Question 1

Charitable organizations,churches,and government agencies are all examples of non-profit organizations.

Accepted Answer

Charitable organizations, churches, and government agencies are all established to serve a social purpose rather than to make a profit, and thus are classified as non-profit organizations.

Question 2

In a command economy,a centralized government controls all,or most,of the factors of production and makes most decisions involving production of goods and services.

Accepted Answer

In a command economy, the government has the power to make decisions regarding the allocation of resources, production, and distribution of goods and services. The government controls most, if not all, of the factors of production, including land, labor, and capital.

Question 3

An economic system allocates a nation's resources among its citizens.

Accepted Answer

An economic system is the way in which a society organizes the production and distribution of goods and services. It involves the allocation of a nation's resources among its citizens, whether through a market economy, command economy, or mixed economy. Therefore, the statement is true.

Question 4

Natural resources include land and mineral deposits.

Accepted Answer

Natural resources include land, which is a natural resource that can be used for agriculture, forestry, and other purposes, as well as mineral deposits, which are natural resources that include minerals such as coal, oil, and natural gas.

Question 5

Why did businesses adopt the marketing approach?
A) Mass markets required mass advertising,which is what marketing does.
B) There was pent-up demand after World War II.
C) Competition between businesses became greater than ever.
D) Production costs got to be about as low as they were going to get,thus profit would not improve.
E) The competition for sales representatives increased as employees became very intense.

Accepted Answer

Competition between businesses became greater than ever.

Question 6

Communism and socialism are both types of command economies.

Accepted Answer

Both communism and socialism are economic systems in which the government controls the means of production and distribution of goods and services, making them command economies.

Question 7

Which of the following was a characteristic of the sales and marketing eras? A) By the first decade of the 20^th century,production had resulted in spectacular increases in the amount of goods and services that were available. B) During the sales era,much emphasis was placed on market research to find out what customers wanted. C) During the marketing era,it was assumed that business profits and business success depended on hiring the right salespeople and advertising heavily. D) During the sales era,business firms produced what they were good at producing,rather than what consumers wanted. E) None of these statements are accurate.

Accepted Answer

During the sales era,business firms produced what they were good at producing,rather than what consumers wanted.

Question 8

The _________ era was the result of the moving assembly line introduced by Henry Ford.
A) finance
B) production
C) global
D) entrepreneurial
E) sales and marketing

Accepted Answer

production

Question 9

Profits from business are used to support government as well as business owners and shareholders.

Accepted Answer

The answer of Profits from business are used to support...

Question 10

How does the internet affect domestic and global business?
A) It offers networking potential to businesses.
B) It boosts trade in all sectors.
C) It has made it easier for trade to occur.
D) It levels the playing field between small and large firms.
E) All of these statements are accurate.

Accepted Answer

All of these statements are accurate.

Question 11

Able Manufacturing is very good at making kitchen utensils.However,it wants to ensure that its products will always be profitable.What should it do?
A) Hire the finest sales representatives to sell what it makes
B) Determine customer needs and focus its product lines to fill those needs
C) Lower the costs of production so the products are always profitable
D) Change its product lines to fit what its management thinks customers want
E) Try charging a lot of money for its products in the hope that it will result in snob appeal

Accepted Answer

Determine customer needs and focus its product lines to fill those needs

Question 12

A business is an organization that seeks to earn profits by providing goods and services.

Accepted Answer

This statement is true. A business operates to make a profit by offering goods and services to customers.

Question 13

The term "business" includes large organizations such as General Motors,which seek a profit,but does not include individuals who are self-employed,e.g.,a carpenter,or a beautician who operates a shop in her home.

Accepted Answer

The term "business" encompasses all entities engaged in commercial, industrial, or professional activities, including both large organizations and self-employed individuals.

Question 14

The natural resources component of the factors of production includes the physical and mental capabilities of people in the workforce.

Accepted Answer

The natural resources component of the factors of production includes things like land, minerals, water, and forests, but does not include the capabilities of people in the workforce. The capabilities of people in the workforce are part of the human resources component.

Question 15

A charitable organization is classified as a business firm if it provides physical goods,but not if it provides only services.

Accepted Answer

A charitable organization is not classified as a business firm regardless of whether it provides physical goods or services. Charitable organizations are non-profit organizations that are set up to benefit society, not to earn profits.

Question 16

The laissez-faire attitude toward the economy as adopted by the Canadian government was a characteristic of the ________ era.
A) sales and marketing
B) finance
C) entrepreneurial
D) global
E) production

Accepted Answer

entrepreneurial

Question 17

Although workers in socialist countries are usually allowed to choose their occupations,a large proportion generally work for the government.

Accepted Answer

In socialist countries, the government is typically the largest employer, so a large proportion of workers end up working for the government. However, they generally have the freedom to choose their occupations within the available options.

Question 18

Which of the following is correct with respect to the production era?
A) It began with the invention of the steam engine.
B) The scientific management movement emphasized the management of people through an understanding of the needs they brought to the workplace.
C) Mass production increased the available labour pool because many people could be trained to carry out assembly line tasks.
D) Workers gained more freedom during the production era.
E) None of these statements are accurate.

Accepted Answer

Mass production increased the available labour pool because many people could be trained to carry out assembly line tasks.

Question 19

In 2011,the top three profit-making companies in Canada were all oil companies.

Accepted Answer

The answer of In 2011,the top three profit-making companies in...

Question 20

Communism is an example of a market economy where a central government controls most factors of production.

Accepted Answer

Communism is actually an example of a command economy where the central government controls all factors of production, rather than a market economy where the economy is driven by the interaction of supply and demand.

Quiz 1: Understanding the Canadian Business System

Charitable organizations,churches,and government agencies are all examples of non-profit organizations.

In a command economy,a centralized government controls all,or most,of the factors of production and makes most decisions involving production of goods and services.

An economic system allocates a nation's resources among its citizens.

Natural resources include land and mineral deposits.

Why did businesses adopt the marketing approach?

Communism and socialism are both types of command economies.

Which of the following was a characteristic of the sales and marketing eras?

The _________ era was the result of the moving assembly line introduced by Henry Ford.

Profits from business are used to support government as well as business owners and shareholders.

How does the internet affect domestic and global business?

Able Manufacturing is very good at making kitchen utensils.However,it wants to ensure that its products will always be profitable.What should it do?