Question 1

Tom, a real estate agent, wants to convince a potential customer where the price should be set to sell their home. Tom could use a

Accepted Answer

A)  variable cost curve. 
B)  demand and supply schedule. 
C)  supply curve. 
D)  demand curve. 
E)  property analysis.

Question 2

Mexico allows producers and consumers to make production and allocation decisions through the mechanism of supply and demand. Such a system is called

Accepted Answer

A)  socialism. 
B)  communism. 
C)  privatization. 
D)  nationalization. 
E)  a market economy.

Question 3

An oligopoly exists when firms in an industry are so small and numerous that no one is powerful enough to dominate the market.

Accepted Answer

A) True 
 B)False

Question 4

The Gap makes their products appear to be slightly different from those of their competitors by tactics such as brand names. Their degree of competition is

Accepted Answer

A)  pure competition. 
B)  oligopoly. 
C)  monopoly. 
D)  monopolistic competition. 
E)  none of these.

Question 5

The market for clothing is best characterized as monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 6

How does Canada's supply management system work?

Accepted Answer

The answer of How does Canada's supply management system work?...

Question 7

John lives in a country where producers and consumers control production, and where allocation decisions are made through the mechanism of supply and demand. John lives in a country with a ________ economy.

Accepted Answer

A)  privatized 
B)  socialist 
C)  communist 
D)  market 
E)  nationalized

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

China's constitution has been amended to legitimate private enterprise.

Accepted Answer

A) True 
 B)False

Exam 1: Understanding the Canadian Business System

Tom, a real estate agent, wants to convince a potential customer where the price should be set to sell their home. Tom could use a

Mexico allows producers and consumers to make production and allocation decisions through the mechanism of supply and demand. Such a system is called

An oligopoly exists when firms in an industry are so small and numerous that no one is powerful enough to dominate the market.

The Gap makes their products appear to be slightly different from those of their competitors by tactics such as brand names. Their degree of competition is

The market for clothing is best characterized as monopolistic competition.

How does Canada's supply management system work?

John lives in a country where producers and consumers control production, and where allocation decisions are made through the mechanism of supply and demand. John lives in a country with a ________ economy.

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

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

China's constitution has been amended to legitimate private enterprise.