GEB Chapter 1
a) Focus on activities that will reduce taxes.
b) Create low-cost advertising campaigns.
c) Offer high-quality products and outstanding service at competitive prices.
d) Create alliances with competitors.
d) economic and legal
a) caring for the environment comes before caring for the well-being of employees
b) insourcing is always a good trade-off to outsourcing
c) most often, they must balance the needs of the stakeholders with the need to make profits
d) it’s almost always best to continue to keep costs low, even if it means outsourcing most of the production
a) Labor and knowledge
b) Entrepreneurship and knowledge
c) Entrepreneurship and capital
d) Capital and land
a) led to companies with more diverse workforces.
b) fewer conflicts between groups at work as they learn to work with one another.
c) much narrower definition of the meaning of diversity.
d) declining need for dual language signs and brochures as the immigrant population learns English.
a) Good business strategy encourages less risk, because the least risky ventures usually make more profit.
b) Sizeable risks can lead to substantial profits, if the business takes calculated risks and captures good opportunities.
c) Although risk means taking a chance, a start-up will usually manage to get off the ground faster if the stakes are high.
d) Although risk means taking a chance at losing, your business is likely to always turn a profit.
b) machine tools production
d) the automobile industry
a) factories are more difficult to build without obtaining a permit through bribery of public officials.
b) minimum wages are lower.
c) it’s easier to open a store without a permit.
d) the news media attempts to keep it quiet in order to minimize bad publicity.
b) dramatically decreased
a) Stable prices and an increase in employee wages
b) An increase in the cost of some goods such as escalating gasoline prices
c) Losing your job, but gaining a sizeable inheritance
d) A decrease in the cost of some goods such as a decrease in housing prices
a) a growing trend in the social environment to have more control of the food they eat and where it comes from
b) a need to challenge the competitive environments of big businesses that sell the same products
c) an aversion to technological advancement leading to a slower and less productive life
d) a desire to pay less sales tax on foods and other staple products at the larger stores
a) producing items using the least amount of resources
b) producing as much as you can as fast as you can, regardless of cost
c) using high-tech equipment to do a job
d) the amount of output you generate in a given amount of time
d) goods producing
a) a decline in the economy, as this segment of the population tends to be poorer.
b) a future problem for the Social Security system.
c) fewer opportunities for new businesses as the population declines.
d) less focus on technology as the older population will be less interested in technology-related products.
a) changing demographics
b) maintaining a low inventory turnover because it will keep costs down
c) staying ahead of the competition by routinely secret shopping the competition’s shelves
d) using technology to stay responsive to customer needs
a) changes in the organizational structures of companies leading to loss of jobs.
b) increased failure rates by e-companies.
c) a decrease in the amount of “junk mail” received by consumers.
d) an increase in identity theft.
a) improved living standards around the world.
b) less need for employees to update skills as workers conform to U.S. standards.
c) less global competition as companies set up manufacturing systems in foreign countries.
d) less need for efficient distribution systems.
a) reduce the value of their currency to encourage foreign investment
b) pass laws that enable businesspeople to write contracts that are enforceable in court
c) establish a high tax rate to support loans for small businesses
d) take over ownership of small businesses when they are first getting started
a) the challenge now must be to tackle the social entrepreneurial aspect of running a business
b) the winning competitive advantage is one that addresses quality and service
c) service has become the number one consideration of customers; the restaurant must focus a little less on quality and a little more on service
d) the rule of thumb is to always stick to what you do best—if you’re good at it, your customers will respond with loyalty
a) there is less global trade.
b) fewer jobs will be created in the United States.
c) there are lower organizational costs for security personnel and equipment as firms are depending upon the government to provide those items.
d) companies have grown more slowly as money has been diverted to the war effort.
a) revenues plus expenses, less taxes
b) the sales dollars that a business acquires, over time
c) the owner’s annual salary
d) the funds available for business growth, after expenses and salaries are paid
a) be dominated by an increase in the manufacturing sector as global markets grow.
b) see a rise in the agricultural sector.
c) be an information-based global revolution that will impact all sectors of the economy.
d) probably see a major decline in productivity.
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