7. People who combine natural resources, labor, and capital in a profitable venture area entrepreneurs. a. True b. False 8. Many people consider knowledge to be a fifth factor of production. a. True b. False 9. Business owners and managers have a great deal of control over the internal environment of business, which covers the day-to-day business decisions. a. True b. False 10. Some global corporations are large enough to create major changes in the external environment. a. True b. False 11. Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions a. True b. False Chapter 2 9. Social responsibility is a voluntary obligation. a. True b. False 10. The most basic responsibility of all businesses is its economic responsibility. a. True b. False 11. Organizations can be evaluated on two basic dimensions with regard to social responsibility-legality and responsibility a. True b. False 12. An organization's first responsibility is to provide a job to employees