Question 1

Which of the following statements is most correct with respect to government in its role as regulator?

Accepted Answer

A)  Business complains that the Competition Bureau is too slow in approving or denying merger plans. 
B)  The government really has very little power in its role as regulator. 
C)  Because of the move toward deregulation,federal and provincial governments have become less and less involved in regulating business activity. 
D)  The main areas of government regulation of business are achieving social goals,protecting consumers,and providing assistance to small business firms. 
E)  Studies have shown that government regulation reduces the effectiveness of business firms. 
A)  Business complains that the Competition Bureau is too slow in approving or denying merger plans. 
B)  The government really has very little power in its role as regulator. 
C)  Because of the move toward deregulation,federal and provincial governments have become less and less involved in regulating business activity. 
D)  The main areas of government regulation of business are achieving social goals,protecting consumers,and providing assistance to small business firms. 
E)  Studies have shown that government regulation reduces the effectiveness of business firms.

Question 2

The Industrial Revolution refers to

Accepted Answer

A)  fur and fishing industry in Canada in the 1500s. 
B)  a major change in the production of goods that began in England in the mid 1700s. 
C)  development of the entrepreneurial era. 
D)  development of the internet era. 
E)  none of the above. 
A)  fur and fishing industry in Canada in the 1500s. 
B)  a major change in the production of goods that began in England in the mid 1700s. 
C)  development of the entrepreneurial era. 
D)  development of the internet era. 
E)  none of the above.

Question 3

Why did businesses adopt the marketing approach?

Accepted Answer

A)  Mass markets required mass advertising,which is what marketing does. 
B)  There was pent-up demand after World War II. 
C)  Competition between businesses became greater than ever. 
D)  Production costs got to be about as low as they were going to get,thus profit would not improve. 
E)  The competition for sales representatives increased as employees became very intense. 
A)  Mass markets required mass advertising,which is what marketing does. 
B)  There was pent-up demand after World War II. 
C)  Competition between businesses became greater than ever. 
D)  Production costs got to be about as low as they were going to get,thus profit would not improve. 
E)  The competition for sales representatives increased as employees became very intense.

Question 4

Able Manufacturing is very good at making kitchen utensils.However,it wants to ensure that its products will always be profitable.What should it do?

Accepted Answer

A)  Hire the finest sales representatives to sell what it makes 
B)  Determine customer needs and focus its product lines to fill those needs 
C)  Lower the costs of production so the products are always profitable 
D)  Change its product lines to fit what its management thinks customers want 
E)  Try charging a lot of money for its products in the hope that it will result in snob appeal 
A)  Hire the finest sales representatives to sell what it makes 
B)  Determine customer needs and focus its product lines to fill those needs 
C)  Lower the costs of production so the products are always profitable 
D)  Change its product lines to fit what its management thinks customers want 
E)  Try charging a lot of money for its products in the hope that it will result in snob appeal

Question 5

An economic system allocates a nation's resources among its citizens.

Accepted Answer

A) True 
 B)False

Question 6

The key difference between economic systems is

Accepted Answer

A)  the structure of government. 
B)  the management of capital and labour. 
C)  the management of the factors of production. 
D)  who controls the banks. 
E)  who controls large industries like steel and auto manufacturing. 
A)  the structure of government. 
B)  the management of capital and labour. 
C)  the management of the factors of production. 
D)  who controls the banks. 
E)  who controls large industries like steel and auto manufacturing.

Question 7

Human resources are a factor of production.

Accepted Answer

A) True 
 B)False

Question 8

In economic terms,a "market" is

Accepted Answer

A)  available in capitalist nations,but not in communist nations. 
B)  located where buyers can most easily access it. 
C)  the physical location (for example,a grocery store)where exchanges take place between buyers and sellers. 
D)  an exchange process between sellers and buyers. 
E)  all of these 
A)  available in capitalist nations,but not in communist nations. 
B)  located where buyers can most easily access it. 
C)  the physical location (for example,a grocery store)where exchanges take place between buyers and sellers. 
D)  an exchange process between sellers and buyers. 
E)  all of these

Question 9

An economic system that permits private ownership and control of small businesses but where the government controls large critical industries is known as

Accepted Answer

A)  a mixed economy. 
B)  socialism. 
C)  communism. 
D)  capitalism. 
E)  mercantilism. 
A)  a mixed economy. 
B)  socialism. 
C)  communism. 
D)  capitalism. 
E)  mercantilism.

Question 10

Capital is the reward which the owners of a business receive for taking the risks of investing their money and time.

Accepted Answer

A) True 
 B)False

Question 11

List the four elements required in a private enterprise system.

Accepted Answer

Private property,fre

Question 12

There are more command economies in the world now than there were 30 years ago.

Accepted Answer

A) True 
 B)False

Question 13

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 14

A charitable organization is classified as a business firm if it provides physical goods,but not if it provides only services.

Accepted Answer

A) True 
 B)False

Question 15

Discuss the benefits and drawback of each type of economic system.In which economic system would you prefer to work,and why?

Accepted Answer

market economy-is mo

Question 16

Canada is home to a(n)________ economy.

Accepted Answer

A)  mixed market 
B)  oligopolistic 
C)  socialist 
D)  market 
E)  command 
A)  mixed market 
B)  oligopolistic 
C)  socialist 
D)  market 
E)  command

Question 17

The deregulation trend has slowed down in the aftermath of the recession of 2008.

Accepted Answer

A) True 
 B)False

Question 18

The laissez-faire attitude toward the economy as adopted by the Canadian government was a characteristic of the ________ era.

Accepted Answer

A)  sales and marketing 
B)  finance 
C)  entrepreneurial 
D)  global 
E)  production 
A)  sales and marketing 
B)  finance 
C)  entrepreneurial 
D)  global 
E)  production

Question 19

Describe monopolistic competition 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 characterized by monopolistic competition.

Accepted Answer

In a market characterized by monopolisti

Question 20

The airline,automobile,and steel industries illustrate what type of competition?

Accepted Answer

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

Which of the following statements is most correct with respect to government in its role as regulator?

The Industrial Revolution refers to

Why did businesses adopt the marketing approach?

Able Manufacturing is very good at making kitchen utensils.However,it wants to ensure that its products will always be profitable.What should it do?

An economic system allocates a nation's resources among its citizens.

The key difference between economic systems is

Human resources are a factor of production.

In economic terms,a "market" is

An economic system that permits private ownership and control of small businesses but where the government controls large critical industries is known as

Capital is the reward which the owners of a business receive for taking the risks of investing their money and time.

List the four elements required in a private enterprise system.

There are more command economies in the world now than there were 30 years ago.

Equilibrium in the market is attained when

A charitable organization is classified as a business firm if it provides physical goods,but not if it provides only services.

Discuss the benefits and drawback of each type of economic system.In which economic system would you prefer to work,and why?

Canada is home to a(n)________ economy.

The deregulation trend has slowed down in the aftermath of the recession of 2008.

The laissez-faire attitude toward the economy as adopted by the Canadian government was a characteristic of the ________ era.

Describe monopolistic competition 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 characterized by monopolistic competition.

The airline,automobile,and steel industries illustrate what type of competition?

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

Which of the following statements is most correct with respect to government in its role as regulator?

The Industrial Revolution refers to

Why did businesses adopt the marketing approach?

Able Manufacturing is very good at making kitchen utensils.However,it wants to ensure that its products will always be profitable.What should it do?

An economic system allocates a nation's resources among its citizens.

The key difference between economic systems is

Human resources are a factor of production.

In economic terms,a "market" is

An economic system that permits private ownership and control of small businesses but where the government controls large critical industries is known as

Capital is the reward which the owners of a business receive for taking the risks of investing their money and time.

List the four elements required in a private enterprise system.

There are more command economies in the world now than there were 30 years ago.

Equilibrium in the market is attained when

A charitable organization is classified as a business firm if it provides physical goods,but not if it provides only services.

Discuss the benefits and drawback of each type of economic system.In which economic system would you prefer to work,and why?

Canada is home to a(n)________ economy.

The deregulation trend has slowed down in the aftermath of the recession of 2008.

The laissez-faire attitude toward the economy as adopted by the Canadian government was a characteristic of the ________ era.

Describe monopolistic competition 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 characterized by monopolistic competition.

The airline,automobile,and steel industries illustrate what type of competition?

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