Question 1

A new sales tax has the effect of shifting the supply curve upward. This will generally move the equilibrium point

Accepted Answer

A)  down and to the left. 
B)  up and to the right. 
C)  down and to the right. 
D)  up and to the left. 
E)  it has no effect on the equilibrium point. 
A)  down and to the left. 
B)  up and to the right. 
C)  down and to the right. 
D)  up and to the left. 
E)  it has no effect on the equilibrium point.

Question 2

What is socialism?

Accepted Answer

Socialism is a partially planned system

Question 3

Ernesto's Pizza is about to offer customers a new variety of a personal pizza. Which of the following actions by Ernesto's Pizza would most likely prevent a surplus or a shortage of the personal pizzas in its first week?

Accepted Answer

A)  Limit the supply of the personal pizza 
B)  Lower demand for the personal pizza 
C)  Set the price of substitute goods 
D)  Estimate the market price of the personal pizza 
E)  Lower the price of the pizza throughout the week 
A)  Limit the supply of the personal pizza 
B)  Lower demand for the personal pizza 
C)  Set the price of substitute goods 
D)  Estimate the market price of the personal pizza 
E)  Lower the price of the pizza throughout the week

Question 4

Entrepreneurs are important because they

Accepted Answer

A)  make and spend lots of money. 
B)  are good at making decisions. 
C)  take risks to start new businesses. 
D)  are usually better managers than non-entrepreneurs. 
E)  sell shares of stock to investors. 
A)  make and spend lots of money. 
B)  are good at making decisions. 
C)  take risks to start new businesses. 
D)  are usually better managers than non-entrepreneurs. 
E)  sell shares of stock to investors.

Question 5

Which of the following seems the most likely pricing approach for a monopoly?

Accepted Answer

A)  Charge customers whatever you please. 
B)  Give customers a real bargain by charging a low price. 
C)  Charge a price that will not cause consumer demand to drop. 
D)  Undercut the prices charged by competitors. 
E)  Agree with competitors to fix prices so that profit margins can be maintained. 
A)  Charge customers whatever you please. 
B)  Give customers a real bargain by charging a low price. 
C)  Charge a price that will not cause consumer demand to drop. 
D)  Undercut the prices charged by competitors. 
E)  Agree with competitors to fix prices so that profit margins can be maintained.

Question 6

AB Distributors is a company that serves as a shipping intermediary for other companies. Its sales revenue has increased from the previous year. Jonathan, a sales manager at AB, says, "Since the company has increased its revenue, it is now more profitable." Which of the following, if true, would most weaken Jonathan's contention?

Accepted Answer

A)  AB Distributor's clients are happy with the company's services. 
B)  Shipping costs for the industry have significantly increased over the last year. 
C)  AB Distributor's employees are dissatisfied with the company's working conditions. 
D)  The shipping intermediary industry has experienced a slowdown overall. 
E)  Many of AB Distributor's employees are new to the business. 
A)  AB Distributor's clients are happy with the company's services. 
B)  Shipping costs for the industry have significantly increased over the last year. 
C)  AB Distributor's employees are dissatisfied with the company's working conditions. 
D)  The shipping intermediary industry has experienced a slowdown overall. 
E)  Many of AB Distributor's employees are new to the business.

Question 7

The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as

Accepted Answer

A)  the break-even price. 
B)  the oligopoly price. 
C)  the balanced price. 
D)  the elastic price. 
E)  either the market price or the equilibrium price. 
A)  the break-even price. 
B)  the oligopoly price. 
C)  the balanced price. 
D)  the elastic price. 
E)  either the market price or the equilibrium price.

Question 8

The Canada Consumer Product Safety Act replaces the

Accepted Answer

A)  Hazardous Products Act. 
B)  Food and Drug Act. 
C)  Weights and Measures Act. 
D)  Advertising and Packaging Act. 
E)  Textile Labelling Act. 
A)  Hazardous Products Act. 
B)  Food and Drug Act. 
C)  Weights and Measures Act. 
D)  Advertising and Packaging Act. 
E)  Textile Labelling Act.

