Question 1

Inflation refers to a general rise in the prices of goods and services over time.

Accepted Answer

A) True 
 B)False

Question 2

Bigbux is a major producer of whatsits,but it faces competition in the whatsit market from three other major producers.Together,Bigbux and its three large rivals control almost the entire supply of whatsits.The type of market Bigbux is in is called:

Accepted Answer

A)   oligopoly.
B)   duopoly.
C)   monopolistic competition.
D)   quasi-monopoly.E) A) and B)
F) A) and C)

Question 3

In the long run,the actual market price tends to adjust toward the equilibrium price.

Accepted Answer

A) True 
 B)False

Question 4

Efficient currency exchange markets have eliminated countertrade in global business transactions.

Accepted Answer

A) True 
 B)False

Question 5

The danger with geographic clustering occurs when such distinctness occurs at the broader macro level,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 domesticallyF) B) and D)
G) A) and E)

Question 6

Daily changes are influenced by both controllable and non-controllable factors.In many cases,these changes can be the result of broader _________ forces beyond a specific industry.

Accepted Answer

A)   micro-economic
B)   macro-economic
C)   Business
D)   National
E)   InternationalF) C) and D)
G) A) and D)

Question 7

Paula,a Canadian businessperson who closely follows international business conditions,recently read a newspaper article predicting that the value of the dollar will soon fall.If this article is correct,Paula should expect:

Accepted Answer

A)   prices of imported goods to rise, and prices of Canadian goods sold overseas to rise as well.
B)   prices of imported goods to rise, but prices of Canadian goods sold overseas to fall.
C)   prices of imported goods to fall, and prices of Canadian goods sold overseas to fall as well.
D)   prices of imported goods to fall, but prices of Canadian goods sold overseas to rise.E) A) and D)
F) A) and C)

Question 8

In a mixed economy,the government's goal is to grow the economy and maintain some measure of social equality.

Accepted Answer

A) True 
 B)False

Question 9

In capitalist countries,the government decides what to produce and how the goods and services will be produced.

Accepted Answer

A) True 
 B)False

Question 10

Describe and briefly discuss the allowance for private ownership and entrepreneurship.

Accepted Answer

This principle refers to the openness of...

Question 11

Discuss the contributing factors to Canada's Economic Development.

Accepted Answer

In assessing Canada,with regards to thes...

Question 12

Countries that rely on a free market system often are plagued by persistent shortages or surpluses of goods and services.

Accepted Answer

A) True 
 B)False

Question 13

Discuss what type of economic system Canada demonstrates and what this means for government control.

Accepted Answer

Canada,like most fully-developed economi...

Question 14

Why is it important for managers to understand trends which are occurring within the economic market?

Accepted Answer

A)   help managers have confidence in outlaying investments
B)   design business strategy
C)   pose opportunities and challenges to the livelihood of businesses
D)   develop products that customers will want
E)   help managers to predict future demandF) A) and C)
G) A) and B)

Question 15

Hennessy Hardware,a Canadian retailer,buys much of its inventory from Asian countries.Hennessy Hardware would benefit if the value of the dollar ________ relative to the currencies of the countries from which Hennessy imports.

Accepted Answer

A)   rose
B)   fell
C)   remained constant
D)   floated unpredictablyE) All of the above
F) C) and D)

Question 16

Productivity and its resulting economic activity is predicated on the following fundamental factor:

Accepted Answer

A)   Expenditures
B)   Savings
C)   Investments
D)   Credit
E)   all of the aboveF) B) and C)
G) All of the above

Question 17

Approximately what percentage of the FDI flowing into Canada comes from the USA?

Accepted Answer

A)   45%
B)   53%
C)   80%
D)   50%
E)   100%F) C) and E)
G) D) and E)

Question 18

Monica notices that just a few big companies produce the vast majority of soft drinks.She would be correct in describing the soft drink industry as an oligopoly.

Accepted Answer

A) True 
 B)False

Question 19

Economists refer to a market in which a few sellers dominate the supply side as monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is NOT one of the prominent trends which Canadian managers will need to assess in order to plan appropriately for their business operations?

Accepted Answer

A)   Currency Exchange Rate Impact
B)   Sustainability and Green Initiatives
C)   Inflation
D)   Geographic Clustering
E)   Large Business EmphasisF) All of the above
G) C) and D)

Exam 2: The Canadian Economic Environment

Bigbux is a major producer of whatsits,but it faces competition in the whatsit market from three other major producers.Together,Bigbux and its three large rivals control almost the entire supply of whatsits.The type of market Bigbux is in is called:

Correct AnswerverifiedShow Answer

Inflation refers to a general rise in the prices of goods and services over time.

Correct AnswerverifiedShow Answer

Discuss the contributing factors to Canada's Economic Development.

Correct AnswerverifiedIn assessing Canada,with regards to thes...View AnswerShow Answer

Describe and briefly discuss the allowance for private ownership and entrepreneurship.

Correct AnswerverifiedThis principle refers to the openness of...View AnswerShow Answer

Monica notices that just a few big companies produce the vast majority of soft drinks.She would be correct in describing the soft drink industry as an oligopoly.

Correct AnswerverifiedShow Answer

Hennessy Hardware,a Canadian retailer,buys much of its inventory from Asian countries.Hennessy Hardware would benefit if the value of the dollar ________ relative to the currencies of the countries from which Hennessy imports.

Correct AnswerverifiedShow Answer

Why is it important for managers to understand trends which are occurring within the economic market?

Correct AnswerverifiedShow Answer

Economists refer to a market in which a few sellers dominate the supply side as monopolistic competition.

Correct AnswerverifiedShow Answer

Productivity and its resulting economic activity is predicated on the following fundamental factor:

Correct AnswerverifiedShow Answer

In the long run,the actual market price tends to adjust toward the equilibrium price.

Correct AnswerverifiedShow Answer

The danger with geographic clustering occurs when such distinctness occurs at the broader macro level,resulting in what?

Correct AnswerverifiedShow Answer

Efficient currency exchange markets have eliminated countertrade in global business transactions.

Correct AnswerverifiedShow Answer

In a mixed economy,the government's goal is to grow the economy and maintain some measure of social equality.

Correct AnswerverifiedShow Answer

Paula,a Canadian businessperson who closely follows international business conditions,recently read a newspaper article predicting that the value of the dollar will soon fall.If this article is correct,Paula should expect:

Correct AnswerverifiedShow Answer

In capitalist countries,the government decides what to produce and how the goods and services will be produced.

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the prominent trends which Canadian managers will need to assess in order to plan appropriately for their business operations?

Correct AnswerverifiedShow Answer

Countries that rely on a free market system often are plagued by persistent shortages or surpluses of goods and services.

Correct AnswerverifiedShow Answer

Daily changes are influenced by both controllable and non-controllable factors.In many cases,these changes can be the result of broader _________ forces beyond a specific industry.

Correct AnswerverifiedShow Answer

Approximately what percentage of the FDI flowing into Canada comes from the USA?

Correct AnswerverifiedShow Answer

Discuss what type of economic system Canada demonstrates and what this means for government control.

Correct AnswerverifiedCanada,like most fully-developed economi...View AnswerShow Answer

Correct Answer
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In assessing Canada,with regards to thes...
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This principle refers to the openness of...
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Canada,like most fully-developed economi...
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