Module 1 Business Test Exam( elaboration) Questions & answers

Module
1
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)