Question 9

Natural resources as a factor of production for mining are a practical consideration when a mining company considers

Accepted Answer

A)  the ease with which ore could be mined. 
B)  the number of miners available to mine the ore. 
C)  the amount of capital required to build the mine. 
D)  the profit that can be made from mining the ore. 
E)  the number of customers who want to buy ore. 
A)  the ease with which ore could be mined. 
B)  the number of miners available to mine the ore. 
C)  the amount of capital required to build the mine. 
D)  the profit that can be made from mining the ore. 
E)  the number of customers who want to buy ore.

Question 10

List the four degrees of competition that can exist in a private enterprise system.

Accepted Answer

Perfect competition,

Question 11

Equilibrium in the market is attained when

Accepted Answer

A)  the laws of supply and demand interact to set the price and quantity of a product at which buyers and sellers agree. 
B)  there are no dramatic changes in the market over time. 
C)  suppliers are willing to produce the quantity demanded. 
D)  no single firm has more than 50 percent of the market. 
E)  consumers are willing to pay the price being charged. 
A)  the laws of supply and demand interact to set the price and quantity of a product at which buyers and sellers agree. 
B)  there are no dramatic changes in the market over time. 
C)  suppliers are willing to produce the quantity demanded. 
D)  no single firm has more than 50 percent of the market. 
E)  consumers are willing to pay the price being charged.

Question 12

This week, Abe's Muffler Shop had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was

Accepted Answer

A)  $3000. 
B)  $1000. 
C)  $4000. 
D)  $2500. 
E)  $500. 
A)  $3000. 
B)  $1000. 
C)  $4000. 
D)  $2500. 
E)  $500.

Question 13

"All the different economic systems of the world are moving toward a mixed economy with elements of a planned economy and a market economy." Agree or disagree and support your position.

Accepted Answer

Since communist countries are adopting a

Question 14

In monopolistic competition, sellers try to make their products appear at least slightly different from those of other competitors by tactics such as brand names, design, styling, and advertising.

Accepted Answer

A) True 
 B)False

Question 15

Which term is used to identify the willingness and ability of buyers to purchase a product?

Accepted Answer

A)  Obligation 
B)  Demand 
C)  Wealth 
D)  Profits 
E)  Prosperity 
A)  Obligation 
B)  Demand 
C)  Wealth 
D)  Profits 
E)  Prosperity

Question 16

AB Distributors is a company that serves as a shipping intermediary for other companies. Its sales revenue has increased from the previous year. Jonathan, a sales manager at AB, says, "Since the company has increased its revenue, it is now more profitable." Which of the following, if true, would most strongly support Jonathan's contention?

Accepted Answer

A)  AB Distributor is a relatively new company. 
B)  AB Distributor is a for-profit company. 
C)  AB Distributor's costs have decreased from the previous year. 
D)  AB Distributor's competitors have had increased revenue. 
E)  AB Distributor has hired more employees recently. 
A)  AB Distributor is a relatively new company. 
B)  AB Distributor is a for-profit company. 
C)  AB Distributor's costs have decreased from the previous year. 
D)  AB Distributor's competitors have had increased revenue. 
E)  AB Distributor has hired more employees recently.

Question 17

What is an entrepreneur?

Accepted Answer

- An individual who organizes and manage

Question 18

Anon Corporation is a manufacturer of Widgets. Faced with increasing input material costs, the company is contemplating a price increase in the range of 15-20 percent. There are significant disagreements among senior personnel in the company about this move. Assuming other factors remain constant, Anon would have the most power to raise prices if Widgets were which of the following?

