Question 1

Which of the following occurred when the factory system began?

Accepted Answer

A)  All the materials and labour required to produce items in massive quantities were brought to one place. 
B)  The size and economic power of some firms meant that other businesses had difficulty competing against them. 
C)  It produced captains of industry who were interested in meeting the needs of the customer. 
D)  A laissez-faire management process developed. 
E)  Factory workers became owners through ESOPs. 
A)  All the materials and labour required to produce items in massive quantities were brought to one place. 
B)  The size and economic power of some firms meant that other businesses had difficulty competing against them. 
C)  It produced captains of industry who were interested in meeting the needs of the customer. 
D)  A laissez-faire management process developed. 
E)  Factory workers became owners through ESOPs.

Question 2

The development of labour unions and collective bargaining agreements were major elements of the

Accepted Answer

A)  colonial period. 
B)  production era. 
C)  global era. 
D)  entrepreneurial era. 
E)  industrial revolution. 
A)  colonial period. 
B)  production era. 
C)  global era. 
D)  entrepreneurial era. 
E)  industrial revolution.

Question 3

Although workers in socialist countries are usually allowed to choose their occupations,a large proportion generally work for the government.

Accepted Answer

A) True 
 B)False

Question 4

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

Question 5

Which of the following is the best definition of an oligopoly?

Accepted Answer

A)  An industry with only one buyer,but many sellers 
B)  An industry with many buyers and many sellers; sellers have no control over price 
C)  An industry with many buyers,but only one seller 
D)  An industry with only a handful of sellers,most of which are large 
E)  An industry with many buyers and many sellers; sellers have some control over price 
A)  An industry with only one buyer,but many sellers 
B)  An industry with many buyers and many sellers; sellers have no control over price 
C)  An industry with many buyers,but only one seller 
D)  An industry with only a handful of sellers,most of which are large 
E)  An industry with many buyers and many sellers; sellers have some control over price

Question 6

There are three major types of economic systems in existence.Identify and briefly describe them.

Accepted Answer

- command economies: a type in which the

Question 7

An economic system is

Accepted Answer

A)  an agreement between countries that deal with free trade. 
B)  the way in which a nation allocates its resources among its citizens. 
C)  a government decree that requires certain goods and services to be provided. 
D)  a long-standing agreement between citizens and governments on how an economy is run. 
E)  a large government department that oversees how the economy is running. 
A)  an agreement between countries that deal with free trade. 
B)  the way in which a nation allocates its resources among its citizens. 
C)  a government decree that requires certain goods and services to be provided. 
D)  a long-standing agreement between citizens and governments on how an economy is run. 
E)  a large government department that oversees how the economy is running.

Question 8

G.S.T.is considered a regressive tax because

Accepted Answer

A)  food and drugs are often exempt. 
B)  the more a person makes,the lower the rate of sales tax that is applied to that person's purchase. 
C)  it is unfair. 
D)  poorer people pay a higher percentage of their income than richer people. 
E)  it is designed to discourage the purchase of certain products. 
A)  food and drugs are often exempt. 
B)  the more a person makes,the lower the rate of sales tax that is applied to that person's purchase. 
C)  it is unfair. 
D)  poorer people pay a higher percentage of their income than richer people. 
E)  it is designed to discourage the purchase of certain products.

Question 9

Private enterprise requires which four elements to function effectively?

Accepted Answer

A)  Communism,capitalism,socialism,and privatization 
B)  The right to product safety,consumer choice,freedom of information,and no government intervention in business 
C)  Land,labour,capital,and entrepreneurship 
D)  Supply,demand,equilibrium,and monopoly 
E)  Private property rights,freedom of choice,profits,and competition 
A)  Communism,capitalism,socialism,and privatization 
B)  The right to product safety,consumer choice,freedom of information,and no government intervention in business 
C)  Land,labour,capital,and entrepreneurship 
D)  Supply,demand,equilibrium,and monopoly 
E)  Private property rights,freedom of choice,profits,and competition

Question 10

Which of the following is correct regarding monopolistic competition?

Accepted Answer

A)  Prices are similar but products can be differentiated. 
B)  Prices and products are very similar. 
C)  Both products and prices differ from one competitor to the next. 
D)  Prices vary from one competitor to the next,but products are very similar. 
E)  None of these 
A)  Prices are similar but products can be differentiated. 
B)  Prices and products are very similar. 
C)  Both products and prices differ from one competitor to the next. 
D)  Prices vary from one competitor to the next,but products are very similar. 
E)  None of these

Question 11

Which of the following is correct with regard to the communist economic system?

Accepted Answer

A)  The centralized planning emphasis on capital equipment and military hardware has caused declines in the prices of consumer goods. 
B)  Government ownership of the means of production is only temporary. 
C)  Most government-operated enterprises are very efficient because of central planning. 
D)  Overall production expands rapidly because of central planning. 
E)  The government owns and operates all sources of production. 
A)  The centralized planning emphasis on capital equipment and military hardware has caused declines in the prices of consumer goods. 
B)  Government ownership of the means of production is only temporary. 
C)  Most government-operated enterprises are very efficient because of central planning. 
D)  Overall production expands rapidly because of central planning. 
E)  The government owns and operates all sources of production.

Question 12

At the point where the supply curve crosses the demand curve on a graph,it could be said that

Accepted Answer

A)  no profits will be made. 
B)  all products offered for sale will be sold. 
C)  a shortage will result if the price is too low. 
D)  no sales will be made. 
E)  a surplus will result if the price is too low. 
A)  no profits will be made. 
B)  all products offered for sale will be sold. 
C)  a shortage will result if the price is too low. 
D)  no sales will be made. 
E)  a surplus will result if the price is too low.

