Deck 9: Section 5: The Leadership Challenge

Question 1

Part of the government's aim in offering assistance to business is to encourage innovation

Answer 1

True

Question 2

Regulation 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

Answer 2

True

Question 3

According to the Fraser Institute, there is a great deal of evidence showing that government assistance to business leads to widespread economic growth and job creation.

Answer 3

False

Question 4

Assisting private business by way of bailouts and subsidies is an example of government as guardian of society

Question 5

An example of a restrictive tax is the Harmonized sales tax (HST)

Question 6

A major criticism of subsidies is that they create barriers and unfair competition

Question 7

The highest level of government that governs all Canadian citizens, residents and others across Canada is the Ministry of Defence

Question 8

The government of Canada is organized into three levels of government: Federal, Provincial/Territorial and municipal

Question 9

Government's role as business owner includes the necessity to protect industries that are deemed to be vital to the economy

Question 10

Imperfect competition occurs where there are many firms that produce an indistinguishable product or serve that no single producer has the power to affect the price of that product or service