Question 1

Profit is

Accepted Answer

A)  the market value of shares of stock in a company. 
B)  the level of expenses divided by the firm's assets. 
C)  what remains after business expenses are subtracted from business revenues. 
D)  gross revenue minus taxes a company pays. 
E)  gross sales minus taxes a company pays. 
A)  the market value of shares of stock in a company. 
B)  the level of expenses divided by the firm's assets. 
C)  what remains after business expenses are subtracted from business revenues. 
D)  gross revenue minus taxes a company pays. 
E)  gross sales minus taxes a company pays.

Question 2

Why are sales taxes called regressive taxes?

Accepted Answer

A)  Because food and drugs are often exempt 
B)  Because the more one makes,the lower the rate of sales tax that is applied to one's purchases 
C)  Because poorer people pay a higher percentage of their income than richer people 
D)  Because it applies to sales taxes 
E)  Because they discourage the purchase of some products 
A)  Because food and drugs are often exempt 
B)  Because the more one makes,the lower the rate of sales tax that is applied to one's purchases 
C)  Because poorer people pay a higher percentage of their income than richer people 
D)  Because it applies to sales taxes 
E)  Because they discourage the purchase of some products

Question 3

In an oligopoly,only a handful of sellers compete mainly through product differentiation.

Accepted Answer

A) True 
 B)False

Question 4

What is a "natural" monopoly?

Accepted Answer

A)  One that occurs without any business firm trying to achieve it,i.e.,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 such as consumer products companies 
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,i.e.,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 such as consumer products companies 
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 5

What is the major source of capital for small businesses?

Accepted Answer

A)  Bank loans 
B)  Sale of shares of stock 
C)  Personal investment by owners 
D)  Venture capital firms 
E)  It is not known what the major source of capital is 
A)  Bank loans 
B)  Sale of shares of stock 
C)  Personal investment by owners 
D)  Venture capital firms 
E)  It is not known what the major source of capital is

Question 6

In 2011,the most profitable Canadian companies were all in the ______ industry.

Accepted Answer

A)  banking 
B)  oil 
C)  computer 
D)  automobile 
E)  insurance 
A)  banking 
B)  oil 
C)  computer 
D)  automobile 
E)  insurance

Question 7

Explain how demand and supply work in a capitalist economy.

Accepted Answer

- demand is the willingness and ability

Question 8

Why was Canadian manufacturing slow to develop in the 16th and 17th centuries?

Accepted Answer

A)  Too few manufacturing managers 
B)  Too few buyers of manufactured goods 
C)  Most people were involved in trading of furs 
D)  Most people were involved in farming 
E)  Policy of mercantilism 
A)  Too few manufacturing managers 
B)  Too few buyers of manufactured goods 
C)  Most people were involved in trading of furs 
D)  Most people were involved in farming 
E)  Policy of mercantilism

Question 9

What is socialism?

Accepted Answer

Socialism is a less extensive command sy

Question 10

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 11

If the Canadian Auto Workers (CAW)wanted to bring their interests to government officials,they could hire a lobbyist.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

Suppose the equilibrium point of 5-for-1 Pizza is 2000 pizzas per week and the price is $10.00 per pizza.If the owner decides to make 2200 pizzas and sell them at the same price,what is the likely outcome?

Accepted Answer

A)  The business will have less expenses and also have greater profit. 
B)  The business will have a shortage. 
C)  The business will make more profit. 
D)  The business will have a surplus. 
E)  The business will have less expenses but no more profit. 
A)  The business will have less expenses and also have greater profit. 
B)  The business will have a shortage. 
C)  The business will make more profit. 
D)  The business will have a surplus. 
E)  The business will have less expenses but no more profit.

Question 14

Consider the following statement: "A nation's economic system is its system for allocating its resources among its citizens,both individuals and organizations." What are a nation's "resources",and what important role do they play in a nation's economic system?

Accepted Answer

A nation's resources,often referred to a

Question 15

Explain what happens when the demand curve intersects with the supply curve.

Accepted Answer

At this intersection,we have t

Question 16

Which of the following eras is tied to the prosperity of the 1950s and 1960s?

Accepted Answer

A)  Marketing era 
B)  Industrial Revolution 
C)  Internet era 
D)  Production era 
E)  Entrepreneurial era 
A)  Marketing era 
B)  Industrial Revolution 
C)  Internet era 
D)  Production era 
E)  Entrepreneurial era

Question 17

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 18

Which of the following arrangements of eras most accurately reflects the history of business in Canada,from earliest to most recent?

