Over the last century, certain sectors of the U.S. economy have seen tremendous declines in employment. Typically, the jobs lost in these sectors have been:

All in all, the diversity of the population in the United States strengthens the business sector.

True

False

Mark Firestone recently graduated with honors from his college. He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future. In evaluating the workplace of the future, Mark is:

John earns the same amount of money this year as he did last year. Thus, his standard of living must be the same as it was last year.

True

False

Morton Gage is employed by Bigbux National Bank, which is one of the largest banks in the Midwest. He is a loan officer, specializing in home equity loans. Uncle Timothy, Mort's favorite (and wealthiest) relative, passed away last month and left Mort a sizable amount of money. Mort is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Mort is frustrated because he has little freedom or flexibility to deal with customers. Every decision he makes must be approved by his supervisor. Besides, he's a bit bored and looking for a challenge. He thinks he might get a lot of satisfaction from owning his own business. Mort has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself!

If Mort does start his own business, his firm's activities and policies will impact many different groups and individuals, including employees, customers, creditors, suppliers, and people living in the community where his business is located. Which of the following statements represents how Mort should deal with these various groups? Mort should:

Stewart Wynne has just inherited some money from a distant relative. He could put this money into a certificate of deposit at his bank, where he could earn a guaranteed 6% rate of return. However, he would like to earn a higher return. Stewart should keep in mind that to earn a significantly higher return on his money he:

Managers will need to watch and direct lower level workers more closely in the future than they did in the past.

True

False

Morton Gage is employed by Bigbux National Bank, which is one of the largest banks in the Midwest. He is a loan officer, specializing in home equity loans. Uncle Timothy, Mort's favorite (and wealthiest) relative, passed away last month and left Mort a sizable amount of money. Mort is looking at the best way to invest his newly acquired wealth. He is considering many options, ranging from simply putting the money into a savings account to the possibility of starting his own business. Although his bank job pays well and offers pleasant working conditions, Mort is frustrated because he has little freedom or flexibility to deal with customers. Every decision he makes must be approved by his supervisor. Besides, he's a bit bored and looking for a challenge. He thinks he might get a lot of satisfaction from owning his own business. Mort has not made a definite decision yet, but has talked to a lot of people searching for a good idea for a new business. If he can come up with an idea he likes, he might just quit his current job and use his inheritance to go into business for himself!

Some friends have approached Mort with a proposal to start a day care center for young children in his community. Mort does not know much about this type of business and wonders about its long term potential. An important trend for Mort to consider is that:

The two main types of e-commerce are:

A general trend in the U.S. economy has been for jobs lost in one sector to be replaced by increased jobs in other sectors.

True

False

Today, high quality products are produced:

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

True

False

Between 1980 and 2000, the number of women business owners:

When businesses sell to other businesses over the Internet, these transactions are known as:

The high cost of housing and of maintaining a comfortable lifestyle have contributed to a dramatic growth in:

Since businesses strive to earn a profit, they benefit their owners at the expense of the rest of society.

True

False

A major road block facing firms that want to engage in global business is the recent trend toward trade restrictions that make it difficult for firms to sell their goods in foreign countries.

True

False

Which of the following statements about e-commerce is most accurate?

Although the population of the United States is likely to increase significantly in the next several decades, the percentages of Hispanics and Asians in the population is likely to fall.

True

False

The United States has one of the highest standards of living in the world.

True

False