INTRODUCTION TO BUSINESS MANAGEMENT CHAPTER 1 QUESTIONS
AND ASWERS A+ GRADED. Buy Quality Materials!
The total opportunity costs (both explicit and implicit) of a venture to an investor
represent ______
normal profit
The difference between a firm's total revenue and all costs represents __________
economic profit
IT is changing the basis of business from labor and manual skills to ___________
knowledge management
Effective organization allows a firm to directly result in all of the following
EXCEPT:
higher profits
According to economist Milton Friedman, the main purpose of a business is to
_________
maximize profits for its owners
The market facilitates _____
trade
A measure of the benefit that an economic actor can gain from either a good or
service is ________
economic value
How is a stakeholder different than a shareholder?
A shareholder is an owner of the company, whereas a stakeholder is any individual or
group with an interest in the company's operations and / or output
What technological development has allowed individuals to meet "face-to-face"
over the internet and have discussions related to a project they are working on
together?
videoconferencing
Which of the following best describes the relationship between a firm and the
consumer in a market economy?
A firm survives by producing goods that consumers are willing and able to buy
What belief has driven customers, businesses, home buyers, and the U.S.
government itself to rely increasingly on debt?
that the value of their investments would continue to grow
Which of the following is NOT an acceptable use of surplus revenues generated
by a non-profit?
distribution to shareholders
Stakeholder theorists believe that _______
people outside of the business enterprise (e.g., consumers) ought to have a say in how
the business operates
What attempts to deal with the potential of mergers and acquisitions to lead to
market dominance?
competition law
Effective organization promotes a high level of ________
efficiency
AND ASWERS A+ GRADED. Buy Quality Materials!
The total opportunity costs (both explicit and implicit) of a venture to an investor
represent ______
normal profit
The difference between a firm's total revenue and all costs represents __________
economic profit
IT is changing the basis of business from labor and manual skills to ___________
knowledge management
Effective organization allows a firm to directly result in all of the following
EXCEPT:
higher profits
According to economist Milton Friedman, the main purpose of a business is to
_________
maximize profits for its owners
The market facilitates _____
trade
A measure of the benefit that an economic actor can gain from either a good or
service is ________
economic value
How is a stakeholder different than a shareholder?
A shareholder is an owner of the company, whereas a stakeholder is any individual or
group with an interest in the company's operations and / or output
What technological development has allowed individuals to meet "face-to-face"
over the internet and have discussions related to a project they are working on
together?
videoconferencing
Which of the following best describes the relationship between a firm and the
consumer in a market economy?
A firm survives by producing goods that consumers are willing and able to buy
What belief has driven customers, businesses, home buyers, and the U.S.
government itself to rely increasingly on debt?
that the value of their investments would continue to grow
Which of the following is NOT an acceptable use of surplus revenues generated
by a non-profit?
distribution to shareholders
Stakeholder theorists believe that _______
people outside of the business enterprise (e.g., consumers) ought to have a say in how
the business operates
What attempts to deal with the potential of mergers and acquisitions to lead to
market dominance?
competition law
Effective organization promotes a high level of ________
efficiency
