Exam 1: Understanding the Canadian Business System

A few years ago,General Motors decided to develop a new car model.Sally checked it out at her local dealership and decided to buy one.We can conclude that

Helga lives in a country where the government owns and operates selected major industries.The economic system in her country is most likely to be

Barry,a manager,says that if his company's revenue had not increased last year,it would not have been able to increase its profits.What is the flaw in Barry's reasoning?

Why did businesses move from a production orientation to a sales orientation?

Something that would contribute directly to improving labour as a factor of production would be

A surplus in the market is good news for the firm selling a product or service because there are additional customers still trying to purchase the product.

If the market for diamonds were at equilibrium and De Beers increased its prices,people would still demand the same quantity of diamonds.

A nation's economic system is its way of

A demand and supply schedule is derived from market research and other systematic studies of the market.

A demand and supply schedule

The point at which the quantity of a product or service demanded is the same as the quantity supplied is called

A demand curve shows the amount of goods and services a producer will create at different prices.

Which of the following was a characteristic of the sales and marketing eras?

Revenue taxes are levied to control certain activities that legislative bodies believe should be controlled.

In 2011,the top three profit-making companies in Canada were all oil companies.

During which period did mass production reduce duplication of equipment and allow firms to purchase raw materials at better prices?

A GlobeScan poll of 20 000 people in 20 different countries showed that the highest support for capitalism was in the U.S.and the lowest level of support was in India.

Briefly describe the concept of laissez-faire.

Which of the following best illustrates specialization of labour?

"All the different economic systems of the world are moving toward a mixed economy with elements of a planned economy and of a market economy." Agree or disagree and support your position.