Question 1

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Accepted Answer

A) True 
 B)False

Question 2

Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.

Accepted Answer

A) True 
 B)False

Question 3

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

Accepted Answer

A) True 
 B)False

Question 4

Greg is working as a marketing trainee for an online Music CD and video retailer. His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

Accepted Answer

A)  Create a management-driven environment with lots of employee training.
B)  Create a customer-driven environment where we constantly try to create customer value.
C)   Restructure the organization so that there is always a manager on duty to chat with online customers that are having problems with their orders.
D)   Always match the promotions of our competitors. Price is the only thing customers care about.E) B) and C)
F) A) and D)

Question 5

Which of the following statements about factors of production is the most accurate?

Accepted Answer

A)  The five factors of production are energy, capital, labor, leadership and money.
B)   Wealth creation in poor nations is slowed by chronic shortages of labor.
C)   Each of the factors of production is equally important in creating wealth.
D)  Entrepreneurship and knowledge are the most important in creating wealth.E) B) and C)
F) None of the above

Question 6

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

Accepted Answer

A) True 
 B)False

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

Which of the following statements about factors of production is the most accurate?

Correct Answer
verified

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Correct Answer
verified

Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.

Correct Answer
verified

Greg is working as a marketing trainee for an online Music CD and video retailer. His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

Correct Answer
verified

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

Correct Answer
verified

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

Correct Answer
verified

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

Which of the following statements about factors of production is the most accurate?

Correct AnswerverifiedShow Answer

Unlike businesses, employees of nonprofit organizations are not required to learn the business skills of information management, marketing, or financial management.

Correct AnswerverifiedShow Answer

Nonprofit organizations are similar to businesses in that they often provide goods and services that satisfy the needs of society.

Correct AnswerverifiedShow Answer

Greg is working as a marketing trainee for an online Music CD and video retailer. His boss called a meeting for next week with one thing on the agenda: "Bring with you your ideas about how we can gain a competitive advantage." Greg plans to provide the following response:

Correct AnswerverifiedShow Answer

An increase in productivity indicates that more can be produced in a given time period with the same amount of resources.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified