Question 1

Global trading has been significantly simplified by the introduction of standardized international laws regulating business organizations.

Accepted Answer

A) True 
 B)False  False

Question 2

The presence of competition in free markets:

Accepted Answer

A)  is undesirable because it results in unnecessary duplication of efforts. 
B)  typically results in better quality and lower prices. 
C)  is rare, since most markets eventually evolve into monopolies. 
D)  is undesirable, because one big firm can usually produce goods more efficiently than a large number of small firms. 
A)  is undesirable because it results in unnecessary duplication of efforts. 
B)  typically results in better quality and lower prices. 
C)  is rare, since most markets eventually evolve into monopolies. 
D)  is undesirable, because one big firm can usually produce goods more efficiently than a large number of small firms. B

Question 3

The Canadian economic system can be described as a:

Accepted Answer

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

Question 4

Managers assess the macro level,the political,social,technological,environmental,and legal changes in their environment.This analysis is commonly referred to as a ________ analysis

Accepted Answer

A)  Competitive 
B)  Five Forces 
C)  Environmental 
D)  PESTEL 
E)  ecological 
A)  Competitive 
B)  Five Forces 
C)  Environmental 
D)  PESTEL 
E)  ecological

Question 5

Economies move and grow as a result of activities of everyone in the following areas:

Accepted Answer

A)  Expenditures 
B)  Savings 
C)  Investments 
D)  Credit 
E)  all of the above 
A)  Expenditures 
B)  Savings 
C)  Investments 
D)  Credit 
E)  all of the above

Question 6

Top management at Universal Products is convinced that the company's major products can be sold in essentially the same way everywhere in the world.This view suggests that Universal's management favours a strategy of global marketing.

Accepted Answer

A) True 
 B)False

Question 7

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Accepted Answer

A) True 
 B)False

Question 8

Canada's aging workforce is poised to impact the employment needs of Canada's energy sector,resulting in what?

Accepted Answer

A)  The cost of visiting Canada by residents of the U.S. is now more expensive than before 
B)  The ability of governments to effectively control economic expansion or contraction 
C)  The increased cost of developing new products and services 
D)  The inability of governments to effectively control economic expansion or contraction 
E)  The need to import skilled and well-educated workers due to a shortage domestically 
A)  The cost of visiting Canada by residents of the U.S. is now more expensive than before 
B)  The ability of governments to effectively control economic expansion or contraction 
C)  The increased cost of developing new products and services 
D)  The inability of governments to effectively control economic expansion or contraction 
E)  The need to import skilled and well-educated workers due to a shortage domestically

Question 9

A continuing rise in prices over a period of time refers to

Accepted Answer

A)  inflation. 
B)  economic expansion. 
C)  a recession. 
D)  economic contraction. 
E)  stagflation. 
A)  inflation. 
B)  economic expansion. 
C)  a recession. 
D)  economic contraction. 
E)  stagflation.

Question 10

Discuss the economic contraction cycle.

Accepted Answer

In periods of economic contraction,a sof

Question 11

The standard of living rises because people have less money to spend.

Accepted Answer

A) True 
 B)False

Question 12

In recent years,productivity in the manufacturing sector of the Canadian economy has been:

Accepted Answer

A)  rising. 
B)  relatively stable. 
C)  falling slowly. 
D)  falling very rapidly. 
A)  rising. 
B)  relatively stable. 
C)  falling slowly. 
D)  falling very rapidly.

Question 13

As managers,we must not only be in tune with the general directions which are occurring,but also with the ______________ which will develop as a result of such increased economic activity and interdependency.

Accepted Answer

A)  Problems 
B)  Threats 
C)  Diseases 
D)  opportunities and threats 
E)  Prospects 
A)  Problems 
B)  Threats 
C)  Diseases 
D)  opportunities and threats 
E)  Prospects

Question 14

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

Accepted Answer

A) True 
 B)False

Question 15

Socio-cultural forces that affect global businesses include customs,language,and religion.

