Question 196. The standard of living for a nation’s people depends mainly on:  A. the quality of the natural environment.

196. The standard of living for a nation’s people depends mainly on:
A. the quality of the natural environment.
B. how much political freedom they have.
C. their income and the prices of the goods and services they buy.
D. the amount of labor and capital available employed in the manufacturing sector.

197. World-class businesses attempt to meet the needs of:
A. their customers, even if it comes at the expense of employees and other stakeholders in the business.
B. their employees, even if it means shortchanging customers by charging higher prices.
C. all of their stakeholders.
D. exclusively their owners, since they are ultimately the ones who pay the bills.

198. Shelby recently started selling her invention: A bed that looks like it floats in mid- air. The bed is actually suspended by magnetic forces. Shelby is a(n):
A. arbitrageur.
B. entrepreneur.
C. speculator.
D. account manager.

199. Ross wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed 3% rate of return. However, he would like to earn a higher return. Ross should keep in mind that to earn a higher return on his money he:
A. will have to invest overseas.
B. should invest in a business that has a very stable and predictable rate of return.
C. will probably have to accept a higher level of risk.
D. will probably have to engage in illegal activities.

200. Which of the following is the most accurate statement about the impact of business on society?
A. When businesses earn a profit for their owners, they usually do so at the expense of the rest of society which proves it is never a win-win situation.
B. While businesses often improve the standard of living within a society, they can do little to improve the quality of life.
C. Businesses often improve the quality of life, but can do little to improve the standard of living of most people due to inflation.
D. Businesses can have a positive impact on both the standard of living and the quality of life within a society.

201. Jane’s income has remained stable over the past few years while the prices of things she buys have gone up. Nevertheless, Jane feels better off because the environment is cleaner, the crime rate has declined, she has more leisure time, and the quality of medical care has improved. If Jane’s experience is typical, we can conclude that the standard of living has:
A. increased, but the quality of life has decreased.
B. increased, and so has the quality of life.
C. declined, but the quality of life has increased.
D. declined, and so has the quality of life.

202. Eve and her three college friends enjoy perfumes. As a special gift to each of them last holiday season, Eve found a way to make scented candles with each friend’s favorite perfume scent. The three friends loved her gift idea and encouraged Eve to create more and sell them on the Internet. Recently, she is filling orders from her website, and turning a profit. Eve is proof that:
A. me too businesses work.
B. when you successfully fill a market need, you can make money.
C. the Internet is a way to distribute just about anything.
D. the cost of supplies to make candles is relatively cheap.

203. Which of the following statements about social entrepreneurs (such as Muhammad Yunus who won the Nobel Prize) describes their challenge?
A. Social entrepreneurs may switch social causes several times before finding their niche.
B. Social entrepreneurs understand that their business environments are less dynamic than other businesses, especially during a recession.
C. Social entrepreneurs use different business skills than entrepreneurs who start other businesses. They should focus on a different educational curriculum than other entrepreneurs.
D. Using the same business skills as other entrepreneurs, social entrepreneurs develop businesses to improve the skill(s) and/or quality of life of others.

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