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

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Question 91

True/False

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Globalization has increased among nations.

A) True
B) False

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Question 92

Multiple Choice

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Honda and Hyundai have insourced for years to design and manufacture cars in the United States. Insourcing

A) helps offset the number of jobs being outsourced.
B) increases the number of jobs being outsourced.
C) damages the United States economy.
D) causes jobs to be lost to overseas competitors.

E) A) and D)
F) B) and D)

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Question 93

Multiple Choice

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World trade has both benefits and costs. Which of the following statements best attests to this fact?

In order to create more wealth and provide better services, some nations recognize that ________.

The growth in the service sector in the United States appears to be giving way to an information-based global era.

Which of the following entails the greatest amount of risk?

Money is one of the five factors of production that contribute to the creation of wealth.

One factor that has had a major effect on businesses is the growth of single-parent families.

Though it has received a lot of attention, the development of information technology (IT) has had less of an impact on the way businesses operate than many other changes.

According to the box, "Hollywood Climbs the Great Wall," Chinese investors are not only distributing Hollywood films in their home country, they are also

________ means producing items using the least amount of resources.

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

Klara wants to compare the price of a wallet she saw at Nordstrom Rack with other stores that may have the same wallet. She locates the product on three different websites, including Amazon. Klara's quest is an example of how customers are using ________ to solve problems. 

According to the box, "Hollywood Climbs the Great Wall," casting American actors of Chinese descent attracts larger audiences in China rather than casting a Chinese actor.

Bonnie runs a house cleaning service. Although she and her employees could service 12 households in one day, they average eight homes per day. Bonnie recently restructured her crew and provided each housekeeper with an incentive to acquire two new customers each month through customer referrals. As a recent business graduate, you would tell her she's probably on the right track.

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.

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the online firms face very little competition.

The only way a firm can increase its profits is to increase its sales revenue.

HealthLink Hospital is looking into introducing a flextime program for its employees. A group of workers who would probably benefit from flextime is

What is demography? Identify two demographic trends in the United States and discuss how they will impact U.S. businesses.