Question 1

What are cabinet members?

Accepted Answer

A) The upper house of Parliament where a bill is passed after it has been approved by the House of Commons 
B) The lower house of Parliament where a bill is passed after it has been approved by the House of Commons 
C) Members of Parliament who are appointed by the House of Commons to oversee an assigned government or department 
D) Members of Parliament who are appointed by the prime minister to oversee an assigned government or department 
A) The upper house of Parliament where a bill is passed after it has been approved by the House of Commons 
B) The lower house of Parliament where a bill is passed after it has been approved by the House of Commons 
C) Members of Parliament who are appointed by the House of Commons to oversee an assigned government or department 
D) Members of Parliament who are appointed by the prime minister to oversee an assigned government or department D

Question 2

_________________ is a type of tax that is considered a value-add tax or a tax that is paid at each steps of the manufacturing process

Accepted Answer

A) Sales Tax 
B) Goods and Services Tax (GST) 
C) Harmonized Sales Tax (HST) 
D) All of the above 
A) Sales Tax 
B) Goods and Services Tax (GST) 
C) Harmonized Sales Tax (HST) 
D) All of the above D

Question 3

Restrictive taxes or regulatory taxes are:

Accepted Answer

A) Primarily aimed at controlling or curbing the increase in prices of the housing prices 
B) Primarily aimed at controlling or curbing the use of specific products or services 
C) Primarily support the purchasing of raw materials from a supplier 
D) Primarily aimed at controlling or curbing public savings 
A) Primarily aimed at controlling or curbing the increase in prices of the housing prices 
B) Primarily aimed at controlling or curbing the use of specific products or services 
C) Primarily support the purchasing of raw materials from a supplier 
D) Primarily aimed at controlling or curbing public savings B

Question 4

What are the potential risks of deregulation?

Accepted Answer

A) Governmental exploitation - that is, a reduction in quality of services provided, increases in taxes, or regulation increases to govern the industry's operation 
B) Business exploitation - that is, a reduction in quality of products provided, increases prices of manufacturing as a result of the reduction in laws governing the business' operations 
C) Non profit exploitation - that is, a reduction in quality of donations being provided, decrease in quality of care provided as a result of the reduction in laws governing the industry's operation 
D) Consumer exploitation - that is, a reduction in quality of the products or services being offered, increases in consumer fees, or price increases as a result of the reduction in laws governing the industry's operation 
A) Governmental exploitation - that is, a reduction in quality of services provided, increases in taxes, or regulation increases to govern the industry's operation 
B) Business exploitation - that is, a reduction in quality of products provided, increases prices of manufacturing as a result of the reduction in laws governing the business' operations 
C) Non profit exploitation - that is, a reduction in quality of donations being provided, decrease in quality of care provided as a result of the reduction in laws governing the industry's operation 
D) Consumer exploitation - that is, a reduction in quality of the products or services being offered, increases in consumer fees, or price increases as a result of the reduction in laws governing the industry's operation

Question 5

Perfect Competition is

Accepted Answer

A) A mixed market economy that affects the prices of products and services 
B) An economic term that exemplifies the demand and supply of products and services 
C) An approach of change that has as its purpose the development of the organization's human capability to implement strategy and to learn from actions taken about the effectiveness of changes made. 
D) A market system where many firms all produce an indistinguishable product or service so that no single producer has the power to affect the price of that product or service 
A) A mixed market economy that affects the prices of products and services 
B) An economic term that exemplifies the demand and supply of products and services 
C) An approach of change that has as its purpose the development of the organization's human capability to implement strategy and to learn from actions taken about the effectiveness of changes made. 
D) A market system where many firms all produce an indistinguishable product or service so that no single producer has the power to affect the price of that product or service

Question 6

Identify at least two risks that have been associated with government nurturing young industries

Accepted Answer

A) Such protection can discourage domestic industry from increasing competition and engaging in innovation 
B) there is a question as to whether consumers are better or worse off from such practices as it comes at the expense of blocking access to cheaper foreign goods or services 
C) a & b 
D) none of the above 
A) Such protection can discourage domestic industry from increasing competition and engaging in innovation 
B) there is a question as to whether consumers are better or worse off from such practices as it comes at the expense of blocking access to cheaper foreign goods or services 
C) a & b 
D) none of the above

Question 7

Identify the two major criticisms of subsidies

Accepted Answer

A) Businesses should be required to manage their costs without external help or "handouts," from the government; they constitute a form of trade barrier, and they create unfair competition. 
B) It maintains a favourable balance of trade; it constitutes fair competition. 
C) A & B 
D) None of the above 
A) Businesses should be required to manage their costs without external help or "handouts," from the government; they constitute a form of trade barrier, and they create unfair competition. 
B) It maintains a favourable balance of trade; it constitutes fair competition. 
C) A & B 
D) None of the above

