Exam (elaborations)
Module 1 Business Test Exam( elaboration) Questions & answers
- Course
- Institution
Module 1 Business Test Exam( elaboration) Questions & answers
[Show more]
Content preview
Module1
Business
Test
________
describe(s)
how
a
particular
society
distributes
its
resources
to
produce
goods
and
services.
-
ANS-An
economic
system
________
indicates
the
income
level
of
"average"
Americans.
It
is
useful
in
determining
how
much
"average"
consumers
spend
and
how
much
money
Americans
are
earning.
-
ANS-Per
Capita
Income
A
business
knows
if
their
product
delivers
benefit
to
customers
by
_________________.
-
ANS-Asking
them
A
company
headquartered
in
Milan,
has
completely
transferred
its
printing
services
to
a
company
in
Germany
because
the
labor
and
supplies
are
less
expensive
there.
This
is
an
example
of...
-
ANS-outsourcing
A
cost-driven
company
attempts
to
____________.
-
ANS-Spend
very
little
on
resources
and
activities
in
order
to
sell
low
cost
items
to
the
customer
A
fixed
tariff
differs
from
an
ad
valorem
tariff
because
an
ad
valorem
tariff...
-
ANS-is
based
on
the
value
of
an
item
A
start-up
restaurant
would
need
this
key
resource
to
deliver
its
value
proposition.
A.
An
oven
B.
A
manager
C.
An
app
D.
A
menu
-
ANS-A
A
U.S.
firm
is
considering
doing
business
in
a
foreign
country.
What
economic
factor
should
the
business
consider
regarding
the
country
in
which
it
will
conduct
its
business?
-
ANS-The
infrastructure
of
the
country
A
value-driven
company
prioritizes
______________.
-
ANS-Quality
A(n)
________
exists
when
a
country
is
the
most
efficient
producer
of
an
item.
-
ANS-absolute
advantage
A(n)
________
is
best
defined
as
a
prohibition
on
trade
in
a
particular
product.
-
ANS-embargo Abraham
Lincoln
enacted
policies
to
protect
____________
as
a
reward
for
votes
after
he
was
elected
president.
-
ANS-Manufacturing
According
to
The
Lean
Startup,
what
is
value?
-
ANS-Providing
benefit
to
the
customers
According
to
the
new
paradigm
of
business,
organizations
should
desire
to
_________
customer
expectations.
-
ANS-exceed
All
of
the
following
are
true
of
workplace
diversity
EXCEPT
it:
-increases
employee
satisfaction.
-is
highly
beneficial
to
the
financial
performance
of
companies.
-improves
decision
making.
-must
be
balanced
to
support
and
protect
various
stakeholders.
-decreases
the
financial
performance
of
companies.
-
ANS-Decrease
the
financial
performance
of
companies
Allie,
the
manager
of
a
new
pet
grooming
company,
makes
sure
her
grooming
salon
always
has
plenty
of
treats
and
toys
for
the
animals
as
well
as
beverages
and
snacks
for
their
owners
to
ensure
a
quality
customer
service
experience.
This
is
an
example
of
the
________
element
of
management.
-
ANS-Operations
Amit
hired
an
attorney
to
help
him
draft
a
purchase
and
sale
agreement
for
his
new
home.
The
home
is
an
example
of
a
product
that
is
a(n)...
-
ANS-tangible
item
Because
of
this,
Brazil
sells
its
coffee
beans
to
other
countries
and
buys
electronics
from
other
countries.
This
scenario
exemplifies
the
concept
of
-
ANS-comparative
advantage
Bigger
is
better,
Caveat
Emptor,
and
Zero
Sum
Games
are
examples
of
_________________.
-
ANS-the
traditional
paradigm
of
business
Businesses
today
strive
to
understand
_______
needs
and
wants.
-
ANS-customers
By
patenting
his
bottle
design
and
putting
his
name
on
the
product,
HJ
Heinz
developed
a
________________.
-
ANS-Brand
Differences
in
spoken
and
written
language
represent
a(n)
________
barrier
to
international
trade.
-
ANS-cultural
For
what
reasons
did
Adam
Smith's
Wealth
of
Nations
oppose
slavery?
-
ANS-Slavery
prevented
innovation
and
made
landowners
lazy
Franklin
Roosevelt
created
the
___________
that
was
later
declared
unconstitutional
because
it
created
a
national
industry.
-
ANS-National
Recovery
Administration
(NRA)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now