Question 1

A core fundamental of an open,economic environment,the Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:

Accepted Answer

A)   amount of product or service that will be bought or sold
B)   price for which a product or service will be bought and sold
C)   amount of product or service that will be produced
D)   speed at which a product or service will be bought or sold
E)   relative stability of demand for a product or serviceF) B) and E)
G) B) and C)

Question 2

Contrast monopolistic markets to purely competitive markets and give an example of each.

Accepted Answer

Purely competitive markets are markets w...

Question 3

Currency fluctuations can be an advantage to firms trading in the global market.

Accepted Answer

A) True 
 B)False

Question 4

Inflation robs an economy of true growth and __________ negatively impacts the confidence levels of consumers and business operators alike.

Accepted Answer

A)   Physically
B)   Psychologically
C)   Demographically
D)   Geographically
E)   MentallyF) A) and B)
G) A) and E)

Question 5

Which of the following terms describes the set of values,beliefs,rules,language,and institutions held by a specific group of people?

Accepted Answer

A)   Culture
B)   Ethnocentricity
C)   Institutional society
D)   Social myopiaE) All of the above
F) A) and B)

Question 6

Discuss the issue of Foreign Direct Investment into Canada as a result of our economic development.

Accepted Answer

The end result is that many domestic and...

Question 7

Economic expansion occurs when

Accepted Answer

A)   fewer goods and services are produced than consumers demand.
B)   an economy is growing and people are spending more money.
C)   a nation's standard of living drops quickly.
D)   employment levels decline over time.
E)   prices begin to rise and incomes begin to fall.F) A) and C)
G) A) and E)

Question 8

An oligopoly is a market that is characterized by:

Accepted Answer

A)   one firm that totally dominates the supply of the product.
B)   a large number of small firms all producing very similar products.
C)   a few large sellers who dominate the market supply.
D)   several small firms that compete primarily by differentiating their products.E) B) and D)
F) A) and D)

Question 9

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

Accepted Answer

A)   Consumers
B)   Businesses
C)   Government
D)   large businesses
E)   EveryoneF) D) and E)
G) A) and C)

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

A devaluation of the Canadian dollar would make Canadian goods cheaper to foreign buyers.

Accepted Answer

A) True 
 B)False

Question 12

In Canada,laws prohibit the formation of most types of monopoly.

Accepted Answer

A) True 
 B)False

Question 13

Under the basic principle of supply,as the price goes down,manufacturers and suppliers of a product tend to supply less of the product to the market.

Accepted Answer

A) True 
 B)False

Question 14

The strategy of global marketing involves selling the same product in essentially the same way everywhere in the world.

Accepted Answer

A) True 
 B)False

Question 15

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

Accepted Answer

A) True 
 B)False

Question 16

The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:

Accepted Answer

A)   monopolistic competition.
B)   perfect competition.
C)   an oligopoly.
D)   a monopoly.E) All of the above
F) A) and D)

Question 17

Economic contraction occurs when

Accepted Answer

A)   Spending increases
B)   Spending declines
C)   Jobs increase
D)   Inflation decreasesE) A) and B)
F) A) and C)

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

In most large cities there are a large number of bakeries.These bakeries produce similar,but not identical,products.Some bakeries claim to have the best cheesecakes in town,while others brag about their cookies or specialty breads.The bakery market in a large city is an example of:

Accepted Answer

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

Question 20

The following contributing factor has NOT helped Canada be seen as a safe and lucrative place to do business:

Accepted Answer

A)   Possess a strong, fair, and equitable legal system
B)   Existence of corruption
C)   Possession of a strong natural resource base
D)   National and provincial debt levels are within acceptable limits
E)   Banking system is considered one of the most efficient and techno-savvy in the worldF) A) and E)
G) A) and D)

Exam 2: The Canadian Economic Environment

Inflation robs an economy of true growth and __________ negatively impacts the confidence levels of consumers and business operators alike.

Correct AnswerverifiedShow Answer

Which of the following terms describes the set of values,beliefs,rules,language,and institutions held by a specific group of people?

Correct AnswerverifiedShow Answer

Under the basic principle of supply,as the price goes down,manufacturers and suppliers of a product tend to supply less of the product to the market.

Correct AnswerverifiedShow Answer

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

Correct AnswerverifiedShow Answer

Economic contraction occurs when

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A core fundamental of an open,economic environment,the Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:

Correct AnswerverifiedShow Answer

In most large cities there are a large number of bakeries.These bakeries produce similar,but not identical,products.Some bakeries claim to have the best cheesecakes in town,while others brag about their cookies or specialty breads.The bakery market in a large city is an example of:

Correct AnswerverifiedShow Answer

Contrast monopolistic markets to purely competitive markets and give an example of each.

Correct AnswerverifiedPurely competitive markets are markets w...View AnswerShow Answer

The following contributing factor has NOT helped Canada be seen as a safe and lucrative place to do business:

Correct AnswerverifiedShow Answer

A devaluation of the Canadian dollar would make Canadian goods cheaper to foreign buyers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

An oligopoly is a market that is characterized by:

Correct AnswerverifiedShow Answer

The markets for laundry detergents,soft drinks,and automobiles all are dominated by just a few sellers.Economists would classify these markets as examples of:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Discuss the issue of Foreign Direct Investment into Canada as a result of our economic development.

Correct AnswerverifiedThe end result is that many domestic and...View AnswerShow Answer

In Canada,laws prohibit the formation of most types of monopoly.

Correct AnswerverifiedShow Answer

The strategy of global marketing involves selling the same product in essentially the same way everywhere in the world.

Correct AnswerverifiedShow Answer

Economic expansion occurs when

Correct AnswerverifiedShow Answer

Currency fluctuations can be an advantage to firms trading in the global market.

Correct AnswerverifiedShow Answer

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Purely competitive markets are markets w...
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The end result is that many domestic and...
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