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Test Bank For BUSN - 12th - 2023 All Chapters - 9780357122945
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,Test Bank For BUSN 12th EditionChapter 1. Business Now: Change is the Only Constant.
Chapter 1. Business Now: Change is the Only Constant.
1. 001: Value is the relationship between the price of a good or a
Value is the relationship between the price of a good or a service and
the benefits that it offers its customers.
*a. True
b. False
2. 002: Millennials outnumber digital natives by one million people
Millennials outnumber digital natives by one million people.
a. True
*b. False
3. 003: Digital natives typically only spend when a business offers
Digital natives typically only spend when a business offers them value.
*a. True
b. False
4. 004: When business drives up the standard of living for people w
When business drives up the standard of living for people worldwide, it
contributes to a higher quality of life.
*a. True
b. False
5. 005: In the context of the history of American business, the Ind
In the context of the history of American business, the Industrial
Revolution era encouraged workers to take individual ownership and
personal pride in the production process.
a. True
*b. False
6. 006: During the production era, managers focused mostly on custo
During the production era, managers focused mostly on customer
satisfaction and not on production efficiency.
a. True
*b. False
7. 007: In the context of the history of American business, the &am
In the context of the history of American business, the "hard sell"
emerged during the relationship era of marketing.
a. True
*b. False
1
,Test Bank For BUSN 12th Edition
Chapter 1. Business Now: Change is the Only Constant.
8. 008: In the United States, nonprofits employ about one in 100 wo
In the United States, nonprofits employ about one in 100 workers,
accounting for less paid workers than the entire construction industry
and less than the finance, insurance, and real estate sectors combined.
a. True
*b. False
9. 009: People can create natural resources by growing and harvesti
People can create natural resources by growing and harvesting
agricultural products.
a. True
*b. False
10. 010: The value of all natural resources tends to rise with low d
The value of all natural resources tends to rise with low demand, high
supply, or both.
a. True
*b. False
11. 011: Capital, one of the factors of production, includes machine
Capital, one of the factors of production, includes machines, tools,
buildings, information, and technology.
*a. True
b. False
12. 012: The physiological environment is a key dimension of the bus
The physiological environment is a key dimension of the business
environment.
a. True
*b. False
13. 013: The central banking system of the United States is the Fede
The central banking system of the United States is the Federal Reserve.
*a. True
b. False
14. 014: The significance of the social dimension of a business envi
The significance of the social dimension of a business environment is
highlighted by the fact that a number of states—from Alabama to Nevada—
2
, Test Bank For BUSN 12th Edition
Chapter 1. Business Now: Change is the Only Constant.
make their local economies more appealing by providing special tax
deals to attract new firms.
a. True
*b. False
15. 015: In the context of the competitive environment of business,
In the context of the competitive environment of business, a product
has value when its benefits to the customer are less than the price the
customer pays.
a. True
*b. False
16. 016: Speed-to-market is the rate at which a company&apos
Speed-to-market is the rate at which a company's competitors copy that
company's product innovations.
a. True
*b. False
17. 017: In the context of the competitive environment of business,
In the context of the competitive environment of business, unlike
leading-edge firms, bleeding-edge firms offer products just as the
market becomes ready to embrace them.
a. True
*b. False
18. 018: The traditional retirement age in the United States is 60.
The traditional retirement age in the United States is 60.
a. True
*b. False
19. 019: Online technology prevents leading-edge companies from offe
Online technology prevents leading-edge companies from offering
customized products at prices that are comparable to standardized
products.
a. True
*b. False
20. 020: Demographic factors include the milestones achieved during
Demographic factors include the milestones achieved during the
developments in the field of computers, telecommunications, and other
digital products.
a. True
3
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