Production is the process by which a business takes raw materials and processes them or converts them into a finished product for its goods or services.
⊚ true
⊚ false
⊚ false
451) Productivity is the rate at which goods and services are produced based upon total output given total inputs.
⊚ true
⊚ false
⊚ false
452) Lettuce, tomatoes, patty, bun, and ketchup are included in the output of making a hamburger.
⊚ true
⊚ false
⊚ false
453) Cooking a patty and putting the ingredients together are included in the process of making a hamburger.
⊚ true
⊚ false
⊚ false
454) Bread, cheese, and butter are included in the process of making a grilled cheese sandwich.
⊚ true
⊚ false
⊚ false
455) A grilled cheese sandwich is considered the final output of a making-a-sandwich process.
⊚ true
⊚ false
⊚ false
456) If a business could produce the same hamburger with less expensive inputs, it would probably see a decrease in profits.
⊚ true
⊚ false
⊚ false
457) If a business could produce more hamburgers with the same inputs, it would see a rise in productivity and possibly an increase in profits.
⊚ true
⊚ false
⊚ false
458) A leadership plan that achieves a specific set of goals or objectives is a business strategy.
⊚ true
⊚ false
⊚ false
459) To combat business challenges, leaders communicate and execute business strategies; the word strategy comes from the Greek stratus for army and ago for leading.
⊚ true
⊚ false
⊚ false
460) Businesses rarely need to update business strategies as the business environment remains relatively stable.
⊚ true
⊚ false
⊚ false
461) Attracting new customers, decreasing costs, and entering new markets are all examples of successful business strategies.
⊚ true
⊚ false
⊚ false
462) Decreasing customer loyalty, increasing costs, and decreasing sales are all examples of business strategies.
⊚ true
⊚ false
⊚ false