Quiz Review 10- Business - Introduction To Business

1

Decentralized production is favored if differences between countries in factor costs have a substantial impact on the costs of manufacturing in various countries.

2

Modern consumer products such as personal computers serve universal needs.

3

Products such as refined sugar, certain bulk chemicals, paint, and petroleum products have low value-to-weight ratios

4

Organizations are under pressure to produce products in the optimal location and to serve the world market from there if their products have low value-to-weight ratios.

5

Products such as electronic components and pharmaceuticals have low value-to-weight ratios.

6

The minimum efficient scale of production is high when fixed costs are low.

7

Flexible manufacturing technologies enable companies to customize products to the demands of small consumer groups.

8

A flexible machine cell is used to perform a standardized operation

9

Lean production covers a range of manufacturing technologies designed to reduce setup times for complex equipment.

10

Mass customization facilitates product customization at low costs.

11

Maintaining high minimum efficient scale allows a firm to hedge against currency risks

12

The argument for centralizing production will be greater if the minimum efficient scale of a plant relative to total global demand is low.

13

The level of output at which most plant-level scale economies are exhausted is referred to as the minimum efficient scale of output

14

Which distinctive competency must an entrepreneur identify when attempting to enter a market segment that is not currently being exploited?

15

Firm A has a very laissez-faire culture of dress and work hours, while Firm B is very regulated and strict in those areas. This difference may prove to be a challenge in which aspect of forming an alliance?

16

Businesses that specialize in selling businesses are known as

17

When a merchandiser reduces the number of color offerings for a style in order to increase units in each color to save money, they may risk loss of sales due to limiting variety.

18

Which of the following is a network of several thousand brokers who maintain contact with one another and buy and sell securities not listed on the national exchanges through a nationwide electronic system?

19

Case 12.1 Harvey is considering implementing team-building management in his company. He wants to start with teams that work on the production line. He wants groups of five to fifteen people, responsible for one clearly defined product, and he wants them to be individually accountable for the work of the team as a whole. Harvey believes that effective teams permit free expression of feelings as well as ideas, have members who listen to each other, and have well-understood tasks and objectives.