Chapter 1: Taking Risks And Making Profits Within The Dynamic Business
Environment
Student Name: ___________
Here Are The Questions With Multiple-Choice Options, Followed By The Correct Answers:
1) Describe Three Ways That Governments Can Foster Entrepreneurship And Encourage The Creation Of
Wealth:
A) By Reducing Corporate Taxes, Offering Grants, And Promoting Import Tariffs
B) By Providing Tax Incentives, Simplifying Regulations, And Investing In Education And Infrastructure
C) By Enforcing Strict Labor Laws, Increasing Interest Rates, And Limiting Foreign Trade
D) By Nationalizing Industries, Increasing Subsidies, And Encouraging Monopolies
Correct Ans>B) By Providing Tax Incentives, Simplifying Regulations, And Investing In Education And
Infrastructure
2) Describe How Businesses Can Use Technology To Be More Responsive To Customers:
A) By Using Cloud Storage, Increasing Product Prices, And Hiring More Employees
B) By Investing In Customer Relationship Management (Crm) Systems, Offering Online Customer
Support, And Utilizing Social Media For Real-Time Feedback
, C) By Reducing Investment In Research, Cutting Marketing Budgets, And Automating Layoffs
D) By Outsourcing All Operations, Avoiding Customer Interaction, And Relying On Traditional Postal
Services
Correct Ans>B) By Investing In Customer Relationship Management (Crm) Systems, Offering Online
Customer Support, And Utilizing Social Media For Real-Time Feedback
3) Competition Among Businesses Has Never Been Greater. Identify And Describe Two Ways That
Businesses Can Become More Competitive:
A) By Improving Product Quality And Focusing On Customer Service
B) By Reducing Advertising And Closing International Operations
C) By Ignoring Market Research And Minimizing Workforce Training
D) By Raising Product Prices And Slowing Down Innovation
Correct Ans>A) By Improving Product Quality And Focusing On Customer Service
4) What Is Demography? Identify Two Demographic Trends In The United States And Discuss How They
Will Impact U.S. Businesses:
A) Demography Is The Study Of Planetary Movements; Increasing Migration And Lower Life Expectancy
Will Lead To Labor Shortages
B) Demography Is The Study Of Human Populations; Aging Population And Increasing Ethnic Diversity
Will Shape Product And Service Demands
C) Demography Is The Study Of Technology; Higher Birth Rates And Improved Education Will Reduce
Market Opportunities
D) Demography Is The Study Of The Environment; Climate Change And Urbanization Will Lead To More
Land Development
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