Exam 1: Exploring the World of Business and Economics

During 2019, Luxury Jewellery Inc. had sales revenues of $1,500,000. This retailer also had expenses that totalled $800,000. What is the firm's profit or loss amount?

If the GDP has decreased in the last two years, which of the following is likely true?

Which of the following industries would most likely have the characteristics of an oligopoly?

The price of gasoline increases by $1 per litre. What is the most likely impact on supply and demand?

The vast majority of businesses in Canada have approximately how many employees?

Canadian businesses contribute to communities in many different ways. Which of the following is NOT one of those ways?

Which of the following scenarios most accurately describes Adam Smith's view of an economic system that best serves the interests of society?

Perfect competition is characterized by which of the following?

As the price of pencils decreases, what are the manufacturers that make and sell pencils likely to do?

Which of the following best demonstrates how studying business can help improve your career?

Merck, a global pharmaceutical company, donates its pharmaceuticals and vaccines in support of disaster relief and emergency situations worldwide through the Merck Medical Outreach Program (MMOP). This is an example of providing which benefit to society?

If you have trouble finding a job because the majority of businesses have falling revenues and profits, you are being impacted by what factor of the business environment?

Which of the following best describes deflation?

An increase in marketing to different ethnic groups of consumers and an expected increase in education spending in Canada are examples of how which type of factors are impacting the business environment?

Exxon Mobil and Shell are two of the relatively few sellers in the oil-refining industry. Due to the tremendous capital investment required to enter this industry, these companies are insulated significantly from the threat of new competitive entrants and thus have considerable control over price. What is this market situation referred to as?

The lawyer for a group of workers at a meat packing plant holds a news conference to discuss the high rate of injury experienced by these workers. This highlights which potential concern about the impact of business on society?

The nationalization of key industries in countries such as Sweden and France is indicative of which type of economy?

Amazon is now one of the top retailers in Canada, even though it does not have any substantial physical retail presence. This illustrates the impact of which type of factors in the business environment?

The Dairy Diner's profits are down from the previous quarter. Which of the following would NOT be an explanation for the decrease in profits?

According to Adam Smith, what should be the role of government in a capitalistic society?