Question 8

The government is a guardian of society by:

Accepted Answer

A) Collecting taxes from business, acting as charitable organizations, regulating the corporate environment, protecting the environment 
B) Collecting taxes from business, acting as business owners, regulating the business sector and safeguarding Canadian interests in the global context 
C) Collecting taxes from business, acting as business owners, mandating stricter gun laws, preparing ministries for legislation against cruelty to animals 
D) Collecting taxes from business, acting in the best interests of the public, providing welfare, supporting small business with grants 
A) Collecting taxes from business, acting as charitable organizations, regulating the corporate environment, protecting the environment 
B) Collecting taxes from business, acting as business owners, regulating the business sector and safeguarding Canadian interests in the global context 
C) Collecting taxes from business, acting as business owners, mandating stricter gun laws, preparing ministries for legislation against cruelty to animals 
D) Collecting taxes from business, acting in the best interests of the public, providing welfare, supporting small business with grants

Question 9

"Corporate Welfare should not be a public service. Tax dollars should be spent on community services, projects and social programs that provide the greatest benefit to all taxpayers, such as education, health care and national defence." Which argument of government should not be a guardian of business is this referring to?

Accepted Answer

A) Creates dependency 
B) Benefits only a few 
C) Undermines public confidence in politicians 
D) All of the above 
A) Creates dependency 
B) Benefits only a few 
C) Undermines public confidence in politicians 
D) All of the above

Question 10

Businesses should be free to make and sells what they please and, consequently, reflects the notion that government should not interfere with the economic affairs of business. This is referred to as:

Accepted Answer

A) Capitalism 
B) Competition 
C) Laissez Faire 
D) Both B & C 
A) Capitalism 
B) Competition 
C) Laissez Faire 
D) Both B & C

Question 11

Government involvement is necessary due to this type of market system

Accepted Answer

A) Mixed market system 
B) Communistic market system 
C) Imperfect competition 
D) a & b 
A) Mixed market system 
B) Communistic market system 
C) Imperfect competition 
D) a & b

Question 12

Corporate welfare is

Accepted Answer

A) A support mechanism offered by corporations to employees when downsizing 
B) A support mechanism or safety net for individuals who are unemployed 
C) A job creation model meant to justify political agenda 
D) A term used to refer to government assistance given to businesses 
A) A support mechanism offered by corporations to employees when downsizing 
B) A support mechanism or safety net for individuals who are unemployed 
C) A job creation model meant to justify political agenda 
D) A term used to refer to government assistance given to businesses

Question 13

The Canadian economic system has been described as a(n):

Accepted Answer

A) Oligopoly system 
B) Capitalistic system 
C) Communism system 
D) Mixed system 
A) Oligopoly system 
B) Capitalistic system 
C) Communism system 
D) Mixed system

Question 14

____________ is aimed at correcting market failures and inequities that may arise for a variety of reasons, including the case where insufficient competition exists in an industry.

Accepted Answer

A) Deregulation 
B) Regulation 
C) Privatization 
D) None of the above 
A) Deregulation 
B) Regulation 
C) Privatization 
D) None of the above

Question 15

All developed countries have some sort of economic or business enterprise system that determines the following:

Accepted Answer

A) What goods and services are produced and distributed to society 
B) How the goods and services are produced and distributed to society 
C) Who produces and distributes the goods and services to society 
D) A & B only 
A) What goods and services are produced and distributed to society 
B) How the goods and services are produced and distributed to society 
C) Who produces and distributes the goods and services to society 
D) A & B only

Question 16

Why should government not play the role of guardian of business?

Accepted Answer

A) Promotes a political agenda, creates an uneven playing field, benefits only a few, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
B) Promotes a political agenda, creates an even playing field, benefits only a few, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
C) Promotes a political agenda, creates an even playing field, benefits the many, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
D) Promotes a political agenda, creates an uneven playing field, benefits only a few, creates interdependency, contrary to free and open markets, undermines public confidence in business 
A) Promotes a political agenda, creates an uneven playing field, benefits only a few, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
B) Promotes a political agenda, creates an even playing field, benefits only a few, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
C) Promotes a political agenda, creates an even playing field, benefits the many, creates dependency, contrary to free and open markets, undermines public confidence in politicians 
D) Promotes a political agenda, creates an uneven playing field, benefits only a few, creates interdependency, contrary to free and open markets, undermines public confidence in business

Question 17

The CRTC and Canada post are examples of what type of enterprise?

