Question 1

Incentive programs are designed to
encourage families to have more babies.
encourage businesses to locate in economically depressed parts of the country.
create "corporate welfare bums."
encourage families to move to depressed parts of the country.
reimburse businesses for making unprofitable but necessary products.

Accepted Answer

The answer of Incentive programs are designed to
encourage families to...

Question 2

If a semiconductor firm is opening a new manufacturing facility in Canada and is looking for ways to better influence government policy in their industry, it could
hire a lobbyist or join a trade association.
obtain a government contract for supplies and equipment.
ensure worker safety in its business facilities.
keep its manufacturing plants in Canada.
obtain export business for the new facility.

Accepted Answer

The answer of If a semiconductor firm is opening a...

Question 3

The law of demand states that
producers will offer more of a product as the price falls.
demand and supply meet at an equilibrium point.
buyers will purchase more of a product as the price falls.
producers will offer more of a product as the price rises.
buyers will purchase more of a product as the price rises.

Accepted Answer

The answer of The law of demand states that
producers will...

Question 4

Which law forbids most monopolies in Canada?
Consumer Protection Act
Lobbying Act
Fair Trade Act
Competition Act
Environmental Contaminants Act

Accepted Answer

The answer of Which law forbids most monopolies in Canada?
Consumer...

Question 5

The GST is considered a regressive tax because
food and drugs are often exempt.
the more a person makes, the lower the rate of sales tax applied to that person's purchase.
it is unfair.
poorer people pay a higher percentage of their income than richer people.
it is designed to discourage the purchase of certain products.

Accepted Answer

The answer of The GST is considered a regressive tax...

Question 6

When the government of Canada prevented the merger of the Royal Bank and the Bank of Montreal, this was an application of the ________ Act.
Fair Trade
Consumer Protection
CRTC
Competition
Bank Act

Accepted Answer

The answer of When the government of Canada prevented the...

Question 7

Nutrition labeling and claims are intended to provide consumers with information to aid them in the selection of a healthy diet aimed at reducing risk of premature illness and death due to diet-related chronic diseases. Insufficient labeling is a violation of which act?
Food and Drug Act
Weights and Measures Act
Advertising and Packaging Act
Textile Labeling Act
Consumer Protection Act

Accepted Answer

The answer of Nutrition labeling and claims are intended to...

Question 8

The term "demand" refers to
the stock exchange.
the willingness and ability of buyers to purchase a product or service.
the willingness and ability of businesses to sell a product or service.
the willingness of buyers to accept high prices for high quality goods.
the willingness of government to sell goods and services.

Accepted Answer

The answer of The term "demand" refers to
the stock exchange.
the...

Question 9

What is "demand"?
The idea that buyers will purchase more of a product as the price drops
The price and quantity of a product at which the quantity demanded is equal to the quantity supplied
The idea that producers will offer more of a product as the price rises
The willingness and ability of buyers to purchase a product
None of these

Accepted Answer

The answer of What is "demand"?
The idea that buyers will...

Question 10

Which of the following statements is most correct with respect to government in its role as regulator?
A business complains that the Competition Bureau is too slow in approving or denying merger plans.
The government really has very little power in its role as regulator.
Because of the move toward deregulation, federal and provincial governments have become less and less involved in regulating business activity.
The main areas of government regulation of business are achieving social goals, protecting consumers, and providing assistance to small business firms.
Studies have shown that government regulation reduces the effectiveness of business firms.

Accepted Answer

The answer of Which of the following statements is most...

Question 11

The law of supply states that
buyers will purchase more of a product as the price falls.
demand and supply meet at an equilibrium point.
producers will offer more of a product as the price rises.
producers will offer more of a product as the price falls.
buyers will purchase more of a product as the price rises.

Accepted Answer

The answer of The law of supply states that
buyers will...

Question 12

The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as
the going rate.
the point-of-no-return price.
the market price.
the better price.
the best price.

