SELF ASSESMENT
LESSON 1- UNDERSTANSING THE CANADIAN BUSINESS SYSTEM
Profit is:
a) the amount of sales
b) the taxes a company pays
c) the value of
... [Show More] shares in a company
d) what remains after business expenses are subtracted from business revenues
e) the level of expenses
An economic system is:
a) an agreement between countries that deals with free trade
b) a government decree that requires certain goods and services to be provided
c) a large government department that oversees how the economy is running
d) a long-standing agreement between citizens and governments on how an economy is run
e) the way in which a nation allocates its resources among its citizens
All of the following are factors of production except:
a) capital
b) labour
c) natural resources
d) technology
e) entrepreneurs
The economic system in which producers and consumers control production and allocate decisions through
supply and demand is called:
a) market economy
b) privatization
c) communism
d) socialism
e) centrally planned economy
the role of government in our economic system includes all of the following except:
a) competitor
b) regulator
c) customer
d) innovator
e) taxation agent
Why are sales taxes called regressive taxes?
a) because food and drugs are often exempt
b) because the more one makes, the lower the rate of sales tax that is applied to one's purchases
c) because poorer people pay a higher percentage of income than richer people
d) because it applies to sales taxes
e) because they discourage the purchase of some product
he microelectronics manufacturers want to set up a trade association. They need to know that trade associations
do all but which one of the following?
a) publish newsletters featuring articles on new products
b) arrange trade shows
c) act as an industry lobby to influence legislation
d) allocate markets for their members
e) conduct training programs relevant to the industry
A major producer of automobile batteries notes that the price of batteries has risen over each of the past three
years. The firm decides to expand its battery production. This illustrates:
a) the law of equilibrium
b) the law of demand
c) the law of supply
d) the law of supply and demand
e) the law of market price
Private enterprise requires four elements:
a) the right to product safety, consumer choice, freedom of information, and no government intervention in business
b) communism, capitalism, socialism and privatization
c) land, labour, capital, and entrepreneurship
d) private property rights, freedom of choice, profits, and competition
e) supply, demand, equilibrium, and monopoly
An outcome of competition is that business firms:
a) can drop out of the pricing war unnoticed
b) can easily develop a monopoly
c) must operate efficiently
d) have unrestricted access to natural resources
e) reduce their need for expansion capital
Individual firms must be small and the number of such firms must be large. This describes which degree of
competition?
a) oligopoly
b) perfect competition
c) monopolistic competition
d) monopoly
e) selective competition
Which one of the following is not a characteristic of an oligopoly?
a) great product differentiation
b) prices differ greatly
c) swift response to price changes of a competitor
d) few sellers
e) many buyers
Competition like that between Tide and Cheer, Coke and Pepsi, and Sears and Ralph Lauren is:
a) oligopolistic competition
b) monopoly
c) monopolistic competition
d) perfect competition
e) oligopoly
The Industrial Revolution refers to:
a) development of the Internet era
b) development of the Entrepreneurial era
c) a major change in the production of goods that began in England in the mid-1700s
d) the fur and fishing industry in Canada in the 1500s
e) none of the above
Which of the following most accurately reflects the history of business in Canada, from earliest to most recent?
a) Production Era, Industrial Revolution, Entrepreneurial Era, Marketing Era, Global Era, Internet Era
b) Entrepreneurial Era, Industrial Revolution, Global Era, Marketing Era, Internet Era, Production Era
c) Marketing Era, Entrepreneurial Era, Industrial Revolution, Marketing Era, Global Era, Internet Era
d) Industrial Revolution, Entrepreneurial Era, Production Era, Marketing Era, Global Era, Internet Era
e) Industrial Revolution, Production Era, Entrepreneurial Era, Marketing Era, Internet Era, Global Era
Scientific management practices focus on:
a) reducing absenteeism
b) increasing efficiency
c) increasing employee satisfaction
d) developing several ways of doing the same task
e) increasing job quality by adding flexibility
Who is MOST closely associated with the Production Era?
a) Andrew Mellon
b) Andrew Carnegie
c) Henry Ford
d) J.P. Morgan
e) John D. Rockefeller
Why was Canadian manufacturing slow to develop in the 16th and 17th centuries?
a) too few manufacturing managers
b) most people were involved in the trading of furs
c) too few buyers of manufactured goods
d) most people were involved in farming
e) policy of mercantilism
Which of the following best illustrates specialization of labour?
a) semiskilled workers are trained to perform only one task
b) each labour union represents only one type of worker
c) highly skilled craftspeople who can do all the tasks required to make an item
d) workers who learn new, specialized skills are rewarded with higher pay
e) raw materials were provided to England in return for finished goods
LESSON 2 -Social Responsibility, Organizing Options, Legal Context and Unions
E-mail has virtually become the standard method of communication in the business world. One of the key
problems and pitfalls of e-mail is:
a) privacy
b) its limited capabilities
c) its speed
d) its costs
e) its ease of use
Which of the following terms is used to describe how a business firm behaves towards other firms, customers,
investors, and society at large?
a) ethical principles
b) social responsibility
c) social audits
d) code of ethics
e) business ethics
The right to ________ is not one of the rights of consumers.
a) be informed
b) low prices
c) safe products
d) choose what they buy
e) be heard
Many professional organizations such as legal and accounting organizations are
formed as:
a) private corporations
b) sole proprietorships
c) public corporations
d) joint ventures
e) partnerships
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