Accepted Answer

A) Social Enterprise 
B) Marketable enterprise 
C) Global Enterprise 
D) Crown Corporation 
A) Social Enterprise 
B) Marketable enterprise 
C) Global Enterprise 
D) Crown Corporation

Question 18

What are the ways governments can provide assistance to businesses?

Accepted Answer

A) Grants 
B) Loans 
C) Subsidies 
D) All of the above 
A) Grants 
B) Loans 
C) Subsidies 
D) All of the above

Question 19

Explain the role of the Governor General

Accepted Answer

A) The holder of executive authority in Canada's government.This person typically plays an active administrative role and must sign bills before they become law. 
B) The holder of executive authority in Canada's government.This person typically plays a passive administrative role and usually follows the advice of the prime minister, but he or she must sign bills before they become law 
C) The holder of executive authority in Canada's government.This person typically plays a passive administrative role and usually follows the advice of the Queen, but he or she must sign bills before they become law 
D) None of the above 
A) The holder of executive authority in Canada's government.This person typically plays an active administrative role and must sign bills before they become law. 
B) The holder of executive authority in Canada's government.This person typically plays a passive administrative role and usually follows the advice of the prime minister, but he or she must sign bills before they become law 
C) The holder of executive authority in Canada's government.This person typically plays a passive administrative role and usually follows the advice of the Queen, but he or she must sign bills before they become law 
D) None of the above

Question 20

___________________is an example of a Crown Corporation.

Accepted Answer

A) LCBO 
B) Canadian National Railway 
C) Air Canada 
D) All of the above 
A) LCBO 
B) Canadian National Railway 
C) Air Canada 
D) All of the above

Exam 9: Section 3: The Leadership Challenge

What are cabinet members?

_________________ is a type of tax that is considered a value-add tax or a tax that is paid at each steps of the manufacturing process

Restrictive taxes or regulatory taxes are:

What are the potential risks of deregulation?

Perfect Competition is

Identify at least two risks that have been associated with government nurturing young industries

Identify the two major criticisms of subsidies

The government is a guardian of society by:

Businesses should be free to make and sells what they please and, consequently, reflects the notion that government should not interfere with the economic affairs of business. This is referred to as:

Government involvement is necessary due to this type of market system

Corporate welfare is

The Canadian economic system has been described as a(n):

____________ is aimed at correcting market failures and inequities that may arise for a variety of reasons, including the case where insufficient competition exists in an industry.

All developed countries have some sort of economic or business enterprise system that determines the following:

Why should government not play the role of guardian of business?

The CRTC and Canada post are examples of what type of enterprise?

What are the ways governments can provide assistance to businesses?

Explain the role of the Governor General

___________________is an example of a Crown Corporation.

Section 2: Economic Forces: Oh Canada, What Is Your Economy Like

Section 3: Economic Forces: Oh Canada, What Is Your Economy Like

Section 4: Economic Forces: Oh Canada, What Is Your Economy Like

Section 5: Economic Forces: Oh Canada, What Is Your Economy Like

Asection 1: Global Forces: How Is Canada Faring in the Global Village

Asection 2: Global Forces: How Is Canada Faring in the Global Village

Asection 3: Global Forces: How Is Canada Faring in the Global Village

Asection 4: Global Forces: How Is Canada Faring in the Global Village

Asection 5: Global Forces: How Is Canada Faring in the Global Village

Section 1: Does It Matter: Society, Ethics and Business

Section 2: Does It Matter: Society, Ethics and Business

Section 3: Does It Matter: Society, Ethics and Business

Section 4: Does It Matter: Society, Ethics and Business

Section 5: Does It Matter: Society, Ethics and Business

Section 1: Strategy: How Do Businesses Generate a Successful Strategy

Section 2: Strategy: How Do Businesses Generate a Successful Strategy

Section 3: Strategy: How Do Businesses Generate a Successful Strategy

Section 4: Strategy: How Do Businesses Generate a Successful Strategy

Section 5: Strategy: How Do Businesses Generate a Successful Strategy

Section 1: The Leadership Challenge

Section 2: The Leadership Challenge

Section 4: The Leadership Challenge

Section 5: The Leadership Challenge

Section 2: Is Sustainability Just a Buzzword

Section 3: Is Sustainability Just a Buzzword

Section 4: Is Sustainability Just a Buzzword

Section 5: Is Sustainability Just a Buzzword

Section 1: The Hard Lesson of Business: Change or Vanish

Section 2: The Hard Lesson of Business: Change or Vanish

Section 3: The Hard Lesson of Business: Change or Vanish

Section 4: The Hard Lesson of Business: Change or Vanish

Section 5: The Hard Lesson of Business: Change or Vanish

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