BUSI 101 Connect Assignment 1 Quiz solutions complete answers

BUSI 101 Connect Assignment 1 Quiz solutions complete answers 

 

Brendan wanted to offer high-quality meals in his restaurant. His motto was "the best darn meat and potatoes for miles around." The locals agreed that the food was good. They also agreed that if you decided to eat there, be prepared to wait. Food preparation and service were slow. Although Brendan's motto stated the business's competitive advantage, your accurate advice to Brendan would be

 

The following chart describes opportunities and challenges in the external environments that surround businesses. Which of the following statements best characterize and fit in the empty cells? 

Business Environment
Opportunity
Challenge
Economic and Legal
Freedom to choose and start your own business
High taxes
 
 
Technological
The Internet
 
 
 
Social
Wealthy senior citizens
Decrease in Social Security contributions
 
 
Global
 
War and Terrorism
 
 
 

One of the most serious negative results of the increased use of databases by companies has been

 

To encourage entrepreneurial growth, governments might

 

Darnell lives in an area where labor is plentiful and locations for start-ups are relatively cheap. He is also confident that he can find start-up funds for a graphic arts business. As he evaluates the opportunity for his proposed venture, which two other factors of production does he need to succeed?

 

The CPI (consumer price index) measures ________________ and ________________.

 

At Tri-City Radiation Services, Greg operates a new state-of-the-art MRI scanner that serves approximately 10 patients during his 8-hour shift. Patients are scheduled for various lengths of time, depending on which part(s) of their body requires scanning. The image quality is significantly superior to what it was on previous scanners, but the number of patients served per day remains the same. This situation attests to the fact that

 

For the last several years, the country of Amerensia has been moving from a communist system to a more mixed economic system. Which of the following most likely would NOT occur in Amerensia?

 

The way in which a country's resources are utilized to produce goods and services and the way those goods and services are distributed among those who desire to have them depends upon the

 

___________________ economies are economic systems where some allocation of resources is made by the market and some by the government.

 

When referring to risk, which of the following statements is reasonable?

 

Profit is best described as

 

Which of the following circumstances is most likely to reduce one's standard of living?

 

When developing and maintaining good stakeholder relationships, companies find that

 

Josey started a business called Music and Memories™. She recognized that music, socialization, and memory-challenging activities for senior citizens helped maintain their cognitive skills for longer periods of time. Though she strives for a financial gain, she uses the excess funds for enriching her programs instead of a personal profit. Music and Memories™ is best classified as a(n) ______ organization.

 

The resources used to create wealth are collectively referred to as

 

Which of the following is (are) NOT considered a factor of production?

 

Diana's editorial business was not growing and she sought ways to expand her client list. She recognized that technology provided opportunities to bring on new customers, so she instituted a training program for her employees. Which factor of production is described here?

 

Juan has many business ideas that could satisfy the unfulfilled needs of people who live in his community. However, there are laws that govern the type of businesses that private citizens can own and business taxes are high because the government subsidizes many social programs in his nation. In this case, challenges in the _________ environment increase the risk of Juan starting a business.

 

When corruption is evident in governments, the result is that

 

Efficiency means

 

At World Spice Market, Inc., the department manager uses a hand-held scanner to determine the quantity of each spice the store has on its shelves, how many jars of each spice was sold the past week and the past month, and exactly when the next shipment of these spices is expected to arrive. World Spice Market embraces the strategy of

 

What must companies do to be competitive in today's market?

 

One of the results of the increase in the older population of the United States is

 

Which of the following is an example of effectively managing diversity?

 

Among the changes resulting from increased global trade is

 

The impact of war and terrorism on U.S. business is that

 

Since the mid-1980s, the __________ sector has generated the most increases in employment in the United States.

