Acting on the basis of good information reduces a retailer's chances of making wrong decisions. Without proper information, a firm's risk of poor performance is higher because it may act on the basis of too little knowledge or on knowledge gained nonsystematically. The extent of research activity should, to a large degree, be determined by the level of risk involved in a decision. For instance, there is considerable risk for a department store considering a new branch store location. There is much less risk if a retailer is deciding whether a store should carry a new line of sweaters. In the branch store situation, thousands of dollars for research and many months of study may be proper. In the case of the new sweaters, limited research may be sufficient.
a. If a retailer has good information, the decisions made are usually good decisions.
b. A retailer has a greater risk in deciding whether to expand locations than in deciding on new items to carry.
c. Many retailers unwisely spend thousands of dollars for research and study before making a major decision.
d. Retailers' decisions should be based on good information and the amount of each should be determined by the decision to be made.
Question 2
Declining confidence in government and increasing distrust of politicians have fueled a national grassroots movement to limit the terms of public officials, notably members of Congress and state legislators. Although national polls regularly report that 70 percent or more of Americans favor congressional term limits, their enthusiasm is more than matched by the intense opposition on Capitol Hill. It is not likely Congress will ever vote to limit its own terms of office, especially since a constitutional amendment to do so requires a two thirds vote of the members of both houses.
a. The major reason Americans are in favor of congressional term limits is that they have no confidence in government or politicians.
b. Although the American people favor congressional term limits, it is unfair to expect members of congress to vote themselves out of office.
c. Although at least 70 percent of Americans favor congressional term limits, it will not likely ever come to pass since a constitutional amendment to do so requires a two thirds vote from members of both houses.
d. Americans favor limiting the time members of Congress are allowed to serve and have begun a grassroots movement to limit these terms.
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