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There is evidence that the recession is coming to an end for Intelligent Engine Company.New orders are coming in at a steady pace,and management is confident that new contracts will take them through the next couple of years.The company has started investing again,but not in people.Employees total the same as when the company and its competitors faced their lowest revenues of the decade.Due to __________________,the company is producing more product and services with less people.


A) the lack of skilled labor
B) new competition
C) social changes
D) technological advancement

E) A) and C)
F) All of the above

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The business-to-business segment of e-commerce is of less importance than the business-to-consumer segment of e-commerce.

A) True
B) False

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High tax rates tend to:


A) promote economic development.
B) make a nation's currency tradable.
C) discourage entrepreneurship.
D) reduce the amount of money created by the government.

E) A) and D)
F) C) and D)

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To remain competitive in today's market,firms must produce a quality product and offer outstanding service at a reasonable price.

A) True
B) False

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Adam Ripley sells custom bicycles.Adam buys several bike parts including wheels and tires from the Good Treads Company.Although several government-supported regulations help Adam in his business,regulations that make it easy for Adam's business to enjoy good vendor relationships are:


A) lower taxes that business to business customers pay to each other.
B) laws that permit minimal corruption in banking institutions.
C) laws that permit small businesses to use the government as an intermediary when doing business with other small businesses.
D) laws that support enforceable contracts between firms.

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

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The series of lines on a product packaging that the cashier scans when you check out at a grocery store or discount store is called a:


A) bar code.
B) zip code.
C) scan code.
D) laser code.

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

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In recent years,almost all new job creation in the United States has occurred in the __________ sector:


A) service
B) manufacturing
C) agricultural
D) telecommunications

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

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Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -Two of his friends approached Sergio with a proposal to start a language school.Sergio is fluent in English and Spanish,and also has an education degree.Sergio is strongly considering the idea but also wants to know if there is a growing demand for his services.He learns that an important demographic trend is:


A) the service sector is likely to decline in significance in the next few years.
B) the number of young children in the U.S.will decrease significantly over the next few years as the population of the country levels off.
C) the number of immigrants from South and Central America is increasing steadily in his area,and across the nation.Professionals in hospitals and schools need to know how to speak Spanish.Immigrants need to know how to speak English.
D) the number of retirees is decreasing,making way for a younger generation.

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

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As a factor of production,the term capital includes:


A) stocks and bonds issued by corporations.
B) natural resources such as land and water.
C) tools,machinery,and buildings.
D) services provided by the government that enable businesses to be more productive.

E) C) and D)
F) None of the above

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Which of the following is a factor of production?


A) bonds
B) money
C) knowledge
D) service

E) All of the above
F) C) and D)

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


A) A community college
B) The Salvation Army
C) Boy Scouts of America
D) Best Buy,Inc.

E) All of the above
F) B) and D)

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Mini-Case Sergio Gonzales is employed by Bigbux National Bank,one of the largest banks in the Midwest.He is a loan officer,specializing in home equity loans.Tio Raul,Sergio's favorite (and wealthiest) uncle,passed away last month and left Sergio a sizable amount of money.Sergio is looking at the best way to invest his newly acquired wealth.He is considering many options,ranging from simply putting the money into a savings account to the possibility of starting his own business.Although his bank job pays well and offers pleasant working conditions,Sergio is frustrated because he has little freedom or flexibility to deal with customers since every decision he makes must be approved by his supervisor.Besides,he's a bit bored and looking for a challenge.He thinks he might get a lot of satisfaction from owning his own business.Sergio has not made a definite decision yet,but has talked to a lot of people searching for a good idea for a new business.If he can come up with an idea he likes,he might just quit his current job and use his inheritance to go into business for himself! -If Sergio starts his own business,his firm's activities and policies will impact many different groups and individuals,including employees,customers,creditors,suppliers,and people living in the community where his business is located.Which of the following statements represents how Sergio should deal with these various groups? Sergio should:


A) take the needs of all of these groups into account,and try to satisfy each group as much as possible.
B) concentrate on meeting the needs of his customers,since they are crucial to the success of his business,but ignore the needs of other groups in order to keep costs low.
C) satisfy whichever group complains the loudest,using the "squeaky wheel gets the grease" philosophy.
D) concentrate on maximizing his own profits and let everyone else look out for themselves.

E) All of the above
F) C) and D)

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Jenna Leigh is an information savvy,20-something person who is trying to select between two marketing job offers.She can either join a company that makes small hammers and screwdrivers for the do-it-yourself hardware store business,or she can join a company developing the fourth generation cell phone service.She is quite impressed that the hardware business is growing quite nicely in China,Mexico,and India where people are starting to expand their living spaces.She is also aware of:


A) Declines in the telecommunications business now that new cell phone service companies are springing-up everywhere.
B) A decline in the domestic hardware market due to older Americans losing interest in keeping up their living quarters.
C) An information-based global revolution that might make her career at a telecommunications company more lucrative in the long run.
D) An increase in the price of the actual cell phones must indicate that there is still a great demand for phones.

E) All of the above
F) A) and C)

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A recent New York Times article about Bernard Madoff and his illegal Ponzi scheme stated,"When money goes global,fraud does too." Although the goal of investors who trusted Madoff's investment company was to earn the highest return possible on their investments,they turned a blind-eye toward the fact that some of those returns were too good to be true.Individual investors,companies,and even charities lost large sums of money by investing with Madoff's company.Which of the following statements relates to this story?


A) The unethical behavior of one company had a worldwide ripple effect that can impact the well being of an economy.
B) Too much regulation caused the capitalistic nature of Mr.Madoff's business model to fail.
C) People lost money because of the fluctuations in world trading currencies,questioning the legitimacy of trading abroad.
D) Investors did not sign contracts with Mr.Madoff's company.The government can only protect individuals and companies who sign enforceable contracts.

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

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To implement a policy of empowerment,the organization will restructure so that:


A) managers have more responsibility and employees learn to follow directions.
B) employees assume more responsibility.
C) workers agree to work overtime without extra pay.
D) an entire level of management is removed from the organization.

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

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The number of U.S.jobs in manufacturing has increased in the past five years.

A) True
B) False

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Sue is a single mother with two small children.Her employer is considering providing family leave.Since Sue is a single mom with small children,she is unlikely to benefit from this program.

A) True
B) False

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For-profit businesses and nonprofit organizations are similar in that they both:


A) contribute to the welfare of society.
B) seek to earn a profit.
C) have a limited life.
D) must be controlled by a board of directors.

E) A) and D)
F) All of the above

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There is less risk involved in starting an e-commerce only business than there is in trying to add e-commerce to a traditional (bricks-and-mortar)store.

A) True
B) False

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An electronic storage file where firms keep customer information is known as a(n) _________.


A) MP3 file
B) management information system
C) database
D) e-mail server

E) C) and D)
F) A) and D)

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