Question 1

How does government compete with business in Canada?

Accepted Answer

Government competes with business throug

Question 2

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

Accepted Answer

A) True 
 B)False

Question 3

In a given national market, only five firms make and distribute little red wagons. This illustrates which degree of competition?

Accepted Answer

A)  Monopoly 
B)  Selective competition 
C)  Oligopoly 
D)  Monopolistic competition 
E)  Perfect competition 
A)  Monopoly 
B)  Selective competition 
C)  Oligopoly 
D)  Monopolistic competition 
E)  Perfect competition

Question 4

Elizabeth wants to set up a consulting business that specializes in mathematical problem solving. Which of the following factors of production would she require?

Accepted Answer

A)  Capital 
B)  Labour 
C)  Information resources 
D)  Natural resources 
E)  All of these 
A)  Capital 
B)  Labour 
C)  Information resources 
D)  Natural resources 
E)  All of these

Question 5

The private enterprise system guarantees that competition among business firms will be fair.

Accepted Answer

A) True 
 B)False

Question 6

Describe oligopoly in terms of the number of competitors, ease of entry into the market, similarity of goods/services offered by competing firms, and level of control over price by individual firms. Give an example of a market or industry that is an oligopoly.

Accepted Answer

When an industry has only a few sellers,

Question 7

After checking out a new car deal at her local GM Canada dealership, Sally decided to buy one. Which of the following best describes what happened?

Accepted Answer

A)  Sally exercised her freedom of choice. 
B)  General Motors exercised its freedom of choice. 
C)  Both General Motors and Sally exercised their freedom of choice. 
D)  This example doesn't relate to freedom of choice. 
E)  Neither General Motors nor Sally exercised their freedom of choice because they were both forced into their respective roles. 
A)  Sally exercised her freedom of choice. 
B)  General Motors exercised its freedom of choice. 
C)  Both General Motors and Sally exercised their freedom of choice. 
D)  This example doesn't relate to freedom of choice. 
E)  Neither General Motors nor Sally exercised their freedom of choice because they were both forced into their respective roles.

Question 8

What can we say about the dollar value of business-to-business (B2B) transactions compared to the dollar value of business-to-consumer (B2C) transactions?

Accepted Answer

A)  B2B transactions have a lower dollar value because there are fewer businesses than there are consumers. 
B)  The dollar value of B2B transactions exceeds that of B2C transactions. 
C)  The dollar value of B2B transactions must equal the dollar value of B2C transactions. 
D)  It is not possible to determine whether the dollar value of B2B transactions is less than or more than the dollar value of B2C transactions because of industrial secrecy. 
E)  It is not possible to determine whether the dollar value of B2B transactions is less than or more than the dollar value of B2C transactions because of data limitations. 
A)  B2B transactions have a lower dollar value because there are fewer businesses than there are consumers. 
B)  The dollar value of B2B transactions exceeds that of B2C transactions. 
C)  The dollar value of B2B transactions must equal the dollar value of B2C transactions. 
D)  It is not possible to determine whether the dollar value of B2B transactions is less than or more than the dollar value of B2C transactions because of industrial secrecy. 
E)  It is not possible to determine whether the dollar value of B2B transactions is less than or more than the dollar value of B2C transactions because of data limitations.

Question 9

Profit is

Accepted Answer

A)  what remains after business expenses are subtracted from business revenues. 
B)  what remains after dividends have been paid to stockholders. 
C)  equal to total revenue minus cash expenses. 
D)  what remains after income taxes have been paid. 
E)  double the amount the company pays in. 
A)  what remains after business expenses are subtracted from business revenues. 
B)  what remains after dividends have been paid to stockholders. 
C)  equal to total revenue minus cash expenses. 
D)  what remains after income taxes have been paid. 
E)  double the amount the company pays in.

Question 10

A differentiating strategy used in monopolistic competition is to use brand names such as Tide and Cheer.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following businesses has a natural monopoly?

Accepted Answer

A)  A provincial electric utility 
B)  Via Rail 
C)  A Chapters bookstore 
D)  Pepsi 
E)  De Beers Diamonds 
A)  A provincial electric utility 
B)  Via Rail 
C)  A Chapters bookstore 
D)  Pepsi 
E)  De Beers Diamonds

Question 12

How does the government justify regulation of business activities? As an owner or manager, do you believe regulation of business is justified? As a consumer?

Accepted Answer

Government justifies the regulation of b

Question 13

What is a "natural" monopoly?

Accepted Answer

A)  One that occurs without any business firm trying to achieve it-that is, it just happens because the business does things right. 
B)  A situation where one company can most efficiently supply all the product or service that is needed by consumers 
C)  One where government finds it "natural" to grant monopoly powers to certain business firms. 
D)  One that occurs when a business firm sets out to achieve a monopoly and no other firm tries to stop it. 
E)  There is no such thing as a natural monopoly. 
A)  One that occurs without any business firm trying to achieve it-that is, it just happens because the business does things right. 
B)  A situation where one company can most efficiently supply all the product or service that is needed by consumers 
C)  One where government finds it "natural" to grant monopoly powers to certain business firms. 
D)  One that occurs when a business firm sets out to achieve a monopoly and no other firm tries to stop it. 
E)  There is no such thing as a natural monopoly.

