Question 1

A monopoly occurs when there is a single seller for a product or service.

Accepted Answer

A) True 
 B)False

Question 2

Explain how prices are determined in a free-market economy.

Accepted Answer

In a free-market economy prices are dete

Question 3

looks at the behaviour of individual people and organizations in specific markets.

Accepted Answer

A) Finite economics 
B) Microeconomics 
C) Nanoeconomics 
D) Macroeconomics 
A) Finite economics 
B) Microeconomics 
C) Nanoeconomics 
D) Macroeconomics

Question 4

Adam Smith believed that an economic system couldn't truly prosper unless people were taught to value the welfare of others above their own personal gain.

Accepted Answer

A) True 
 B)False

Question 5

Canada has a mixed economy,like most other countries in the world.Explain what the term mixed economy means & what the benefits are.

Accepted Answer

A mixed economy is one that is part capi

Question 6

The government of Nexico has made progress in its efforts to bring Nexico's rapid inflation under control.Although prices are still rising,the rate of increase has slowed considerably.This suggests that Nexico currently is experiencing disinflation.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following people would tend to favour a socialist economy?

Accepted Answer

A) Dann wants to live in a country with low marginal tax rates. 
B) Liz wants to live in a country with limited government regulation. 
C) Robin wants to live in a country that encourages rapid economic growth. 
D) Dwayne prefers to live in a country that promotes social equality. 
A) Dann wants to live in a country with low marginal tax rates. 
B) Liz wants to live in a country with limited government regulation. 
C) Robin wants to live in a country that encourages rapid economic growth. 
D) Dwayne prefers to live in a country that promotes social equality.

Question 8

Which of the following results would be the clearest indication that an economy was experiencing deflation?

Accepted Answer

A) a decrease in the unemployment rate 
B) an increase in the PPI 
C) a decrease in the CPI 
D) a decrease in GDP 
A) a decrease in the unemployment rate 
B) an increase in the PPI 
C) a decrease in the CPI 
D) a decrease in GDP

Question 9

A(n)_______curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

Accepted Answer

A) Laffer 
B) utility 
C) demand 
D) supply 
A) Laffer 
B) utility 
C) demand 
D) supply

Question 10

A major benefit of socialism is assumed to be its:

Accepted Answer

A) emphasis on low tax rates. 
B) ability to create strong incentives to work hard. 
C) emphasis on social equality. 
D) ability to stimulate rapid economic growth. 
A) emphasis on low tax rates. 
B) ability to create strong incentives to work hard. 
C) emphasis on social equality. 
D) ability to stimulate rapid economic growth.

Question 11

The market price of apples is currently rising.In a free-market economy,the most likely explanation of this price change is that:

Accepted Answer

A) there is a shortage in the market for apples. 
B) the supply of money has decreased. 
C) the equilibrium price is lower than the market price. 
D) the government has decided to set a higher price so that the firms in the market make an adequate profit. 
A) there is a shortage in the market for apples. 
B) the supply of money has decreased. 
C) the equilibrium price is lower than the market price. 
D) the government has decided to set a higher price so that the firms in the market make an adequate profit.

Question 12

Three of the major indicators of the economic condition of Canada are the gross domestic product (GDP),the price indices,and the:

Accepted Answer

A) unemployment rate. 
B) debt to equity ratio (DER). 
C) index of capital formation. 
D) gross resource utilization index (GRUI). 
A) unemployment rate. 
B) debt to equity ratio (DER). 
C) index of capital formation. 
D) gross resource utilization index (GRUI).

Question 13

A supply curve indicates the relationship between ___ and the quantity supplied.

Accepted Answer

A) price 
B) demand 
C) supply 
D) utility 
A) price 
B) demand 
C) supply 
D) utility

Question 14

One of the greatest concerns associated with capitalism is that:

Accepted Answer

A) producers are unlikely to supply the goods and services that consumers value the most. 
B) it is not very successful at creating wealth. 
C) the amount of economic freedom enjoyed by consumers is very limited. 
D) some businesspeople may let greed guide their behaviour. 
A) producers are unlikely to supply the goods and services that consumers value the most. 
B) it is not very successful at creating wealth. 
C) the amount of economic freedom enjoyed by consumers is very limited. 
D) some businesspeople may let greed guide their behaviour.

