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Exam 2: The Canadian Economic Environment

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Question 1

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

A) inflation.
B) economic expansion.
C) a recession.
D) economic contraction.
E) stagflation.

F) None of the above
G) C) and D)

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Question 2

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In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

A) True
B) False

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Question 3

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A monopoly occurs when there is a single seller for a product or service.

In recent years,productivity in the manufacturing sector of the Canadian economy has been:

Economies move and grow as a result of activities of everyone in the following areas:

Discuss the economic contraction cycle.

An exchange rate is the value of one nation's currency relative to the currencies of other nations.

Harry Cutter is the owner of Harry's Hairy Business,one of a large number of barbershops that compete against each other in the city where Harry lives.Harry has tried to attract more customers by staying open longer hours than most barbershops,and by advertising heavily on local radio to convince people that he offers the best haircuts in town.Harry appears to be operating in an oligopolistic market.

Managers assess the macro level,the political,social,technological,environmental,and legal changes in their environment.This analysis is commonly referred to as a ________ analysis

Socio-cultural forces that affect global businesses include customs,language,and religion.

The standard of living rises because people have less money to spend.

When the supply curve and demand curve for a particular good are on a single graph,the point at which the two curves intersect identifies the:

The presence of competition in free markets:

Susan Gilles wants to invest in a Tim Horton's franchise but opts not to once she finds out just how much it costs to buy a franchise.She decides to start her own independent coffee shop.She understands the need to differentiate her business from all the other coffee shops,given the type of competition that exists in this industry,which is,

Canada's aging workforce is poised to impact the employment needs of Canada's energy sector,resulting in what?

Global trading has been significantly simplified by the introduction of standardized international laws regulating business organizations.

Top management at Universal Products is convinced that the company's major products can be sold in essentially the same way everywhere in the world.This view suggests that Universal's management favours a strategy of global marketing.

The Canadian economic system can be described as a:

Economic expansion occurs when an economy is growing and people are spending more money.

As managers,we must not only be in tune with the general directions which are occurring,but also with the ______________ which will develop as a result of such increased economic activity and interdependency.