Question 1

The industrial revolution era is recognized for its technological advances.

Accepted Answer

The industrial revolution was a time of great technological advances, including the development of new machines, improved transportation, and advancements in communication. These advances revolutionized the way goods were produced and transported, and laid the foundation for modern industry and commerce.

Question 2

When businesses create more goods and services,their activities increase the standard of living,but have no impact on the quality of life.

Accepted Answer

The statement is incorrect. While creating more goods and services can increase the standard of living, it can also have a significant impact on the quality of life. For example, businesses that prioritize sustainability and ethical practices can positively impact the environment and social welfare, which can enhance the overall quality of life for individuals and communities.

Question 3

One personality trait shared by most entrepreneurs is the desire to avoid risk.

Accepted Answer

Most entrepreneurs have a higher tolerance for risk and are willing to take calculated risks in order to achieve their goals.

Question 4

During the entrepreneurship era,government began regulating business to protect the consumer and provide guidelines for products and services.

Accepted Answer

This statement is true. During the entrepreneurship era, government intervention in business increased to protect consumers and provide guidelines for products and services. This led to the creation of regulatory agencies and laws such as antitrust legislation, consumer protection laws, and environmental regulations.

Question 5

Speedy Car Imports has a primary goal to recruit employees within its own community first because it is the responsibility of business to increase profits.

Accepted Answer

The statement incorrectly assumes that the only responsibility of a business is to increase profits. In reality, businesses also have social and ethical responsibilities, such as supporting and investing in their local community. Additionally, recruiting locally can also be beneficial for the business by promoting positive relationships with the community and reducing employee turnover.

Question 6

During the entrepreneurship era,the government began to regulate business practices.

Accepted Answer

During the entrepreneurship era, the government began to regulate business practices through the implementation of antitrust laws and other measures aimed at promoting fair competition and preventing monopolies.

Question 7

The standard of living reflects the quality and quantity of goods available to a nation's population.

Accepted Answer

The standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. It is determined by factors such as income, access to basic needs, healthcare, education, infrastructure, and economic opportunities. Therefore, the quality and quantity of goods available to a nation's population can significantly impact its standard of living.

Question 8

Henry Ford's introduction of the assembly line occurred during the production era.

Accepted Answer

The production era (also known as the mass production era) began in the early 1900s and was characterized by innovations such as Ford's assembly line.

Question 9

A firm will experience a loss when its revenue is less than its expenses.

Accepted Answer

This statement is true. A firm's expenses include costs associated with producing and selling goods or services, while revenue is the income generated from selling those goods or services. If revenue is less than expenses, the firm will not be able to cover its costs and will experience a loss.

Question 10

Producers today deliver better goods more quickly and cheaply than ever before.

Accepted Answer

This statement is true. With advancements in technology and production methods, producers are able to produce goods at a faster rate while also reducing costs, ultimately resulting in better quality products for consumers.

Question 11

Typically,socially responsible businesses act as advocates for the well-being of the community.

Accepted Answer

Socially responsible businesses prioritize the well-being of their community and often take actions to promote social, environmental, and economic sustainability. They act as advocates for positive change and seek to create shared value for all stakeholders.

Question 12

Businesses are primarily focused on creating profits by offering products and services desired by the consumer.

Accepted Answer

Businesses aim to make profits by meeting the demands and needs of customers through products and services.

Question 13

Successful businesses embrace change and take reasonable risks.

Accepted Answer

Successful businesses cannot remain stagnant and must be able to adapt to changing market trends, customer needs, and technological advancements. They must be willing to take calculated risks to stay competitive and grow their business.

Question 14

"Quality of life" is a narrow measure of social welfare that is based exclusively on the quantity and quality of goods and services produced by a society.

Accepted Answer

"Quality of life" takes into account a broader range of factors beyond just material goods and services, including social and environmental factors, health and wellbeing, and overall happiness and satisfaction.

Question 15

Entrepreneurs are motivated to risk their time,money,and other resources in an effort to gain a profit for themselves.But their efforts yield benefits to many others in society in addition to their personal profits.

Accepted Answer

Entrepreneurs create jobs, provide goods and services to consumers, and drive innovation, which benefits society as a whole. Their personal profits incentivize them to continue taking risks and making investments, which ultimately benefit the economy and society.

Question 16

Businesses raise the standard of living through the payment of taxes,which can be used by the government to pay for socially desirable projects.

Accepted Answer

When businesses pay taxes, it provides the government with revenue to invest in public services such as infrastructure, education, healthcare, and welfare programs, which can raise the standard of living for citizens.

Question 17

Sal Garmin's business offers computer support to local not-for-profit organizations.If he is like most entrepreneurs,Sal's primary goal is to create wealth for his community.

Accepted Answer

Most entrepreneurs, including Sal Garmin, are primarily motivated by the goal of creating wealth for themselves or their shareholders, rather than specifically aiming to create wealth for their community.

Question 18

A core goal for successful businesses is to deliver value to customers while generating long-term profits.

Accepted Answer

This statement is true. A core objective for any successful business is to not only provide value to customers, but also to generate profits in the long run.

Question 19

One characteristic of all not-for-profit organizations is that they do not earn any revenue.

Accepted Answer

Not-for-profit organizations may earn revenue through various sources such as donations, grants, and fees for services. However, any profits earned are not distributed to owners or shareholders, but are instead reinvested into the organization to fulfill its mission.

Question 20

Businesses focus on consumer needs and long-term profitability.

Accepted Answer

Businesses strive to meet the needs and wants of their consumers in order to maintain long-term profitability.

Quiz 1: Business Now: Change Is the Only Constant