95 test bank business a changing world 5th canadian edition

Business A Changing World 5th Canadian Edition58 Test Bank Multiple Choice Questions 37 Test True – False Questions Which of the following functions involves activities designed to provi

Business A Changing World 5th Canadian Edition

58 Test Bank Multiple Choice Questions

37 Test True – False Questions

Which of the following functions involves activities designed to provide goods and services that fulfill needs and wants of consumers?

Which of the following is not a product?

1 A Mac personal computer

2 A veterinarian's treatment of a pet's injuries

3 A lawyer's advice in a divorce case

4 Profits earned by businesses

5 A checkup by a doctor

If a business is to be successful in the long run, it must treat its

customers, employees, and community with social _

1 What goods and services should be produced?

2 How much of each good and service should be produced?

3 Who will produce the goods?

4 How should the goods and services be distributed?

5 All of the answers are correct.

The goal of business is to earn

1 pure capitalism there is less government regulation.

2 modified capitalism there is less government regulation.

3 pure capitalism there is more government regulation.

4 either form of capitalism, government regulation is equal.

5 none of the answers is correct.

Which of the following systems has the highest degree of competition?

3 Russia

If an economist is analyzing the quantity of goods or services that

businesses are willing to sell at different prices at specific times, then the focus is on

Most economic systems

1 exist in a pure form.

2 exist in a mixed form.

3 are ineffective.

4 create revolutions.

5 give individuals freedom.

One of the best known Canadian marketing initiatives of all time is:

1 The Air Miles Program

2 Tim Hortons' "Roll up the Rim to Win"

3 Petro-Points

4 HBC's reward program

5 President's Choice points

In which economic system(s) are basic services provided by the central government?

1 Communism and socialism

2 Capitalism and socialism

3 Communism and capitalism

1 appear to be efficient and equitable, at least in theory.

2 have a high standard of living.

3 seldom have consumer shortages.

4 have only one class of people.

5 do not spend much on defense.

Under a capitalist system, goods and services provided are determined by all of the following except

1 competition.

2 supply.

3 consumer demand.

4 market forces.

5 businesses owned by the government.

The functions of organizing, staffing, planning, and controlling are most closely associated with

2 customers

3 managers

4 stockholders

5 accountants

Socialism

1 allows only private ownership of business.

2 allows only government ownership of the factors of production.

3 has government ownership of basic industries.

4 is becoming more popular.

5 all of the answers are correct.

1 to the elite only.

2 to the poor only.

3 equally.

4 unequally.

5 to the homeless.

Suppliers are generally willing to

1 lower prices below costs.

2 supply more at a higher price.

3 demand more at a higher price.

4 determine equilibrium price.

5 supply more at a lower price.

All of the following are true in a communist economy except

1 the means of production are owned by the government.

2 the government chooses what will be produced.

3 the government decides how the goods will be produced.

4 supply is determined by central government planning.

5 consumers have a wide choice of goods and services.

Factors of production are:

1 resources used to produce goods and services.

When purchasing a product, the consumer is actually buying its

anticipated benefits and the _ it brings

5 both manufacturing and agriculture.

All of the following are associated with the Industrial Revolution, except:

Agricultural commodities are usually sold under which competitive environment?

Supply and demand may be an efficient way to distribute resources,

1 but it may not distribute resources equally among those who need them.

2 but it doesn't allow the poor to get rich.

3 although equilibrium price is determined by the government.

4 but it helps inefficient producers to succeed.

5 and it is always fair.

Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

1 35 cents

2 45 cents

3 50 cents

4 55 cents

5 75 cents

Countries measure the state of their economies to

1 determine whether they are expanding or contracting.

2 regulate wages and employment.

3 let other nations know the state of their economic health.

4 avoid taking corrective action.

5 control government spending.

Economic contraction leads to:

If Chrysler raises the prices of its new models of pickup trucks by 4

percent and General Motors and Ford follow by raising prices by a similar amount, then this is evidence of

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment is probably

Competition fosters efficiency because

1 the government regulates prices.

2 producers have to offer the best products at reasonable prices.

3 supply depresses prices.

4 all buyers have perfect knowledge.

5 businesses can set whatever prices they want.

Time-pressed Canadians are increasingly:

1 paying others to do their own home tasks

2 relaxing

3 sleeping

4 reading

5 reducing the time they spend at work

Inflation in Canada is typically measured by:

1 Gross Domestic Product.

2 The Consumer Price Index.

3 Per capita income.

4 Worker productivity.

5 The Trade Balance

The early economy of Canada was marked by settlers who operated a society primarily based on

Economic contraction occurs when

1 more goods and services are demanded by consumers.

2 spending declines and businesses cut back on production.

3 a nation's standard of living remains stable over time.

4 employment levels increase over time.

5 prices begin to rise and incomes rise accordingly.

Much of the new debt accrued in Canada between 2008 and 2013 can be attributed to:

1 stagnant income.

2 Canada's Economic Action Plan.

3 economic expansion.

4 balance of trade.

5 poor monetary management.

Technological trends have gradually changed Canada to a(n) _ economy focused on making life easier for busy consumers

Economic expansion occurs when

1 fewer goods and services are produced than consumers demand.

2 an economy is growing and people are spending more money.

3 a nation's standard of living drops quickly.

4 employment levels decline over time.

5 prices begin to rise and incomes begin to fall.

Monopolies that function in a capitalistic economy are likely to have prices determined by

1 law of supply.

5 higher employment levels

All of the following are associated with the manufacturing economy,

A continuing rise in prices over a period of time refers to

When Walmart has a sale on digital cameras,

1 consumers won't demand more digital cameras than normal.

2 the store won't supply more digital cameras than it normally does.

3 consumers will demand more digital cameras.

4 the manufacturer will halt production of digital cameras.

5 consumers will demand fewer digital cameras.

Which competitive environment best describes the market for Canadian air travel?

1 other suppliers introduced digital music players to meet the demand.

2 consumers stopped buying digital music players.

3 manufacturers stopped producing digital music players.

4 competition was not allowed to enter the market.

5 the equilibrium price met supply.

37 Free Test Bank for Business A Changing World 5th Canadian Edition by Ferrell True - False Questions

The focus of all marketing activities is customer satisfaction

Managers coordinate resources to achieve organizational objectives

A central issue of economics is how to fulfill consumers' unlimited

demand for goods and services in a world with limited resources

1 True

2 False

A product's equilibrium price is constantly changing in response to changes in economic conditions, availability of resources, and degree of competition

1 True

2 False

When a nation collects more from taxes than it spends, it has a budget deficit

An oligopoly exists when there are many small businesses selling one standardized product

Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses

Gross domestic product is the sum of all goods and services produced in

a country during a year

1 True

2 False

Studying business will help you develop skills to employ in a future

career, if that career takes place in the country where you studied

business topics

1 True

2 False

Demand is the quantity of goods and services that consumers are willing

to buy at different prices at a specific time