Accepted Answer

A)  Marketing era,entrepreneurial era,Industrial Revolution,production era,global era,internet era 
B)  Entrepreneurial era,Industrial Revolution,global era,marketing era,internet era,production era 
C)  Industrial Revolution,entrepreneurial era,production era,marketing era,global era,internet era 
D)  Production era,Industrial Revolution,entrepreneurial era,marketing era,global era,internet era 
E)  Industrial Revolution,production era,entrepreneurial era,marketing era,internet era,global era 
A)  Marketing era,entrepreneurial era,Industrial Revolution,production era,global era,internet era 
B)  Entrepreneurial era,Industrial Revolution,global era,marketing era,internet era,production era 
C)  Industrial Revolution,entrepreneurial era,production era,marketing era,global era,internet era 
D)  Production era,Industrial Revolution,entrepreneurial era,marketing era,global era,internet era 
E)  Industrial Revolution,production era,entrepreneurial era,marketing era,internet era,global era

Question 19

A situation where there are many buyers,a lot of product differentiation,and relative ease of entry or exit of the market is known as

Accepted Answer

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

Question 20

Computers B Us is a manufacturer of customized microcomputers.They are able to set their prices higher than competitors because they can assemble a computer to a customer's exact specifications.Computers B Us is operating in a competitive environment of

Accepted Answer

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

Profit is

Why are sales taxes called regressive taxes?

In an oligopoly,only a handful of sellers compete mainly through product differentiation.

What is a "natural" monopoly?

What is the major source of capital for small businesses?

In 2011,the most profitable Canadian companies were all in the ______ industry.

Explain how demand and supply work in a capitalist economy.

Why was Canadian manufacturing slow to develop in the 16th and 17th centuries?

What is socialism?

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.

If the Canadian Auto Workers (CAW)wanted to bring their interests to government officials,they could hire a lobbyist.

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

Suppose the equilibrium point of 5-for-1 Pizza is 2000 pizzas per week and the price is $10.00 per pizza.If the owner decides to make 2200 pizzas and sell them at the same price,what is the likely outcome?

Consider the following statement: "A nation's economic system is its system for allocating its resources among its citizens,both individuals and organizations." What are a nation's "resources",and what important role do they play in a nation's economic system?

Explain what happens when the demand curve intersects with the supply curve.

Which of the following eras is tied to the prosperity of the 1950s and 1960s?

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

Which of the following arrangements of eras most accurately reflects the history of business in Canada,from earliest to most recent?

A situation where there are many buyers,a lot of product differentiation,and relative ease of entry or exit of the market is known as

Computers B Us is a manufacturer of customized microcomputers.They are able to set their prices higher than competitors because they can assemble a computer to a customer's exact specifications.Computers B Us is operating in a competitive environment of

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

Profit is

Why are sales taxes called regressive taxes?

In an oligopoly,only a handful of sellers compete mainly through product differentiation.

What is a "natural" monopoly?

What is the major source of capital for small businesses?

In 2011,the most profitable Canadian companies were all in the ______ industry.

Explain how demand and supply work in a capitalist economy.

Why was Canadian manufacturing slow to develop in the 16th and 17th centuries?

What is socialism?

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.

If the Canadian Auto Workers (CAW)wanted to bring their interests to government officials,they could hire a lobbyist.

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

Suppose the equilibrium point of 5-for-1 Pizza is 2000 pizzas per week and the price is $10.00 per pizza.If the owner decides to make 2200 pizzas and sell them at the same price,what is the likely outcome?

Consider the following statement: "A nation's economic system is its system for allocating its resources among its citizens,both individuals and organizations." What are a nation's "resources",and what important role do they play in a nation's economic system?

Explain what happens when the demand curve intersects with the supply curve.

Which of the following eras is tied to the prosperity of the 1950s and 1960s?

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

Which of the following arrangements of eras most accurately reflects the history of business in Canada,from earliest to most recent?

A situation where there are many buyers,a lot of product differentiation,and relative ease of entry or exit of the market is known as

Computers B Us is a manufacturer of customized microcomputers.They are able to set their prices higher than competitors because they can assemble a computer to a customer's exact specifications.Computers B Us is operating in a competitive environment of

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