Question 1

During the production era, managers focused mostly on customer satisfaction and not on production efficiency.

Accepted Answer

During the production era, the focus was primarily on production efficiency and mass production, rather than on customer satisfaction.

Question 2

Digital natives only spend when a business offers them value.

Accepted Answer

Digital natives are known for being value-conscious consumers who only spend when they perceive that a business is offering them something of value in return.

Question 3

Capital, one of the factors of production, includes machines, tools, buildings, information, and technology.

Accepted Answer

Capital as a factor of production encompasses physical assets like machines, tools, buildings, as well as intangible assets like information and technology, which are used to produce goods and services.

Question 4

The traditional retirement age in the United States is 60.

Accepted Answer

The traditional retirement age in the United States is generally considered to be 65, which is when individuals are eligible for full Social Security benefits.

Question 5

The value of all natural resources tends to rise with low demand, high supply, or both.

Accepted Answer

The value of natural resources typically rises with high demand and low supply, not low demand and high supply.

Question 6

In the context of the competitive environment of business, unlike leading-edge firms, bleeding-edge firms offer products just as the market becomes ready to embrace them.

Accepted Answer

Bleeding-edge firms offer products that are ahead of the market's readiness, often before consumers are prepared to adopt them, unlike leading-edge firms that introduce products as the market is ready.

Question 7

Value is the relationship between the price of a good or a service and the benefits that it offers its customers.

Accepted Answer

Value is determined by the perceived benefits received by the customer relative to the price paid for the good or service.

Question 8

In the context of the history of American business, the industrial revolution era encouraged workers to take individual ownership and personal pride in the production process.

Accepted Answer

The industrial revolution era was characterized by mass production and factory work, which often led to a loss of individual ownership and personal pride as workers became part of a larger, more mechanized process.

Question 9

Demographic factors include the milestones achieved during the developments in the field of computers, telecommunications, and other digital products.

Accepted Answer

Demographic factors refer to characteristics of human populations, such as age, gender, income, education, and ethnicity, not technological developments.

Question 10

In the context of the competitive environment of business, a product has value when its benefits to the customer are lesser than the price that the customer pays.

Accepted Answer

A product has value when its benefits to the customer are greater than or equal to the price that the customer pays.

Question 11

Speed-to-market is the rate at which a company's competitors copy its product innovations.

Accepted Answer

Speed-to-market refers to the time it takes for a company to develop a product and make it available to customers, not the rate at which competitors copy it.

Question 12

In the United States, nonprofits employ about one in hundred workers, accounting for less paid workers than the entire construction industry and less than the finance, insurance, and real-estate sectors combined.

Accepted Answer

Nonprofits in the United States employ about one in ten workers, which is a significant portion of the workforce, more than the construction industry and comparable to the finance, insurance, and real estate sectors combined.

Question 13

Millennials outnumber digital natives by one million people.

Accepted Answer

Digital natives, often referred to as Generation Z, are younger than Millennials. As of the latest data, Millennials, who are older, generally outnumber Generation Z or digital natives.

Question 14

Online technology prevents leading-edge companies from offering customized products at prices that are comparable to standardized products.

Accepted Answer

Online technology often enables leading-edge companies to offer customized products at prices comparable to standardized products by reducing costs associated with production, distribution, and inventory management.

Question 15

When business drives up the standard of living for people worldwide, it contributes to a higher quality of life.

Accepted Answer

When businesses improve the standard of living by providing goods, services, and employment, they enhance the overall quality of life by increasing access to resources and opportunities.

Question 16

People can create natural resources by growing and harvesting agricultural products.

Accepted Answer

Natural resources are not created by humans, they are naturally occurring substances or materials that exist in the environment.

Question 17

The central banking system of the United States is the Federal Reserve.

Accepted Answer

The Federal Reserve, often referred to as the Fed, is the central banking system of the United States, established in 1913 to provide the country with a safe, flexible, and stable monetary and financial system.

Question 18

In the context of the history of American business, the "hard sell" emerged during the relationship era of marketing.

Accepted Answer

The "hard sell" approach emerged during the production and sales eras, prior to the relationship era, which focuses on building long-term customer relationships.

Question 19

The physiological environment is a key dimension of the business environment.

Accepted Answer

The correct term is "physical environment," not "physiological environment," when referring to the key dimensions of the business environment.

Question 20

The significance of the social dimension of a business environment is highlighted when a number of states-from Alabama to Nevada-make their local economies more appealing by providing special tax deals to attract new firms.

Accepted Answer

The answer of The significance of the social dimension of...

Quiz 1: Business Now: Change Is the Only Constant