Question 14

Bailey Wear manufactures children's clothing. The company is able to set its prices higher than its competitors because of the fine material it uses and the attention it pays to the quality of the sewing. Bailey Wear is operating in a competitive environment of

Accepted Answer

A)  monopolistic competition. 
B)  perfect competition. 
C)  oligopolistic competition. 
D)  oligopoly. 
E)  monopoly. 
A)  monopolistic competition. 
B)  perfect competition. 
C)  oligopolistic competition. 
D)  oligopoly. 
E)  monopoly.

Question 15

The Competition Act prohibits resale price maintenance, which occurs when companies refuse to sell their products to discount stores.

Accepted Answer

A) True 
 B)False

Question 16

In a(n) ________, individual firms are small and the number of such firms is large.

Accepted Answer

A)  mixed market 
B)  oligopoly 
C)  perfect competition 
D)  monopoly 
E)  monopolistic competition 
A)  mixed market 
B)  oligopoly 
C)  perfect competition 
D)  monopoly 
E)  monopolistic competition

Question 17

The federal government sold the Lester B. Pearson International Airport in Toronto to a group of entrepreneurs, which then set up the Greater Toronto Airports Authority. This sale is an example of

Accepted Answer

A)  socialism. 
B)  freedom of choice. 
C)  entrepreneurship. 
D)  deregulation. 
E)  privatization. 
A)  socialism. 
B)  freedom of choice. 
C)  entrepreneurship. 
D)  deregulation. 
E)  privatization.

Question 18

Ontario Hydro operates in a situation of

Accepted Answer

A)  monopolistic competition. 
B)  pure competition. 
C)  oligopoly. 
D)  fair competition. 
E)  monopoly. 
A)  monopolistic competition. 
B)  pure competition. 
C)  oligopoly. 
D)  fair competition. 
E)  monopoly.

Question 19

The concept of freedom of choice applies only to buyers of goods and services, not to sellers.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is correct regarding monopolistic competition?

Accepted Answer

A)  There are many competitors in the industry. 
B)  Products are differentiated. 
C)  Competitors can enter and leave the market easily. 
D)  Competitors may be large or small. 
E)  All of these statements are correct. 
A)  There are many competitors in the industry. 
B)  Products are differentiated. 
C)  Competitors can enter and leave the market easily. 
D)  Competitors may be large or small. 
E)  All of these statements are correct.

How does government compete with business in Canada?

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

In a given national market, only five firms make and distribute little red wagons. This illustrates which degree of competition?

Elizabeth wants to set up a consulting business that specializes in mathematical problem solving. Which of the following factors of production would she require?

The private enterprise system guarantees that competition among business firms will be fair.

Describe oligopoly in terms of the number of competitors, ease of entry into the market, similarity of goods/services offered by competing firms, and level of control over price by individual firms. Give an example of a market or industry that is an oligopoly.

After checking out a new car deal at her local GM Canada dealership, Sally decided to buy one. Which of the following best describes what happened?

What can we say about the dollar value of business-to-business (B2B) transactions compared to the dollar value of business-to-consumer (B2C) transactions?

Profit is

A differentiating strategy used in monopolistic competition is to use brand names such as Tide and Cheer.

Which of the following businesses has a natural monopoly?

How does the government justify regulation of business activities? As an owner or manager, do you believe regulation of business is justified? As a consumer?

What is a "natural" monopoly?

Bailey Wear manufactures children's clothing. The company is able to set its prices higher than its competitors because of the fine material it uses and the attention it pays to the quality of the sewing. Bailey Wear is operating in a competitive environment of

The Competition Act prohibits resale price maintenance, which occurs when companies refuse to sell their products to discount stores.

In a(n) ________, individual firms are small and the number of such firms is large.

The federal government sold the Lester B. Pearson International Airport in Toronto to a group of entrepreneurs, which then set up the Greater Toronto Airports Authority. This sale is an example of

Ontario Hydro operates in a situation of

The concept of freedom of choice applies only to buyers of goods and services, not to sellers.

Which of the following is correct regarding monopolistic competition?

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

How does government compete with business in Canada?

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

In a given national market, only five firms make and distribute little red wagons. This illustrates which degree of competition?

Elizabeth wants to set up a consulting business that specializes in mathematical problem solving. Which of the following factors of production would she require?

The private enterprise system guarantees that competition among business firms will be fair.

Describe oligopoly in terms of the number of competitors, ease of entry into the market, similarity of goods/services offered by competing firms, and level of control over price by individual firms. Give an example of a market or industry that is an oligopoly.

After checking out a new car deal at her local GM Canada dealership, Sally decided to buy one. Which of the following best describes what happened?

What can we say about the dollar value of business-to-business (B2B) transactions compared to the dollar value of business-to-consumer (B2C) transactions?

Profit is

A differentiating strategy used in monopolistic competition is to use brand names such as Tide and Cheer.

Which of the following businesses has a natural monopoly?

How does the government justify regulation of business activities? As an owner or manager, do you believe regulation of business is justified? As a consumer?

What is a "natural" monopoly?

Bailey Wear manufactures children's clothing. The company is able to set its prices higher than its competitors because of the fine material it uses and the attention it pays to the quality of the sewing. Bailey Wear is operating in a competitive environment of

The Competition Act prohibits resale price maintenance, which occurs when companies refuse to sell their products to discount stores.

In a(n) ________, individual firms are small and the number of such firms is large.

The federal government sold the Lester B. Pearson International Airport in Toronto to a group of entrepreneurs, which then set up the Greater Toronto Airports Authority. This sale is an example of

Ontario Hydro operates in a situation of

The concept of freedom of choice applies only to buyers of goods and services, not to sellers.

Which of the following is correct regarding monopolistic competition?

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