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

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Question 51

True/False

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The statistical study of the human population to describe its size, age, gender, and income is known as diversity recognition.

A) True
B) False

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Question 52

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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 B)
F) A) and C)

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Question 53

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Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses.

The major advantage rich nations have over poor nations is an abundance of land and labor.

When businesses sell to other businesses online, these transactions are known as:

Insourcing refers to the practice of global companies setting up design and production facilities in the United States.

Jorge, 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 65 years of age 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.

When corruption is present in the business environment:

Globalization has greatly increased living standards around the world.

Which of the following is the best example of a business whose goal is to earn a profit?

Greening refers to

One of the problems with globalization is that distribution systems and communication systems lack efficiency.

Technology allows firms to be more responsive to their customers' wants and needs.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

The government of the small nation of Gordonia owned the nation's telephone company and landlines. This relatively poor government relied on taxes to develop this industry and provide service to its citizens. If the government wanted to improve people's access to phone service, its best course of action would involve selling the telephone company to private investors.

Diversity groups identified in the market today can include extroverts, introverts, atheists, and the religious.

Revenue is the total amount of money a business takes in during a given period by selling goods and services.

Donnell wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed .3% rate of return. However, he would like to earn a higher return. Donnell should keep in mind that to earn a higher return on his money he

Since businesses strive to earn a profit, their owners benefit at the expense of the rest of society.

Paid vacations and health care insurance are among the benefits provided by the government to entrepreneurs.