 

The new era of business will

 

Today, high-paying service-sector jobs in the U.S. can be found in

 

Robert Redford created The Sundance Film Festival, where talented, young directors and producers can submit their films for review and possible screening. The festival attracts thousands of tourists each year, employs many others at various capacities, and provides important exposure to up-and-coming artists who may otherwise not be able to get their works noticed. Ultimately, the festival provides social and economic benefit for many. Adam Smith believed that one's self-directed gain would eventually create prosperity for many, and called the process the ___________. 

 

The branch of economics that looks at the operation of a nation's economy as a whole is 

 

At a young age, Ebony's coaches were confident she had the potential to be a world-class swimmer with a future coaching career. After four years on an athletic scholarship and Olympic experience under her belt, she chose a different path. With her savings and personal connections, she rented a corner building in a bustling San Francisco neighborhood and pursued her dream: a surf shop business. Ebony's dream was rooted in which basic right of free-market capitalism?

 

Chet Bowes owns his own landscaping business, including all the land on which the company grows its plants, and all the equipment. Chet's son Josh has just graduated from college with an architectural landscaping degree. Chet hopes to retire in a few years and turn the business over to Josh, and Josh will inherit the business when Chet dies. This is an example of the ___ in a capitalist system. 

 

Which of the following best describes a capitalistic nation?

 

In a free-market economic system, if consumers perceive the price for a state-of-the-art smartphone as too high for the value received, they are likely to avoid buying it. In the same light, if the ___________________.

 

What's going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only competitor, You Betcha Motors! Their prices are basically the same for similar vehicles, although their advertising says their products are really very different. What kind competition exists here?

 

Jeffrey's mom specifically asked for a CIP cast iron pan for her birthday. As Jeffrey scanned the stock in two department stores, he found ten different brands, none of which were CIP. When he found CIP in a kitchen specialty shop, he was challenged to tell the difference between his mom's choice and the others. He was reminded of his business class, in which he learned about _____ competition, where many sellers may be offering very similar products. Through various means, each seller differentiates his product from the competition.

 

You studied for two hours each day, for an entire week before your first marketing exam. On exam day, when you turned-in the test, you felt confident that your effort paid-off. At the next class meeting, your instructor said she was considering curving the grades because the class average was lower than she had anticipated. All of a sudden, your 98% score did not have the same impact that it did when you first saw it! Now the guy next to you that got an 84% was likely to have an "A" grade too. As you analyze this situation, you realize that it parallels an economic system such as ________________, where even if you work harder than another person, you are likely to realize the same benefit.

 

The concept known as brain drain can best be described as 

 

Socialist systems tend to 

 

In terms of economic systems, the trend has been for countries

 

In order for the value of goods and services to be counted as part of a nation's gross domestic product, the goods and services must be ___________________.

 

Paulina works as a software engineer for her firm. Recently, her company was acquired by another firm that had its own information technology department. Because the new firm no longer had need of her services, Paulina's job was eliminated. What type of unemployment is Paulina experiencing?

 

The U.S. unemployment rate is a key economic indicator because most of us need jobs to maintain our standard of living. A criterion used to calculate the unemployment rate is ___________________.

 

Which of the following is NOT a business cycle that occurs in economies over time?

 

When President Obama was elected, the U.S. economy had slid into a recession. Consumer spending was low and getting worse in an effort to stop the decline. President Obama proposed an economic stimulus package that included government spending on roads, bridges, and schools, among other things, and a tax cut that each U.S. worker would see in her or his paycheck. Apparently, President Obama was a proponent of 

 

The American Society of Civil Engineers published a report card for America's interstates. It was reported that road repairs cost the American taxpayers $67 billion per year. Through the enactment of ________policy, the U.S. government collects tax dollars and then spends some of these funds to maintain the infrastructure of the nation. 

 

The sum of all the federal deficits over time is known as the 

 

Imagine the following: New sources of energy have become marketable and the Industries involved have hired thousands to operate the emergence of new businesses. Construction companies cannot build homes fast enough for workers in the energy industry. Due to increasing salaries in several other industries that partner with energy companies, the demand for everything from food to entertainment to travel has increased. High demand has brought about shortages in some product categories. To help manage the situation in the short term, ___________________.