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Exam 1: Taking Risks and Making Profits Within the Dynamic Business Environment

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Question 121

True/False

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Empowerment consists of employees from different departments within an organization formed to improve employee effectiveness.

A) True
B) False

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Question 122

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Entrepreneurship is one of the five factors of production that contribute to the creation of wealth.

A) True
B) False

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Question 123

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As you consider the factors of production,which of them will be the most important contributing factor to increasing the nation's wealth?

After several years of study as a part-time student,Joan recently earned a diploma in marketing at her local community college.The growth in global markets may increase Joan's job opportunities,but it will also require her to continually update her skills and perhaps move where appropriate. As businesses expand to serve global markets,new jobs will be created.But global markets will also create more competition.In order to remain competitive,Canadian workers will have to continually update their knowledge and skills.

The only way a firm can increase its profits is to increase its sales revenue. The companies that take the most risk stand to make the most profit.

Technology refers to everything that makes business operations more efficient and productive.

The high cost of housing and the desire for women to want a career outside of the home have contributed to a dramatic growth in:

High tax rates tend to:

The goal of empowerment in the work environment is to give management more control over the actions of lower-level workers.

Technology affects people in all industries.

Currently two-income families make up 54 percent of all the families in Canada.

Technology refers to innovations from applied science or engineering research.

Two important changes to the global environment of business in recent years are:

Successful firms follow a customer-driven strategy,as opposed to the management-driven strategy used in the past.

Employers provide tools and technology for their employees in order to:

A key characteristic of entrepreneurs is that they:

Political and religious freedom,quality education,access to health care,and a clean environment are all factors that contribute to an improved quality of life. The quality of life focuses on the general well-being of a society,and includes factors such as freedom,security,leisure time,and other factors that go beyond the goods and services people can buy with their incomes.

The story of Ron Joyce and Tim Hortons is a good example of what?

For every $1 of manufacturing in Canada about how much total economic activity is generated from it?

Non-profit organizations often do strive for financial gains.