Accepted Answer

A)  Life-saving drugs 
B)  Automobiles 
C)  Beverages 
D)  Toys 
E)  Jewellery 
A)  Life-saving drugs 
B)  Automobiles 
C)  Beverages 
D)  Toys 
E)  Jewellery

Question 19

Expert Electronics sells state-of-the-art desktop computer systems. The company is able to fill all orders, but it has no waiting list. How is Expert Electronics apparently pricing its computer systems?

Accepted Answer

It appears that Expert Electronics is pr

Question 20

The points on a curve showing the relationship between the price of a good or service and the quantity of that good or service which customers will purchase is known as the

Accepted Answer

A)  variable price curve. 
B)  equilibrium curve. 
C)  demand curve. 
D)  supply curve. 
E)  balance curve. 
A)  variable price curve. 
B)  equilibrium curve. 
C)  demand curve. 
D)  supply curve. 
E)  balance curve.

A new sales tax has the effect of shifting the supply curve upward. This will generally move the equilibrium point

What is socialism?

Ernesto's Pizza is about to offer customers a new variety of a personal pizza. Which of the following actions by Ernesto's Pizza would most likely prevent a surplus or a shortage of the personal pizzas in its first week?

Entrepreneurs are important because they

Which of the following seems the most likely pricing approach for a monopoly?

The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as

The Canada Consumer Product Safety Act replaces the

Natural resources as a factor of production for mining are a practical consideration when a mining company considers

List the four degrees of competition that can exist in a private enterprise system.

Equilibrium in the market is attained when

This week, Abe's Muffler Shop had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was

"All the different economic systems of the world are moving toward a mixed economy with elements of a planned economy and a market economy." Agree or disagree and support your position.

In monopolistic competition, sellers try to make their products appear at least slightly different from those of other competitors by tactics such as brand names, design, styling, and advertising.

Which term is used to identify the willingness and ability of buyers to purchase a product?

What is an entrepreneur?

Expert Electronics sells state-of-the-art desktop computer systems. The company is able to fill all orders, but it has no waiting list. How is Expert Electronics apparently pricing its computer systems?

The points on a curve showing the relationship between the price of a good or service and the quantity of that good or service which customers will purchase is known as the

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Understanding Marketing Principles and Developing Products

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters

Exam 1: Understanding the Canadian Business System

A new sales tax has the effect of shifting the supply curve upward. This will generally move the equilibrium point

What is socialism?

Ernesto's Pizza is about to offer customers a new variety of a personal pizza. Which of the following actions by Ernesto's Pizza would most likely prevent a surplus or a shortage of the personal pizzas in its first week?

Entrepreneurs are important because they

Which of the following seems the most likely pricing approach for a monopoly?

The price at which the quantity of a product willing to be purchased by customers and the quantity of product willing to be made by a producer are equal is known as

The Canada Consumer Product Safety Act replaces the

Natural resources as a factor of production for mining are a practical consideration when a mining company considers

List the four degrees of competition that can exist in a private enterprise system.

Equilibrium in the market is attained when

This week, Abe's Muffler Shop had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was

"All the different economic systems of the world are moving toward a mixed economy with elements of a planned economy and a market economy." Agree or disagree and support your position.

In monopolistic competition, sellers try to make their products appear at least slightly different from those of other competitors by tactics such as brand names, design, styling, and advertising.

Which term is used to identify the willingness and ability of buyers to purchase a product?

What is an entrepreneur?

Expert Electronics sells state-of-the-art desktop computer systems. The company is able to fill all orders, but it has no waiting list. How is Expert Electronics apparently pricing its computer systems?

The points on a curve showing the relationship between the price of a good or service and the quantity of that good or service which customers will purchase is known as the

The Environment of Business

Conducting Business Ethically and Responsibly

Entrepreneurship, Small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Organizing the Business Enterprise

Managing Human Resources and Labour Relations

Motivating, Satisfying, and Leading Employees

Operations Management, Productivity, and Quality

Understanding Accounting

Understanding Marketing Principles and Developing Products

Pricing, Promotion, and Distributing Products

Money and Banking

Finacial Decisions and Risk Management

Filters