Accepted Answer

A) True 
 B)False

Question 16

When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:

Accepted Answer

A)  total profit earned by producers. 
B)  total amount of labour that will be employed in that market. 
C)  amount of time it takes to bring together the buyers and sellers of the good. 
D)  equilibrium price of the good. 
A)  total profit earned by producers. 
B)  total amount of labour that will be employed in that market. 
C)  amount of time it takes to bring together the buyers and sellers of the good. 
D)  equilibrium price of the good.

Question 17

Harry Cutter is the owner of Harry's Hairy Business,one of a large number of barbershops that compete against each other in the city where Harry lives.Harry has tried to attract more customers by staying open longer hours than most barbershops,and by advertising heavily on local radio to convince people that he offers the best haircuts in town.Harry appears to be operating in an oligopolistic market.

Accepted Answer

A) True 
 B)False

Question 18

Susan Gilles wants to invest in a Tim Horton's franchise but opts not to once she finds out just how much it costs to buy a franchise.She decides to start her own independent coffee shop.She understands the need to differentiate her business from all the other coffee shops,given the type of competition that exists in this industry,which is,

Accepted Answer

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

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

Economic expansion occurs when an economy is growing and people are spending more money.

Accepted Answer

A) True 
 B)False

Global trading has been significantly simplified by the introduction of standardized international laws regulating business organizations.

The presence of competition in free markets:

The Canadian economic system can be described as a:

Managers assess the macro level,the political,social,technological,environmental,and legal changes in their environment.This analysis is commonly referred to as a ________ analysis

Economies move and grow as a result of activities of everyone in the following areas:

Top management at Universal Products is convinced that the company's major products can be sold in essentially the same way everywhere in the world.This view suggests that Universal's management favours a strategy of global marketing.

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Canada's aging workforce is poised to impact the employment needs of Canada's energy sector,resulting in what?

A continuing rise in prices over a period of time refers to

Discuss the economic contraction cycle.

The standard of living rises because people have less money to spend.

In recent years,productivity in the manufacturing sector of the Canadian economy has been:

As managers,we must not only be in tune with the general directions which are occurring,but also with the ______________ which will develop as a result of such increased economic activity and interdependency.

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

Socio-cultural forces that affect global businesses include customs,language,and religion.

When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:

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

Economic expansion occurs when an economy is growing and people are spending more money.

What Is Business

The Global Marketplace

The Environment and Sustainable Business Practices

Ethics and Corporate Social Responsibility

Developing a Business Strategy

Entrepreneurship and Forms of Business Ownership

Developing Your Business Structure and Culture

Managing and Leading the Organizations Talent

The Marketing Challenge

Understanding the Marketing Effort

Technology and Operations Management

Understanding Business Finances

Financial Statements Structure and Interpretation

Analyzing New Business Ventures

Filters

Exam 2: The Canadian Economic Environment

Global trading has been significantly simplified by the introduction of standardized international laws regulating business organizations.

The presence of competition in free markets:

The Canadian economic system can be described as a:

Managers assess the macro level,the political,social,technological,environmental,and legal changes in their environment.This analysis is commonly referred to as a ________ analysis

Economies move and grow as a result of activities of everyone in the following areas:

Top management at Universal Products is convinced that the company's major products can be sold in essentially the same way everywhere in the world.This view suggests that Universal's management favours a strategy of global marketing.

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Canada's aging workforce is poised to impact the employment needs of Canada's energy sector,resulting in what?

A continuing rise in prices over a period of time refers to

Discuss the economic contraction cycle.

The standard of living rises because people have less money to spend.

In recent years,productivity in the manufacturing sector of the Canadian economy has been:

As managers,we must not only be in tune with the general directions which are occurring,but also with the ______________ which will develop as a result of such increased economic activity and interdependency.

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

Socio-cultural forces that affect global businesses include customs,language,and religion.

When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:

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

Economic expansion occurs when an economy is growing and people are spending more money.

What Is Business

The Global Marketplace

The Environment and Sustainable Business Practices

Ethics and Corporate Social Responsibility

Developing a Business Strategy

Entrepreneurship and Forms of Business Ownership

Developing Your Business Structure and Culture

Managing and Leading the Organizations Talent

The Marketing Challenge

Understanding the Marketing Effort

Technology and Operations Management

Understanding Business Finances

Financial Statements Structure and Interpretation

Analyzing New Business Ventures

Filters