Review Question Lecture 1 & 2

Which of the following is not a product? 

• Business profit

• A lawyer's advice in a divorce case

• A Dell personal computer

• A veterinarian's treatment of a pet's injuries

Customers, employees and investors are examples of: 

• shareholders

• organizations

• stakeholders

• constituents

In a socialist system, citizens are dependent on _________ for many goods and services

• the people

• businesses

• supplies

• the government

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably 

• monopoly

• oligopoly

• pure competition.

• monopolistic

Agricultural commodities are usually sold under which competitive environment? 

• monopoly

• monopolistic competition

• oligopoly

• pure competition

________________ can be harmful if individuals' incomes do not increase at the same pace as rising prices because it reduces their buying power. 

• economic expansion

• economic contraction

• deflation

• inflation

An operation manager is not likely to be involved in

• the design of goods and services to satisfy customers' wants and needs

• the quality of goods and services to satisfy customers' wants and needs

• the identification of customers' wants and needs

• work scheduling to meet the due dates promised to customers

Which of the following is not a typical attribute of goods?

• output can be inventoried

• aspects of quality difficult to measure

• often easy to automate

• production and consumption are separate

Which of the following is  not  a typical service attribute?

• customer interaction is high

• simultaneous production and consumption

• difficult to resell

• easy to store

Persons or organizations that agree to provide some funds for a new business in exchange for ownership interest or stock are called

• shareholders

• stakeholders

• entrepreneurs

• managers