Question 1

Which of the following best describes the term gross domestic product?

Accepted Answer

A)  Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system 
B)  Conditions of the economic system in which an organization operates 
C)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production 
D)  Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located 
E)  Total quantity of goods and services produced by an economic system 
A)  Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system 
B)  Conditions of the economic system in which an organization operates 
C)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production 
D)  Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located 
E)  Total quantity of goods and services produced by an economic system C

Question 2

________ is the time (from beginning to end)that it takes a firm to accomplish some recurring activity or function.

Accepted Answer

A)  Vertical integration 
B)  Processing time 
C)  Downtime 
D)  Span of control 
E)  Cycle time 
A)  Vertical integration 
B)  Processing time 
C)  Downtime 
D)  Span of control 
E)  Cycle time E

Question 3

What is the national debt?

Accepted Answer

The national debt is the amount of money a country owes its creditors.

Question 4

How might moderate unemployment levels in the general economy affect a company like McDonald's?

Accepted Answer

A)  Most people will be able to afford to eat out and McDonald's will be able to pay lower wages and still attract employees. 
B)  Very few people will be able to afford to eat out,but McDonald's will be able to pay workers less than minimum wage. 
C)  Few people will be able to afford to eat out and McDonald's will have to pay higher wages to attract employees. 
D)  Few people will be able to afford to eat out and McDonald's will be able to pay lower wages and still attract employees. 
E)  Most people will be able to afford to eat out,but McDonald's will have to pay higher wages to attract employees. 
A)  Most people will be able to afford to eat out and McDonald's will be able to pay lower wages and still attract employees. 
B)  Very few people will be able to afford to eat out,but McDonald's will be able to pay workers less than minimum wage. 
C)  Few people will be able to afford to eat out and McDonald's will have to pay higher wages to attract employees. 
D)  Few people will be able to afford to eat out and McDonald's will be able to pay lower wages and still attract employees. 
E)  Most people will be able to afford to eat out,but McDonald's will have to pay higher wages to attract employees.

Question 5

Technology includes

Accepted Answer

A)  human knowledge. 
B)  work methods. 
C)  equipment. 
D)  electronics and telecommunications. 
E)  all of these. 
A)  human knowledge. 
B)  work methods. 
C)  equipment. 
D)  electronics and telecommunications. 
E)  all of these.

Question 6

The real growth rate of the Canadian economic system is the growth rate of GDP adjusted for inflation and changes in the value of a country's currency.

Accepted Answer

A) True 
 B)False

Question 7

GNP is the preferred method of calculating national income and output.

Accepted Answer

A) True 
 B)False

Question 8

Bellan Corp.is a Canadian-owned company that has a manufacturing plant in Germany.Bellan's profits are included in Canadian GNP,but not GDP.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is correct regarding unemployment rates in Canada?

Accepted Answer

A)  Unemployment rates have been fairly stable at about 6 percent for the last 30 years. 
B)  Unemployment rates have been fairly stable at about 2 percent for the last 30 years. 
C)  Unemployment rates for women have been slightly lower than unemployment rates for men during the last 10 years. 
D)  The government did not keep track of unemployment rates for women until the 1980s. 
E)  The unemployment rate for women is about half the unemployment rate for men. 
A)  Unemployment rates have been fairly stable at about 6 percent for the last 30 years. 
B)  Unemployment rates have been fairly stable at about 2 percent for the last 30 years. 
C)  Unemployment rates for women have been slightly lower than unemployment rates for men during the last 10 years. 
D)  The government did not keep track of unemployment rates for women until the 1980s. 
E)  The unemployment rate for women is about half the unemployment rate for men.

Question 10

How does GNP differ from GDP? Give an example of a product that would be included in Canada's GNP,but not its GDP.

Accepted Answer

A nation's gross national product (GNP)m

Question 11

How does the national debt affect economic growth?

Accepted Answer

A country's national debt is the amount

Question 12

The major cigarette companies have been experiencing a decline in sales due to the overall decrease in smoking across Canada in recent years.These companies are being affected by which dimension of their external environment?

Accepted Answer

A)  Technological 
B)  Global 
C)  Business 
D)  Socio-cultural 
E)  Economic 
A)  Technological 
B)  Global 
C)  Business 
D)  Socio-cultural 
E)  Economic

Question 13

Company A and Company F have been in direct competition for years selling four-ply tissue paper.Recently,an announcement was made of a merger between the two companies.This would be a _______.

Accepted Answer

A)  reverse merger 
B)  joint venture 
C)  vertical merger 
D)  friendly takeover 
E)  horizontal merger 
A)  reverse merger 
B)  joint venture 
C)  vertical merger 
D)  friendly takeover 
E)  horizontal merger

Question 14

Canada's annual deficits during the past few years have been in the $100 billion range.

Accepted Answer

A) True 
 B)False

Question 15

If,on average,it takes one Canadian worker and one Canadian dollar to make 10 soccer balls in an 8-hour work day,we can measure Canada's ________.

Accepted Answer

A)  balance of trade 
B)  GDP 
C)  productivity 
D)  GNP 
E)  GNP and productivity 
A)  balance of trade 
B)  GDP 
C)  productivity 
D)  GNP 
E)  GNP and productivity

Question 16

Canada's GDP per capita is approximately

Accepted Answer

A)  $15,000. 
B)  $35,000. 
C)  $38,000. 
D)  $46,000. 
E)  $56,000. 
A)  $15,000. 
B)  $35,000. 
C)  $38,000. 
D)  $46,000. 
E)  $56,000.

