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Exam 1: Exploring the World of Business and Economics

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Question 1

Multiple Choice

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Although changes have occurred over the years, which of the following countries is historically considered to have a communist economy?

A) Denmark
B) Sweden
C) Japan
D) North Korea

E) B) and C)
F) A) and C)

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Question 2

Multiple Choice

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As the price of beef increases, what is the impact on supply and demand?

A) supply decreases, demand decreases
B) supply decreases, demand increases
C) supply increases, demand increases
D) supply increases, demanded decreases

E) A) and D)
F) C) and D)

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Question 3

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Oil- and gas-producing companies, eager to find additional sources of oil and gas, began using hydraulic fracturing, or "fracking," to help stimulate the release of oil and gas underground. Fracking is controversial as the water and chemicals used in the process can contaminate ground and surface water. In addition, fracking may trigger earthquakes. Companies that utilize fracking are likely to cause which social concern?

Which of the following rights is a feature of laissez-faire capitalism?

As a farmer of avocados, you operate in a market of only one seller. What is the key strategic consideration in running your business?

The price of computers drops by 20%. What is the most likely impact on supply and demand?

Increased competition from firms in other nations is an example of which factor in the business environment?

You see a trending article online mentioning that the unemployment rate has decreased by 2% in the last year. What does this mean?

The increase of manufacturing in lower-wage countries like China is part of the reason prices for televisions have continued to decrease even as technology has improved. This is a benefit of which type of factors in the business environment?

What is the term for the price at which the quantity demanded for a product is equal to the quantity produced?

In business class you learn that a leading manufacturer of kitchen products uses more expensive raw materials than its competitors, but as a result the products last much longer. Learning about trade-offs like this can help you in doing which of the following?

You prefer to purchase products from a certain retailer over others because it donates a percentage of its profits to community organizations. This demonstrates which benefit of studying business?

In business class you really enjoy learning about balance sheets and income statements and how those documents can help analyze a company's financial position. You decide you will major in accounting and become a certified public accountant. In this case, what you learned in business class helped you to do which of the following?

CPI increased by 10% last month, alarming economists. This news is an indication of which of the following?

In the course of a year, Canadian businesses pay billions of dollars in taxes to federal, provincial, and municipal governments. How does this benefit society?

What is meant by Adam Smith's idea of the "invisible hand"?

The price of pumpkins increases by 15% this year. According to the law of _________, we expect the quantity of pumpkins __________ to ________.

What are the fluctuations in a nation's economy referred to as?

Canada has lost hundreds of thousands of high-tech manufacturing jobs in the last decade, mainly to Asia. The result is that many Canadian workers have to update the skills needed for a successful career. This change is due to which type of factors in the business environment?

In monopolistic competition, prices are set by which of the following?