Question 1

What does the supply curve reflect?

Accepted Answer

The supply curve sho

Question 2

The four main reasons government regulates business activity are: to encourage importing and exporting,to protect consumers,to protect businesses from foreign competition,and to protect the environment.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

What is an entrepreneur?

Accepted Answer

- an individual who organizes and manage

Question 5

In a market with perfect competition

Accepted Answer

A)  buyers and sellers do not know the price structure of the market. 
B)  price is set by supply and demand. 
C)  there are very few sellers. 
D)  firms are relatively large. 
E)  products have very few similarities. 
A)  buyers and sellers do not know the price structure of the market. 
B)  price is set by supply and demand. 
C)  there are very few sellers. 
D)  firms are relatively large. 
E)  products have very few similarities.

Question 6

Which of the following is correct with respect to the production era?

Accepted Answer

A)  It began with the invention of the steam engine. 
B)  The scientific management movement emphasized the management of people through an understanding of the needs they brought to the workplace. 
C)  Mass production increased the available labour pool because many people could be trained to carry out assembly line tasks. 
D)  Workers gained more freedom during the production era. 
E)  None of these statements are accurate. 
A)  It began with the invention of the steam engine. 
B)  The scientific management movement emphasized the management of people through an understanding of the needs they brought to the workplace. 
C)  Mass production increased the available labour pool because many people could be trained to carry out assembly line tasks. 
D)  Workers gained more freedom during the production era. 
E)  None of these statements are accurate.

Question 7

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would most strongly support his contention?

Accepted Answer

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

Question 8

The law of demand states that

Accepted Answer

A)  producers will offer more of a product as the price falls. 
B)  demand and supply meet at an equilibrium point. 
C)  buyers will purchase more of a product as the price falls. 
D)  producers will offer more of a product as the price rises. 
E)  buyers will purchase more of a product as the price rises. 
A)  producers will offer more of a product as the price falls. 
B)  demand and supply meet at an equilibrium point. 
C)  buyers will purchase more of a product as the price falls. 
D)  producers will offer more of a product as the price rises. 
E)  buyers will purchase more of a product as the price rises.

Question 9

In a 2011 study,Forbes magazine ranked 134 countries in terms of how attractive they were to do business in.Where did Canada rank?

Accepted Answer

A)  First 
B)  Second 
C)  Fifth 
D)  Twenty-fifth 
E)  Eighty-seventh 
A)  First 
B)  Second 
C)  Fifth 
D)  Twenty-fifth 
E)  Eighty-seventh

Question 10

A business is an organization that seeks to earn profits by providing goods and services.

Accepted Answer

A) True 
 B)False

Question 11

If the market for chocolate was at the equilibrium point and suddenly half of the chocolate in the world disappeared,what would be the immediate effect?

Accepted Answer

A)  The price would increase due to a shortage. 
B)  The price would decrease due to market equilibrium. 
C)  The price would increase due to a surplus. 
D)  The price would decrease due to a surplus. 
E)  There would be no change in either price or demand. 
A)  The price would increase due to a shortage. 
B)  The price would decrease due to market equilibrium. 
C)  The price would increase due to a surplus. 
D)  The price would decrease due to a surplus. 
E)  There would be no change in either price or demand.

Question 12

Tide,Pepsi,Guess,and Body Shop are all corporations involved in which type of competition?

Accepted Answer

A)  Pure competition 
B)  Oligopoly 
C)  Monopolistic competition 
D)  Equilibrium 
E)  None of these 
A)  Pure competition 
B)  Oligopoly 
C)  Monopolistic competition 
D)  Equilibrium 
E)  None of these

Question 13

The equilibrium price is the profit-maximizing point at which the quantity demanded equals the quantity supplied.

Accepted Answer

A) True 
 B)False

Question 14

Market economies are considered beneficial for small businesses because they

Accepted Answer

A)  provide small businesses with lots of government assistance and protection. 
B)  provide a central economic plan within which small businesses can easily prosper. 
C)  protect small businesses from the power of large corporations. 
D)  allow small businesses to fail. 
E)  allow the business to do whatever it wants as long as it doesn't break the law. 
A)  provide small businesses with lots of government assistance and protection. 
B)  provide a central economic plan within which small businesses can easily prosper. 
C)  protect small businesses from the power of large corporations. 
D)  allow small businesses to fail. 
E)  allow the business to do whatever it wants as long as it doesn't break the law.

Question 15

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would weaken the sales manager's argument?

Accepted Answer

A)  TransCanada's customers are happy with the company's services. 
B)  Shipping costs for the industry have increased since last year. 
C)  TransCanada's employees are dissatisfied with the company's working conditions. 
D)  There has been a slowdown in the industry. 
E)  Most of TransCanada's employees are new to the business. 
A)  TransCanada's customers are happy with the company's services. 
B)  Shipping costs for the industry have increased since last year. 
C)  TransCanada's employees are dissatisfied with the company's working conditions. 
D)  There has been a slowdown in the industry. 
E)  Most of TransCanada's employees are new to the business.

Question 16

The natural resources component of the factors of production includes the physical and mental capabilities of people in the workforce.