Accepted Answer

The answer of The price at which the quantity of...

Question 13

When Labatt Brewing sales representatives gave money to store operators who agreed to not lower prices on some brands of beer, the company was prosecuted for engaging in
bait-and-switch advertising.
resale price maintenance.
a pyramid scheme.
selling mislabeled products.
a violation of the Beer Act.

Accepted Answer

The answer of When Labatt Brewing sales representatives gave money...

Question 14

With regard to demand and supply in a market economy, it is correct to say that
demand refers to the price that consumers are willing to pay for a product.
the demand and supply schedule indicates how many units of a given product will be sold at different prices.
demand and supply curves are used to determine the demand and supply schedule.
equilibrium prices are only rarely achieved.
if a seller tried to increase profits by making more products to sell, the result would be a more efficient use of resources because economies of scale would be achieved.

Accepted Answer

The answer of With regard to demand and supply in...

Question 15

The federal Lobbying Act requires lobbyists to
register with the Department of Consumer and Commercial Relations.
contribute a minimum of $10 000 to political campaigns.
attend at least two sessions in the House of Commons each year.
report on their communications with designated public office holders.
meet with members of Parliament on a regular basis.

Accepted Answer

The answer of The federal Lobbying Act requires lobbyists to
register...

Question 16

Kristine discovered that when she dropped the price of her paintings, more people were asking her to create paintings for them. Kristine is experiencing
the law of supply and demand.
market price variations.
the law of supply.
economic justice.
the law of demand.

Accepted Answer

The answer of Kristine discovered that when she dropped the...

Question 17

What is "supply"?
The idea that sellers will sell more of a product as the price increases
The price and quantity of a product at which the quantity demanded is equal to the quantity supplied
The idea that buyers will want less of a product as the price increases
The willingness and ability of producers to offer a good or service for sale
None of these

Accepted Answer

The answer of What is "supply"?
The idea that sellers will...

Question 18

Ian, the owner of 5-for-1 Pizza, has noticed that when he increases the price of his pizzas by $2.00, the number of pizzas that he sells drops by 30 percent. Ian has discovered
the law of supply and demand.
the supply curve.
the demand curve.
the law of supply.
the law of demand.

Accepted Answer

The answer of Ian, the owner of 5-for-1 Pizza, has...

Question 19

Suppose that several microelectronics manufacturers want to set up a trade association. They need to know that trade associations are allowed to do all of the following except
allocate markets for their members.
influence the kind of legislation that is passed.
conduct training programs relevant to the industry.
arrange trade shows.
publish newsletters featuring articles on new products.

Accepted Answer

The answer of Suppose that several microelectronics manufacturers want to...

Question 20

The three main ways in which business can influence government policy are
advertising, lobbyists, and trade associations.
political contributions, letters to the editors of newspapers, and advertising.
advertising, trade associations, and political contributions.
trade associations, lobbyists, and letters to the editors of newspapers.
lobbyists, political contributions, and advertising.

Accepted Answer

The answer of The three main ways in which business...

Quiz 1: Understanding the Canadian Business System

Which law forbids most monopolies in Canada? Consumer Protection Act Lobbying Act Fair Trade Act Competition Act Environmental Contaminants Act

When the government of Canada prevented the merger of the Royal Bank and the Bank of Montreal, this was an application of the ________ Act. Fair Trade Consumer Protection CRTC Competition Bank Act

The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as the going rate. the point-of-no-return price. the market price. the better price. the best price.

Kristine discovered that when she dropped the price of her paintings, more people were asking her to create paintings for them. Kristine is experiencing the law of supply and demand. market price variations. the law of supply. economic justice. the law of demand.

Ian, the owner of 5-for-1 Pizza, has noticed that when he increases the price of his pizzas by $2.00, the number of pizzas that he sells drops by 30 percent. Ian has discovered the law of supply and demand. the supply curve. the demand curve. the law of supply. the law of demand.