice of hiring external companies to perform certain business functions instead of handling them in-house.
13. Taxes. Factors of production refer to the resources required for the production of goods and services, including land, labor, capital, and entrepreneurship. Taxes are not considered a factor of production but are levied by governments to generate revenue for public spending.
14. pass laws that enable businesspeople to write contracts that are enforceable in court. To foster entrepreneurial growth, governments should create an enabling business environment, which includes legal frameworks that protect property rights, enforce contracts, and promote fair competition. High tax rates, government ownership, and currency devaluation are not typically conducive to entrepreneurial growth.
15. an increase in identity theft. The increased use of databases by companies has increased the risk of data breaches and identity theft, as personal information becomes more vulnerable to cyberattacks.
16. producing items using the least amount of resources. Efficiency refers to the ability to achieve maximum output with minimum resource inputs. It involves minimizing waste and optimizing processes to maximize productivity and reduce costs.
17. Offer high quality products and outstanding service at competitive prices. To be competitive in today's market, companies need to focus on delivering high-quality products or services, providing excellent customer service, and offering competitive prices to attract and retain customers. Innovating and creating effective marketing programs can also contribute to competitiveness, but these elements must ultimately deliver value to customers.
18. programs such as flexible work schedules, pregnancy benefits, and elder care programs. The trend toward two-income families has prompted businesses to introduce various policies and programs to accommodate the needs of working parents, such as flexible work schedules, family-friendly benefits, and support for caregiving responsibilities.
19. improved living standards around the world. Increased global trade has contributed to improved living standards worldwide by promoting economic growth, creating jobs, expanding access to markets and resources, and fostering technological advancements. Efficient distribution systems and skills updating are often necessary to harness the benefits of global trade.
20. service sector. Since the mid-1980s, the service sector has been the main driver of employment growth in the United States. This sector includes industries such as retail, healthcare, finance, hospitality, and professional services. The manufacturing and agricultural sectors have seen a decline in employment during this period.