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The Dynamic Business Environment Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. How is an imperfect competition defined?

Question 2 2. A legal principle that states no one, including the government, is above the law, is called:

Question 3 3. The process of integrating countries and other political units into the global system is called:

Question 4 4. Why is a diverse workforce important for a business?

Question 5 5. A social environment is BEST described as:

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Question 6 6. How does the internal social environment of a business differ from its external social environment?

Question 7 7. Which of the following factors of production is most relevant to entrepreneurship?

Question 8 8. The ability to take all the other factors of production and use them to create goods or services?

Question 9 9. What is a condition that gives a business a competitive advantage in the marketplace?

Question 10 10. What's the best explanation of risk?

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Question 11 11. A set of external factors that can affect a business and of which the business has little, if any, control over is called:

Question 12 12. Which of the following statements about the legal environment of a business is FALSE?

Question 13 13. How does a cost leader attempt to maximize profits?

Question 14 14. Something that man created using the application of knowledge to improve a person's life, environment or society is known as:

Question 15 15. Identify the type of entrepreneur listed below that is not one mentioned in Allen's book, 'Launching New Ventures.'

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Question 16 16. What type of entrepreneur is required to invest all profits back into the enterprise?

Question 17 17. Which of the following is a factor of microeconomics?

Question 18 18. What provides both risks and opportunities for a business?

Question 19 19. Which one of the following is not part of globalization?

Question 20 20. How is technological process different from technological product?

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Question 21 21. What's the best explanation of a business?

Question 22 22. What occurs when multiple businesses or individuals compete in selling goods and services in the marketplace?

Question 23 23. A person that takes a risk to start and operate a business is called:

Question 24 24. What's the best explanation of intellectual capital?

Question 25 25. How do macroeconomic factors and microeconomic factors differ?

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Question 26 26. How is technology best described?

Question 27 27. What type of entrepreneur may be involved with skunk works?

Question 28 28. As long as the economy continues to grow, _ wealth will be created.

Question 29 29. Why would a niche strategy represent an example of a selective strategy?

Question 30 30. Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?

The Dynamic Business Environment Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Business 100: Intro to Business  /  Business Courses
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