Quiz1

Which of the following is NOT a component of the external business environment?

• Customers

• Employees

• Competitors

• Government Regulations

Globalization in the business environment refers to:

• Focusing on local markets

• Expanding operations internationally

• Reducing competition

• Avoiding international trade

Which factor is considered an internal influence on the business environment?

• Economic conditions
  

• Technological advancements

• Organizational culture

• Political stability

What is the primary focus of managerial economics?

• Microeconomics

• Macroeconomics

• Economic theories

• Decision-making in business

What is the purpose of a mission statement in business?

• Summarize financial performance

• Outline strategic goals and purpose

• List daily operational tasks

• Monitor employee attendance

What is the primary focus of GDP (Gross Domestic Product) in macroeconomics?

• Microeconomic decision-making

• Individual consumer behavior

• Overall economic output of a country

• Corporate financial statements

Consumer behaviour is part of Macroeconomics. True or False?

• True

• False

Managers use Managerial Economics Concepts and Quantitative Analysis for decision making. True or False?

• True

• False

Technological advancements are considered an internal factor in the business environment.

• True

• False

The concept of market equilibrium implies a balance between supply and demand.

• True

• False