Question 1

How would a market structure that is most likely to result in higher prices,lower quality,and fewer choices for consumers be classified?

Accepted Answer

A) as a monopoly 
B) as monopolistic competition 
C) as an oligopoly 
D) as pure competition 
A) as a monopoly 
B) as monopolistic competition 
C) as an oligopoly 
D) as pure competition

Question 2

Which economic measure provides the most information about what is happening to prices of consumer goods?

Accepted Answer

A) GDP 
B) CPI 
C) Dow Jones Index 
D) GNP 
A) GDP 
B) CPI 
C) Dow Jones Index 
D) GNP

Question 3

A surprisingly small number of key variables have a significant impact on the performance of the economy.

Accepted Answer

A) True 
 B)False

Question 4

Which structure is used for allocating scarce resources?

Accepted Answer

A) a factor distributor 
B) an econometric plan 
C) the gross domestic product 
D) an economic system 
A) a factor distributor 
B) an econometric plan 
C) the gross domestic product 
D) an economic system

Question 5

Fiscal policy is the government's effort to influence the economy through taxation and spending decisions to encourage growth and boost employment while curbing inflation.

Accepted Answer

A) True 
 B)False

Question 6

The federal government creates regulations that prohibit competition and stimulate consumers to work.

Accepted Answer

A) True 
 B)False

Question 7

In capitalism,what gets produced is largely determined by central government planning.

Accepted Answer

A) True 
 B)False

Question 8

What would be the economic impact on energy prices if low-cost solar power were to become a viable energy source in households across Canada?

Accepted Answer

A) Prices would increase, as this is a new energy source. 
B) Energy costs across the country would increase with adoption of the new energy source. 
C) Housing prices would decrease, as new homes are built with this new energy source. 
D) Prices would decrease, as competition increases in energy production. 
A) Prices would increase, as this is a new energy source. 
B) Energy costs across the country would increase with adoption of the new energy source. 
C) Housing prices would decrease, as new homes are built with this new energy source. 
D) Prices would decrease, as competition increases in energy production.

Question 9

Which of the following describes the government's efforts to influence the economy through taxation and spending decisions designed to encourage growth and boost employment?

Accepted Answer

A) fiscal policy 
B) production policy 
C) monetary policy 
D) pricing policy 
A) fiscal policy 
B) production policy 
C) monetary policy 
D) pricing policy

Question 10

What is one reason why pure market economies are non-existent?

Accepted Answer

A) They result in very high tax rates that undermine incentives. 
B) They don't adequately provide for the sick, the elderly, and the environment. 
C) They are too expensive to maintain. 
D) They don't do enough to encourage entrepreneurship. 
A) They result in very high tax rates that undermine incentives. 
B) They don't adequately provide for the sick, the elderly, and the environment. 
C) They are too expensive to maintain. 
D) They don't do enough to encourage entrepreneurship.

Question 11

Define transformational economic trends and describe the impact they have on today's domestic and international businesses.

Accepted Answer

Changes in key industries hold the poten

Question 12

Which statement best describes the result of competition among businesses?

Accepted Answer

A) It ensures that everyone is a winner. 
B) It drives higher quality and lower prices in capitalism. 
C) It is a primary feature of a communist economic system. 
D) It is consistent with the goals of socialism. 
A) It ensures that everyone is a winner. 
B) It drives higher quality and lower prices in capitalism. 
C) It is a primary feature of a communist economic system. 
D) It is consistent with the goals of socialism.

Question 13

What does the government use to evaluate the impact of inflation?

Accepted Answer

A) the consumer price index (CPI) and producer price index (PPI) 
B) productivity and unemployment 
C) inflation and disinflation 
D) monetary policy and fiscal policy 
A) the consumer price index (CPI) and producer price index (PPI) 
B) productivity and unemployment 
C) inflation and disinflation 
D) monetary policy and fiscal policy

Question 14

What is gross domestic product? How well does it measure what it is intended to measure?

Accepted Answer

Gross domestic product (GDP)is a measure

Question 15

Gross domestic product (GDP)includes the value of output produced within a nation even if that output is produced by a foreign-owned company.

Accepted Answer

A) True 
 B)False

Question 16

Changes in key industries hold the potential to transform a nation's economy.Which of the following changes would most likely create that effect in Canada?

Accepted Answer

A) a cure for cancer 
B) a decreased number of individuals on welfare 
C) a greater number of college graduates with computer science degrees 
D) a new database for accounting 
A) a cure for cancer 
B) a decreased number of individuals on welfare 
C) a greater number of college graduates with computer science degrees 
D) a new database for accounting

Question 17

Economists forecast business needs based on a deep understanding of past choices.

Accepted Answer

A) True 
 B)False

Question 18

While Canada relies heavily on free markets,it is actually a mixed economy in which the government owns several major enterprises and regulates many aspects of business operations.

Accepted Answer

A) True 
 B)False

Question 19

The two key terms relating to the business cycle are contraction and expansion.

Accepted Answer

A) True 
 B)False

Question 20

Market equilibrium identifies the price at which quantity supplied is equal to quantity demanded.

Accepted Answer

A) True 
 B)False

Exam 4: Economics: the Framework for Business

How would a market structure that is most likely to result in higher prices,lower quality,and fewer choices for consumers be classified?

Which economic measure provides the most information about what is happening to prices of consumer goods?

A surprisingly small number of key variables have a significant impact on the performance of the economy.

Which structure is used for allocating scarce resources?

Fiscal policy is the government's effort to influence the economy through taxation and spending decisions to encourage growth and boost employment while curbing inflation.

The federal government creates regulations that prohibit competition and stimulate consumers to work.

In capitalism,what gets produced is largely determined by central government planning.

What would be the economic impact on energy prices if low-cost solar power were to become a viable energy source in households across Canada?

Which of the following describes the government's efforts to influence the economy through taxation and spending decisions designed to encourage growth and boost employment?

What is one reason why pure market economies are non-existent?

Define transformational economic trends and describe the impact they have on today's domestic and international businesses.

Which statement best describes the result of competition among businesses?

What does the government use to evaluate the impact of inflation?

What is gross domestic product? How well does it measure what it is intended to measure?

Gross domestic product (GDP)includes the value of output produced within a nation even if that output is produced by a foreign-owned company.

Changes in key industries hold the potential to transform a nation's economy.Which of the following changes would most likely create that effect in Canada?

Economists forecast business needs based on a deep understanding of past choices.

While Canada relies heavily on free markets,it is actually a mixed economy in which the government owns several major enterprises and regulates many aspects of business operations.

The two key terms relating to the business cycle are contraction and expansion.

Market equilibrium identifies the price at which quantity supplied is equal to quantity demanded.

Business Now: Change Is the Only Constant

Business Communication: Creating and Delivering Messages That Matter

Business Ethics and Social Responsibility: Doing Well by Doing Good

Business Formation: Choosing the Form That Fits

Small Business and Entrepreneurship: Economic Rocket Fuel

Accounting: Decision Making by the Numbers

Finance: Acquiring and Using Funds to Maximize Value

Securities Markets : Trading Financial Resources

Marketing: Building Profitable Customer Connections

Part 1: Product and Promotion: Creating and Communicating Value

Part 2: Product and Promotion: Creating and Communicating Value

Distribution and Pricing: Right Product, right Person, right Place, right Price

Management, motivation, and Leadership: Bringing Business to Life

Human Resource Management: Building a Top-Quality Workforce

Managing Information and Technology: Finding New Ways to Learn and Link

Operations Management: Putting It All Together

The World Marketplace: Business Without Borders

Labour-Management Relations

Business Law

Personal Finance

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