Question 13

What is likely to happen when demand for a commodity is high?

Accepted Answer

A)  Consumers will try to find substitutes for the commodity. 
B)  The price of the commodity will rise. 
C)  Criminal behaviour increases with regard to the commodity (e.g.,stealing). 
D)  The price of substitute commodities will increase. 
E)  All of these statements are correct. 
A)  Consumers will try to find substitutes for the commodity. 
B)  The price of the commodity will rise. 
C)  Criminal behaviour increases with regard to the commodity (e.g.,stealing). 
D)  The price of substitute commodities will increase. 
E)  All of these statements are correct.

Question 14

Identify and explain the four basic degrees of competition.Provide an example of each.

Accepted Answer

- perfect competition: a market or indus

Question 15

Entrepreneurs are important because they

Accepted Answer

A)  make lots of money. 
B)  are good at making decisions. 
C)  take risks to start new businesses. 
D)  are good managers. 
E)  are rich. 
A)  make lots of money. 
B)  are good at making decisions. 
C)  take risks to start new businesses. 
D)  are good managers. 
E)  are rich.

Question 16

Which of the following is correct with respect to mixed market economies?

Accepted Answer

A)  They have features that are not found in either command or market economies. 
B)  As a result of the fragile world economy,there is a trend toward increased government regulation of business in mixed market economies. 
C)  Very few countries have this type of system. 
D)  There is a trend toward increased government ownership of business in mixed market economies. 
E)  The mixed market economy is the best type of economic system. 
A)  They have features that are not found in either command or market economies. 
B)  As a result of the fragile world economy,there is a trend toward increased government regulation of business in mixed market economies. 
C)  Very few countries have this type of system. 
D)  There is a trend toward increased government ownership of business in mixed market economies. 
E)  The mixed market economy is the best type of economic system.

Question 17

An exchange process between buyers and sellers of a particular good or service is known as

Accepted Answer

A)  a market. 
B)  economic trade. 
C)  mercantilism. 
D)  supply utility. 
E)  bartering. 
A)  a market. 
B)  economic trade. 
C)  mercantilism. 
D)  supply utility. 
E)  bartering.

Question 18

The _________ era was the result of the moving assembly line introduced by Henry Ford.

Accepted Answer

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

Question 19

Which of the following is correct with respect to the issue of government taxation?

Accepted Answer

A)  Progressive revenue taxes are harder on low-income people than on high-income people. 
B)  Revenue taxes are designed primarily to encourage people to buy certain kinds of goods and avoid buying other kinds. 
C)  Restrictive taxes prevent businesses from expanding. 
D)  Regressive revenue taxes are levied at the same rate regardless of a person's income. 
E)  All of the statements are correct. 
A)  Progressive revenue taxes are harder on low-income people than on high-income people. 
B)  Revenue taxes are designed primarily to encourage people to buy certain kinds of goods and avoid buying other kinds. 
C)  Restrictive taxes prevent businesses from expanding. 
D)  Regressive revenue taxes are levied at the same rate regardless of a person's income. 
E)  All of the statements are correct.

Question 20

Explain the terms "command economy" and "market economy".Give an illustration of each.

Accepted Answer

- command: government dominated,governme

Which of the following occurred when the factory system began?

The development of labour unions and collective bargaining agreements were major elements of the

Although workers in socialist countries are usually allowed to choose their occupations,a large proportion generally work for the government.

The Canada Consumer Product Safety Act replaces the

Which of the following is the best definition of an oligopoly?

There are three major types of economic systems in existence.Identify and briefly describe them.

An economic system is

G.S.T.is considered a regressive tax because

Private enterprise requires which four elements to function effectively?

Which of the following is correct regarding monopolistic competition?

Which of the following is correct with regard to the communist economic system?

At the point where the supply curve crosses the demand curve on a graph,it could be said that

What is likely to happen when demand for a commodity is high?

Identify and explain the four basic degrees of competition.Provide an example of each.

Entrepreneurs are important because they

Which of the following is correct with respect to mixed market economies?

An exchange process between buyers and sellers of a particular good or service is known as

The _________ era was the result of the moving assembly line introduced by Henry Ford.

Which of the following is correct with respect to the issue of government taxation?

Explain the terms "command economy" and "market economy".Give an illustration of each.

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

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Exam 1: Understanding the Canadian Business System

Which of the following occurred when the factory system began?

The development of labour unions and collective bargaining agreements were major elements of the

Although workers in socialist countries are usually allowed to choose their occupations,a large proportion generally work for the government.

The Canada Consumer Product Safety Act replaces the

Which of the following is the best definition of an oligopoly?

There are three major types of economic systems in existence.Identify and briefly describe them.

An economic system is

G.S.T.is considered a regressive tax because

Private enterprise requires which four elements to function effectively?

Which of the following is correct regarding monopolistic competition?

Which of the following is correct with regard to the communist economic system?

At the point where the supply curve crosses the demand curve on a graph,it could be said that

What is likely to happen when demand for a commodity is high?

Identify and explain the four basic degrees of competition.Provide an example of each.

Entrepreneurs are important because they

Which of the following is correct with respect to mixed market economies?

An exchange process between buyers and sellers of a particular good or service is known as

The _________ era was the result of the moving assembly line introduced by Henry Ford.

Which of the following is correct with respect to the issue of government taxation?

Explain the terms "command economy" and "market economy".Give an illustration of each.

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