Question 1

Briefly describe PESTEL analysis and how it can be used in the current Canadian context.

Accepted Answer

In addition to the economic factors disc...

Question 2

One of the most-often-used business tools to assess the market they are operating within is a business model created by Michael Porter of the Harvard Business School called:

Accepted Answer

A)   Industry Attractiveness Model
B)   Five Forces Model
C)   Competition Model
D)   Macro-Economic Model
E)   Industry Competitiveness ModelF) A) and D)
G) A) and E)

Question 3

Most countries throughout the world can be classified as either purely capitalist or purely socialist.

Accepted Answer

A) True 
 B)False

Question 4

A typical supply curve shows that an increase in the price of a good will cause the quantity supplied to:

Accepted Answer

A)   decrease.
B)   increase.
C)   remain constant.
D)   fluctuate randomly around its equilibrium value.E) B) and C)
F) A) and D)

Question 5

Describe and provide an example of inelastic demand.

Accepted Answer

A core fundamental of an open,economic e...

Question 6

If a shortage exists in a market for a good,the price of that good will tend to fall.

Accepted Answer

A) True 
 B)False

Question 7

Demand refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.

Accepted Answer

A) True 
 B)False

Question 8

Of the following,which factor is NOT included in the total value of GDP:

Accepted Answer

A)   goods and services which are produced and purchased domestically for consumption
B)   government spending business
C)   investments within the economy
D)   business investments in other countries
E)   goods produced for export purposesF) B) and D)
G) A) and B)

Question 9

Elastic demand results when movement in price:

Accepted Answer

A)   results in significant changes in supply
B)   does not result in significant changes in supply
C)   results in significant changes in demand
D)   does not result in significant changes in demand
E)   results in equal movement in demandF) A) and E)
G) C) and D)

Question 10

In global markets,cultural differences affect marketing strategies but not management policies.

Accepted Answer

A) True 
 B)False

Question 11

Economic contraction occurs when

Accepted Answer

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

Question 12

Product differentiation is a key to success in monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 13

__________ exists when the entire supply of a good is controlled by a single seller.

Accepted Answer

A)   Perfect competition
B)   Oligopoly
C)   Pure Capitalism
D)   A monopolyE) All of the above
F) A) and B)

Question 14

A typical supply curve shows a relationship between the:

Accepted Answer

A)   amount of labour a firm hires and the amount of output it can produce.
B)   amount of time required to produce a good and the relevant production costs.
C)   price of a good and the quantity sellers would be willing to offer for sale.
D)   amount of a good a firm produces and the total profit it earns.E) B) and D)
F) A) and B)

Question 15

Managers will also assess,at the macro level,the political,social,technological,environmental,and legal changes which are occurring.This analysis is commonly referred to as a ________ analysis

Accepted Answer

A)   PESTEL
B)   Five Forces
C)   Environmental
D)   Micro-economic
E)   EcologicalF) B) and E)
G) C) and D)

Question 16

Increased unemployment can reduce consumer demand for goods and services,leading to:

Accepted Answer

A)   Economic contraction
B)   Inflation
C)   Deflation
D)   A budget deficitE) B) and D)
F) B) and C)

Question 17

A typical demand curve shows that:

Accepted Answer

A)   as people earn more income, they buy more of a good.
B)   as supply increases, the amount purchased decreases.
C)   people tend to buy more of a good than they really want.
D)   people tend to buy more of a good when its price decreases.E) A) and B)
F) A) and C)

Question 18

Suppliers need to think about the cost of production versus the revenue which will be received from selling their product,and the change in profit which will be realized at different points on the schedule.This is called the:

Accepted Answer

A)   Demand Curve
B)   Supply Line
C)   Law of supply
D)   Law of demand
E)   Demand ScheduleF) B) and C)
G) C) and D)

Question 19

Current measures of productivity in the service sector provide an accurate measure of changes in the quality of output.

Accepted Answer

A) True 
 B)False

Question 20

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.

Accepted Answer

A)   Perfect competition
B)   Monopolistic competition
C)   Oligopoly
D)   A monopolyE) None of the above
F) All of the above

Exam 2: The Canadian Economic Environment

Demand refers to the quantity of a good that consumers are willing and able to buy at different prices at a specific time.

Correct AnswerverifiedShow Answer

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.

Correct AnswerverifiedShow Answer

Managers will also assess,at the macro level,the political,social,technological,environmental,and legal changes which are occurring.This analysis is commonly referred to as a ________ analysis

Correct AnswerverifiedShow Answer

Describe and provide an example of inelastic demand.

Correct AnswerverifiedA core fundamental of an open,economic e...View AnswerShow Answer

Elastic demand results when movement in price:

Correct AnswerverifiedShow Answer

Briefly describe PESTEL analysis and how it can be used in the current Canadian context.

Correct AnswerverifiedIn addition to the economic factors disc...View AnswerShow Answer

In global markets,cultural differences affect marketing strategies but not management policies.

Correct AnswerverifiedShow Answer

Product differentiation is a key to success in monopolistic competition.

Correct AnswerverifiedShow Answer

Of the following,which factor is NOT included in the total value of GDP:

Correct AnswerverifiedShow Answer

One of the most-often-used business tools to assess the market they are operating within is a business model created by Michael Porter of the Harvard Business School called:

Correct AnswerverifiedShow Answer

A typical supply curve shows that an increase in the price of a good will cause the quantity supplied to:

Correct AnswerverifiedShow Answer

A typical supply curve shows a relationship between the:

Correct AnswerverifiedShow Answer

Suppliers need to think about the cost of production versus the revenue which will be received from selling their product,and the change in profit which will be realized at different points on the schedule.This is called the:

Correct AnswerverifiedShow Answer

Economic contraction occurs when

Correct AnswerverifiedShow Answer

A typical demand curve shows that:

Correct AnswerverifiedShow Answer

If a shortage exists in a market for a good,the price of that good will tend to fall.

Correct AnswerverifiedShow Answer

Increased unemployment can reduce consumer demand for goods and services,leading to:

Correct AnswerverifiedShow Answer

Most countries throughout the world can be classified as either purely capitalist or purely socialist.

Correct AnswerverifiedShow Answer

Current measures of productivity in the service sector provide an accurate measure of changes in the quality of output.

Correct AnswerverifiedShow Answer

__________ exists when the entire supply of a good is controlled by a single seller.

Correct AnswerverifiedShow Answer

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A core fundamental of an open,economic e...
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In addition to the economic factors disc...
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