Exam 2: Economic Environment

Southern Ontario farmers have found it difficult to go into olive farming because olives imported from Europe are priced so much cheaper. Canadian farmers have to meet various climate challenges to grow olives and thus have higher expenses. Consumers prefer to buy the lower-priced imported olives rather than locally grown olives. The problems that make it unprofitable for an Ontario farmer to profitably become an olive farmer would be considered which of the following?

An increase in the price of crude oil could trigger cost-push inflation.

The implementation of an expansionary policy by the Bank of Canada would result in which of the following?

A country's government combines laws and policies and makes choices to establish the systems that determine what goods and services are produced and how they are allocated. This is referred to as which of the following?

Which of the following organizations sells government securities, raises interest rates, and prints money?

To bring inflation under control, which combination of unemployment and growth may be necessary?

The price of a basket of groceries rises from $30 to $40 but your salary remains the same. This is an example of a decline in which of the following for you, personally?

Which of the following refers to the Bank of Canada's programs for controlling the amount of money in circulation?

Which of the following measures prices paid by producers and wholesalers for commodities, including raw materials and finished products?

Which of the following strategies involves building, maintaining, and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships?

Which of the following is the study of how a society uses scarce resources to produce and distribute goods and services?

Assume the GDP in Argentina increased by 28 percent in 2010. The economists would adjust the current market prices to take into account inflated values. This adjusted GDP is which type of the nation's GDP?

In what type of economy does the government own almost all the resources and economic decision making is centralized?

Canada has separated the power to spend money from the power to create money.

Structural unemployment is unemployment that results from which of the following circumstances?

What are patterns of expansion and contraction in aggregate economic activity, as measured by GDP?

What are the factors of production and why are they important?

Change in the money supply by the Bank of Canada affects which of the following?

When the government cannot balance the budget, what must the government do to make up for the shortfall?

Relationship management includes which of the following?