Question 1

Over the past several years,workers in the small nation of Rainland have enjoyed an increase in the number of holidays and a reduction in the average length of the workday that has reduced the total number of hours they work each year.However,the output per worker in Rainland is higher now than it was before the reduction in hours.These facts suggest that productivity in Rainland has increased.

Accepted Answer

The increase in productivity despite a reduction in working hours and increase in holidays implies that workers are more efficient and effective. Therefore, productivity has likely increased in Rainland.

Question 2

SleekWrap is a company that produces industrial coatings for the steel industry.Until recently it relied on wholesalers to distribute its products to other businesses,but now it also sells directly to its business customers through its website.This is an example of the largest and most important type of e-commerce transaction.

Accepted Answer

The largest and most important type of e-commerce transaction is B2B (business-to-business) e-commerce, which involves businesses selling to other businesses. In this scenario, SleekWrap is selling directly to its business customers through its website, which is an example of B2B e-commerce.

Question 3

Effectiveness means producing the desired result.

Accepted Answer

Effectiveness is indeed defined as the ability to produce the desired result.

Question 4

E-commerce is the buying and selling of goods over the Internet.

Accepted Answer

E-commerce involves commercial transactions conducted electronically over the Internet or other digital networks.

Question 5

The rise of Internet marketing has become particularly important in doing business in the B2B markets.

Accepted Answer

Internet marketing has become crucial for B2B businesses as it allows them to reach out to a wider audience, showcase their products and services, and build relationships with potential customers through various online channels.

Question 6

The main difference between B2C and B2B e-commerce is that B2C uses only the Internet,while B2B combines e-commerce with traditional (bricks-and-mortar)outlets.

Accepted Answer

The statement is incorrect. B2B e-commerce can also operate solely through the Internet, without traditional outlets.

Question 7

The business-to-business segment of e-commerce is of less importance than the business-to-consumer segment of e-commerce.

Accepted Answer

The business-to-business segment of e-commerce is actually of greater importance than the business-to-consumer segment of e-commerce. B2B e-commerce transactions are typically larger and more complex, and they often involve long-term relationships between businesses. In fact, some estimates suggest that the B2B e-commerce market is several times larger than the B2C e-commerce market.

Question 8

Bar codes are a form of technology that has enhanced a company's ability to be responsive to consumer needs.

Accepted Answer

Bar codes allow for efficient tracking and management of inventory, which in turn enables companies to quickly restock popular products and respond to consumer demand.

Question 9

Niki has joined with several other investors to form a new company that sells foot care products to consumers over the Internet.Niki has invested in a B2C e-commerce company.

Accepted Answer

The statement mentions that Niki has invested in a company that sells foot care products to consumers over the Internet, indicating that it is a B2C (business-to-consumer) e-commerce company.

Question 10

The databases of a business often include a great deal of information about the firm's customers.

Accepted Answer

A business's databases typically contain information about its customers, such as their contact information, purchase history, and preferences. This information can be used to better understand and serve customers, and can be valuable for marketing and sales efforts.

Question 11

An electronic storage file where information is kept is called a CPU.

Accepted Answer

A CPU (Central Processing Unit) is a component of a computer system that performs calculations and carries out instructions. It is not an electronic storage file where information is kept. Storage files are typically stored in a Hard Drive (HDD) or a Solid State Drive (SSD).

Question 12

Technology refers to everything that makes business operations more effective,efficient,and productive.

Accepted Answer

Technology is commonly defined as the application of scientific knowledge for practical purposes, and in the context of business, it aims to improve operations and increase productivity. Therefore, the statement is true.

Question 13

The B2B Internet market consists of selling goods and services to consumers.

Accepted Answer

The B2B Internet market consists of selling goods and services between businesses or organizations, not directly to consumers.

Question 14

Technology allows firms to be more responsive to their customers' wants and needs.

Accepted Answer

Technology, such as social media and customer relationship management (CRM) software, enables firms to quickly gather and analyze customer data, leading to more personalized and efficient customer service. It also allows for faster communication and resolution of customer issues.

Question 15

As the generation that grew up with smartphones gets older,retailers are trying to connect with them through technology.

Accepted Answer

This statement is true. Many retailers are using technology to connect with the younger generation who grew up with smartphones.

Question 16

Identity theft is when individuals or firms access people's personal information and then use it for illegal purposes and activities.

Accepted Answer

This is the correct definition of identity theft.

Question 17

Information in a database allows firms to carry only the products that the local population wants.

Accepted Answer

By analyzing the data in a database, firms can gain insights into the preferences and purchasing habits of the local population, which can inform decisions about which products to stock. This can help them avoid carrying products that are unlikely to sell well in that specific market.

Question 18

Although the Internet is exciting,very few people have access to it outside the U.S.

Accepted Answer

This statement is false. The Internet is accessible in many countries outside the U.S. and its availability continues to grow globally.

Question 19

There is less risk involved in starting an e-commerce only business than there is in trying to add e-commerce to a traditional (bricks-and-mortar)store.

Accepted Answer

The answer of There is less risk involved in starting...

Question 20

One of the major advantages to firms involved in e-commerce is that the technology is still so new that the Internet-based firms face very little competition.

Accepted Answer

The statement is false. E-commerce is a highly competitive industry, with numerous players vying for customers' attention and business.

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