Question 17

The Organic Trade Association partnered with Free Range Graphics to produce a 5-minute on-line spoof of the latest Star Wars movie.The film was then passed around the internet by consumers who favour organic foods.This is an example of

Accepted Answer

A)  a strategic alliance. 
B)  viral marketing. 
C)  outsourcing. 
D)  business process management. 
E)  none of these. 
A)  a strategic alliance. 
B)  viral marketing. 
C)  outsourcing. 
D)  business process management. 
E)  none of these.

Question 18

While no single firm can control the environment,managers should not simply react to change; they should be proactive and at least try to influence their environment.

Accepted Answer

A) True 
 B)False

Question 19

Brown Inc.cuts and packages paper for photocopiers and printers.It merges with Yellow Inc.(a paper mill)in order to reduce the risk of a paper shortage.This is an example of a

Accepted Answer

A)  poison pill merger. 
B)  enterprise merger. 
C)  friendly takeover bid. 
D)  hostile takeover. 
E)  vertical merger. 
A)  poison pill merger. 
B)  enterprise merger. 
C)  friendly takeover bid. 
D)  hostile takeover. 
E)  vertical merger.

Question 20

GDP includes the total value of goods and services produced within a given period by a national economy through domestic factors of production.

Accepted Answer

A) True 
 B)False

Which of the following best describes the term gross domestic product?

________ is the time (from beginning to end)that it takes a firm to accomplish some recurring activity or function.

What is the national debt?

How might moderate unemployment levels in the general economy affect a company like McDonald's?

Technology includes

The real growth rate of the Canadian economic system is the growth rate of GDP adjusted for inflation and changes in the value of a country's currency.

GNP is the preferred method of calculating national income and output.

Bellan Corp.is a Canadian-owned company that has a manufacturing plant in Germany.Bellan's profits are included in Canadian GNP,but not GDP.

Which of the following is correct regarding unemployment rates in Canada?

How does GNP differ from GDP? Give an example of a product that would be included in Canada's GNP,but not its GDP.

How does the national debt affect economic growth?

The major cigarette companies have been experiencing a decline in sales due to the overall decrease in smoking across Canada in recent years.These companies are being affected by which dimension of their external environment?

Company A and Company F have been in direct competition for years selling four-ply tissue paper.Recently,an announcement was made of a merger between the two companies.This would be a _______.

Canada's annual deficits during the past few years have been in the $100 billion range.

If,on average,it takes one Canadian worker and one Canadian dollar to make 10 soccer balls in an 8-hour work day,we can measure Canada's ________.

Canada's GDP per capita is approximately

The Organic Trade Association partnered with Free Range Graphics to produce a 5-minute on-line spoof of the latest Star Wars movie.The film was then passed around the internet by consumers who favour organic foods.This is an example of

While no single firm can control the environment,managers should not simply react to change; they should be proactive and at least try to influence their environment.

Brown Inc.cuts and packages paper for photocopiers and printers.It merges with Yellow Inc.(a paper mill)in order to reduce the risk of a paper shortage.This is an example of a

GDP includes the total value of goods and services produced within a given period by a national economy through domestic factors of production.

Understanding the Canadian Business System

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 2: Understanding the Environments of Business

Which of the following best describes the term gross domestic product?

________ is the time (from beginning to end)that it takes a firm to accomplish some recurring activity or function.

What is the national debt?

How might moderate unemployment levels in the general economy affect a company like McDonald's?

Technology includes

The real growth rate of the Canadian economic system is the growth rate of GDP adjusted for inflation and changes in the value of a country's currency.

GNP is the preferred method of calculating national income and output.

Bellan Corp.is a Canadian-owned company that has a manufacturing plant in Germany.Bellan's profits are included in Canadian GNP,but not GDP.

Which of the following is correct regarding unemployment rates in Canada?

How does GNP differ from GDP? Give an example of a product that would be included in Canada's GNP,but not its GDP.

How does the national debt affect economic growth?

The major cigarette companies have been experiencing a decline in sales due to the overall decrease in smoking across Canada in recent years.These companies are being affected by which dimension of their external environment?

Company A and Company F have been in direct competition for years selling four-ply tissue paper.Recently,an announcement was made of a merger between the two companies.This would be a _______.

Canada's annual deficits during the past few years have been in the $100 billion range.

If,on average,it takes one Canadian worker and one Canadian dollar to make 10 soccer balls in an 8-hour work day,we can measure Canada's ________.

Canada's GDP per capita is approximately

The Organic Trade Association partnered with Free Range Graphics to produce a 5-minute on-line spoof of the latest Star Wars movie.The film was then passed around the internet by consumers who favour organic foods.This is an example of

While no single firm can control the environment,managers should not simply react to change; they should be proactive and at least try to influence their environment.

Brown Inc.cuts and packages paper for photocopiers and printers.It merges with Yellow Inc.(a paper mill)in order to reduce the risk of a paper shortage.This is an example of a

GDP includes the total value of goods and services produced within a given period by a national economy through domestic factors of production.

Understanding the Canadian Business System

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