18360412
Description
Quiz by Taisiya Lebedeva, updated more than 1 year ago
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Created by Taisiya Lebedeva
almost 5 years ago
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Question 1
Question
Economies of scale are a major source of competitive advantage for large firms.
Answer
- True
- False
Question 2
Question
What is a monopoly?
Answer
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A government body
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Two businesses joining together
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When one retailer dominates a market
Question 3
Question
When does organic growth occur?
Answer
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When a company hires more staff
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When a company merges with a rival
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When a company takes over a rival
Question 4
Question
A business will benefit from growth because [blank_start]it will gain more market power.[blank_end]
Answer
-
it will gain more market power
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it will have more overheads
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it will have more competition
Question 5
Question
Hiring more staff is an example of external growth.
Answer
- True
- False
Question 6
Question
The risk of expansion means that some owners are reluctant to chance funds. They opt instead to stay [blank_start]small[blank_end] and earn a relatively risk-free profit.
Answer
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big
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small
Question 7
Question
Owners can face a dilemma in deciding whether to expand. Expansion is risky. There's always the chance that any expansion plans can fail and result in [blank_start]losses[blank_end] rather than [blank_start]profit[blank_end].
Answer
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losses
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profit
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losses
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profit
Question 8
Question
Market power is not guaranteed with business growth.
Answer
- True
- False
Question 9
Question
[blank_start]External growth[blank_end] - where a business merges with or takes over another organisation. Combining two firms increases the scale of operation.
Answer
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Franchising
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External growth
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Internal (organic growth)
Question 10
Question
How can a business grow in size?
Answer
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By delayering
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By giving staff bonuses
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By offering franchises
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