Accepted Answer

A) True 
 B)False

Question 17

This week,Jessica's Variety Store had sales of $4,000,employees were paid $1,000,the cost of goods was $1,500,and rent was $500.Profit for the week was

Accepted Answer

A)  $3,000. 
B)  $1,000. 
C)  $4,000. 
D)  $2,000. 
E)  $1,500. 
A)  $3,000. 
B)  $1,000. 
C)  $4,000. 
D)  $2,000. 
E)  $1,500.

Question 18

What are the factors of production? Explain each briefly.

Accepted Answer

- natural resources: items used in the p

Question 19

Sandy is responsible for monitoring compliance with regulations in her company.She needs to know that the important areas of government regulation are

Accepted Answer

A)  protecting competition and upholding environmental regulations. 
B)  protecting social goals,upholding environmental regulations,and protecting shareholder rights. 
C)  protecting competition,protecting consumers,and upholding environmental regulations. 
D)  protecting competition,protecting consumers,protecting social goals,and protecting the environment. 
E)  protecting shareholder rights,and following business law. 
A)  protecting competition and upholding environmental regulations. 
B)  protecting social goals,upholding environmental regulations,and protecting shareholder rights. 
C)  protecting competition,protecting consumers,and upholding environmental regulations. 
D)  protecting competition,protecting consumers,protecting social goals,and protecting the environment. 
E)  protecting shareholder rights,and following business law.

Question 20

A producer of televisions is experiencing difficulty in selling its products.A corporate decision is made to lower the price,anticipating that sales will increase as a result of the lower price.This illustrates

Accepted Answer

A)  the law of supply and demand. 
B)  the law of supply. 
C)  the law of market price. 
D)  the law of demand. 
E)  the law of equilibrium. 
A)  the law of supply and demand. 
B)  the law of supply. 
C)  the law of market price. 
D)  the law of demand. 
E)  the law of equilibrium.

What does the supply curve reflect?

The four main reasons government regulates business activity are: to encourage importing and exporting,to protect consumers,to protect businesses from foreign competition,and to protect the environment.

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

What is an entrepreneur?

In a market with perfect competition

Which of the following is correct with respect to the production era?

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would most strongly support his contention?

The law of demand states that

In a 2011 study,Forbes magazine ranked 134 countries in terms of how attractive they were to do business in.Where did Canada rank?

A business is an organization that seeks to earn profits by providing goods and services.

If the market for chocolate was at the equilibrium point and suddenly half of the chocolate in the world disappeared,what would be the immediate effect?

Tide,Pepsi,Guess,and Body Shop are all corporations involved in which type of competition?

The equilibrium price is the profit-maximizing point at which the quantity demanded equals the quantity supplied.

Market economies are considered beneficial for small businesses because they

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would weaken the sales manager's argument?

The natural resources component of the factors of production includes the physical and mental capabilities of people in the workforce.

This week,Jessica's Variety Store had sales of $4,000,employees were paid $1,000,the cost of goods was $1,500,and rent was $500.Profit for the week was

What are the factors of production? Explain each briefly.

Sandy is responsible for monitoring compliance with regulations in her company.She needs to know that the important areas of government regulation are

A producer of televisions is experiencing difficulty in selling its products.A corporate decision is made to lower the price,anticipating that sales will increase as a result of the lower price.This illustrates

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters

Exam 1: Understanding the Canadian Business System

What does the supply curve reflect?

The four main reasons government regulates business activity are: to encourage importing and exporting,to protect consumers,to protect businesses from foreign competition,and to protect the environment.

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

What is an entrepreneur?

In a market with perfect competition

Which of the following is correct with respect to the production era?

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would most strongly support his contention?

The law of demand states that

In a 2011 study,Forbes magazine ranked 134 countries in terms of how attractive they were to do business in.Where did Canada rank?

A business is an organization that seeks to earn profits by providing goods and services.

If the market for chocolate was at the equilibrium point and suddenly half of the chocolate in the world disappeared,what would be the immediate effect?

Tide,Pepsi,Guess,and Body Shop are all corporations involved in which type of competition?

The equilibrium price is the profit-maximizing point at which the quantity demanded equals the quantity supplied.

Market economies are considered beneficial for small businesses because they

The sales revenues of TransCanada Distributors have increased since last year.The sales manager thinks that as a result the company should now be more profitable.Which of the following would weaken the sales manager's argument?

The natural resources component of the factors of production includes the physical and mental capabilities of people in the workforce.

This week,Jessica's Variety Store had sales of $4,000,employees were paid $1,000,the cost of goods was $1,500,and rent was $500.Profit for the week was

What are the factors of production? Explain each briefly.

Sandy is responsible for monitoring compliance with regulations in her company.She needs to know that the important areas of government regulation are

A producer of televisions is experiencing difficulty in selling its products.A corporate decision is made to lower the price,anticipating that sales will increase as a result of the lower price.This illustrates

Understanding the Environments of Business

Conducting Business Ethically and Responsibly

Understanding Entrepreneurship, small Business, and New Venture Creation

The Global Context of Business

Managing the Business Enterprise

Managing Human Resources

Understanding Labourmanagement Relations

Motivating and Leading Employees

Producing Goods and Services

Increasing Productivity and Quality

Managing Information Systems and Communication Technology

Understanding Accounting Issues

Understanding Marketing Processes and Consumer Behaviour

Developing and Promoting Goods and Services

Pricing and Distributing Goods and Services

Understanding Money and Banking

Understanding Securities and Investments

Financial Decisions and Risk Management

Filters