Question 15

Communism is an economic system in which:

Accepted Answer

A) all or most of the productive resources are owned by private businesses. 
B) the government and private citizens own equal shares of the economic resources. 
C) the government makes most of the major economic decisions. 
D) individual consumers make all economic decisions. 
A) all or most of the productive resources are owned by private businesses. 
B) the government and private citizens own equal shares of the economic resources. 
C) the government makes most of the major economic decisions. 
D) individual consumers make all economic decisions.

Question 16

The higher the productivity is,the higher the costs of production are likely to be.

Accepted Answer

A) True 
 B)False

Question 17

The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:

Accepted Answer

A) perfect competition. 
B) monopolistic competition. 
C) an oligopoly. 
D) a monopoly. 
A) perfect competition. 
B) monopolistic competition. 
C) an oligopoly. 
D) a monopoly.

Question 18

Market price is determined only by supply.

Accepted Answer

A) True 
 B)False

Question 19

Supporters of a free market would argue that because supply and demand interactions determine prices,there is no need for government involvement or planning.

Accepted Answer

A) True 
 B)False

Question 20

The Canadian economic system can be described as a:

Accepted Answer

A) communist economy. 
B) socialist economy. 
C) mixed economy. 
D) capitalist economy. 
A) communist economy. 
B) socialist economy. 
C) mixed economy. 
D) capitalist economy.

A monopoly occurs when there is a single seller for a product or service.

Explain how prices are determined in a free-market economy.

looks at the behaviour of individual people and organizations in specific markets.

Adam Smith believed that an economic system couldn't truly prosper unless people were taught to value the welfare of others above their own personal gain.

Canada has a mixed economy,like most other countries in the world.Explain what the term mixed economy means & what the benefits are.

The government of Nexico has made progress in its efforts to bring Nexico's rapid inflation under control.Although prices are still rising,the rate of increase has slowed considerably.This suggests that Nexico currently is experiencing disinflation.

Which of the following people would tend to favour a socialist economy?

Which of the following results would be the clearest indication that an economy was experiencing deflation?

A(n)_______curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

A major benefit of socialism is assumed to be its:

The market price of apples is currently rising.In a free-market economy,the most likely explanation of this price change is that:

Three of the major indicators of the economic condition of Canada are the gross domestic product (GDP),the price indices,and the:

A supply curve indicates the relationship between ___ and the quantity supplied.

One of the greatest concerns associated with capitalism is that:

Communism is an economic system in which:

The higher the productivity is,the higher the costs of production are likely to be.

The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:

Market price is determined only by supply.

Supporters of a free market would argue that because supply and demand interactions determine prices,there is no need for government involvement or planning.

The Canadian economic system can be described as a:

The Dynamic Business Environment

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters

Exam 2: How Economic Issues Affect Business

A monopoly occurs when there is a single seller for a product or service.

Explain how prices are determined in a free-market economy.

looks at the behaviour of individual people and organizations in specific markets.

Adam Smith believed that an economic system couldn't truly prosper unless people were taught to value the welfare of others above their own personal gain.

Canada has a mixed economy,like most other countries in the world.Explain what the term mixed economy means & what the benefits are.

The government of Nexico has made progress in its efforts to bring Nexico's rapid inflation under control.Although prices are still rising,the rate of increase has slowed considerably.This suggests that Nexico currently is experiencing disinflation.

Which of the following people would tend to favour a socialist economy?

Which of the following results would be the clearest indication that an economy was experiencing deflation?

A(n)_______curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

A major benefit of socialism is assumed to be its:

The market price of apples is currently rising.In a free-market economy,the most likely explanation of this price change is that:

Three of the major indicators of the economic condition of Canada are the gross domestic product (GDP),the price indices,and the:

A supply curve indicates the relationship between ___ and the quantity supplied.

One of the greatest concerns associated with capitalism is that:

Communism is an economic system in which:

The higher the productivity is,the higher the costs of production are likely to be.

The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:

Market price is determined only by supply.

Supporters of a free market would argue that because supply and demand interactions determine prices,there is no need for government involvement or planning.

The Canadian economic system can be described as a:

The Dynamic Business Environment

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters