Question 1

Discuss geographic clustering and its impact on the Canadian economy.

Accepted Answer

As already mentioned,the Canadian econom...

Question 2

Approximately 53% of the FDI flowing into Canada comes from the USA,however almost what percent of the INCREASES in FDI come from non-U.S.sources?

Accepted Answer

A)   20%
B)   100%
C)   80%
D)   10%
E)   50%F) A) and B)
G) A) and C)

Question 3

Key economic drivers vary from country to country,for Canada,what is NOT considered to be a key driver:

Accepted Answer

A)   production of goods and services for purpose of exporting
B)   energy-producing sector
C)   technology sector
D)   natural resource sector
E)   consumer spendingF) A) and D)
G) A) and E)

Question 4

Successful multinational corporations disregard cultural differences between countries in which they operate.

Accepted Answer

A) True 
 B)False

Question 5

At the equilibrium price the quantity consumers desire to buy equals the quantity sellers desire to sell.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is NOT one of the contributing factors impacting Canada's economic development

Accepted Answer

A)   National and provincial debt levels are within acceptable limits
B)   Required business and economic management systems are in place
C)   Political system is unstable
D)   Economy contains the essential factors of production
E)   Sufficient levels of investmentF) A) and D)
G) B) and E)

Question 7

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

Accepted Answer

A) True 
 B)False

Question 8

Economic expansion occurs when

Accepted Answer

A)   fewer goods and services are produced than consumers demand.
B)   an economy is growing and people are spending more money.
C)   a nation's standard of living drops quickly.
D)   employment levels decline over time.
E)   prices begin to rise and incomes begin to fall.F) A) and B)
G) None of the above

Question 9

Which of the following is NOT one of the prominent trends which Canadian managers will need to assess in order to plan appropriately for their business operations?

Accepted Answer

A)   Currency Exchange Rate Impact
B)   Sustainability and Green Initiatives
C)   Energy Prices
D)   Geographic Clustering
E)   Small Business EmphasisF) A) and D)
G) None of the above

Question 10

The total value of a country's output of final goods and services in a given year is known as the nation's gross domestic product (GDP)..

Accepted Answer

A) True 
 B)False

Question 11

If a shortage exists for a good in a free-market economy,the:

Accepted Answer

A)   price of the good will rise.
B)   price of the good will fall.
C)   government will order suppliers to increase the production of that good.
D)   government must establish a rationing system to make sure that the good is fairly distributed.E) C) and D)
F) A) and D)

Question 12

The ability of a country to produce or supply goods or services at a lower cost than other countries or to possess resources or unique services that are unavailable elsewhere is a:

Accepted Answer

A)   national competitive advantage
B)   comparative advantage
C)   competitive advantage
D)   national advantage
E)   absolute advantageF) C) and E)
G) A) and B)

Question 13

Price is the key factor that determines both quantity supplied and quantity demanded.

Accepted Answer

A) True 
 B)False

Question 14

Gross domestic product is the sum of all goods and services produced in a country during a year.

Accepted Answer

A) True 
 B)False

Question 15

Managers need to understand what the general indicators are saying about the _______ economy and about the ________ relationship between the key variables governing our mixed economic system

Accepted Answer

A)   past; current
B)   future; future
C)   current; current
D)   past; future
E)   current; pastF) B) and E)
G) A) and E)

Question 16

The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the:

Accepted Answer

A)   supply of that product.
B)   demand for that product.
C)   elasticity of that product.
D)   utility of that product.E) All of the above
F) B) and C)

Question 17

Discuss the issues involved in measuring a country's economy.

Accepted Answer

Economists track the movement of GDP (up...

Question 18

The Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:

Accepted Answer

A)   amount of product or service that will be bought or sold
B)   price for which a product or service will be bought and sold
C)   amount of product or service that will be produced
D)   speed at which a product or service will be bought or sold
E)   relative stability of demand for a product or serviceF) A) and E)
G) C) and E)

Question 19

When prices are free to adjust over time,the market price of a good tends to:

Accepted Answer

A)   rise above the equilibrium price in the long run.
B)   equal the equilibrium price in the long run.
C)   fall below the equilibrium price in the long run.
D)   have no specific relationship to the equilibrium price.E) A) and B)
F) All of the above

Question 20

_____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

Accepted Answer

A)   demand
B)   supply
C)   utility
D)   LafferE) A) and B)
F) A) and C)

Exam 2: The Canadian Economic Environment

The Law of Supply and Demand,refers to the ability of the market,independent of external influences,to determine the:

Correct AnswerverifiedShow Answer

Successful multinational corporations disregard cultural differences between countries in which they operate.

Correct AnswerverifiedShow Answer

The ability of a country to produce or supply goods or services at a lower cost than other countries or to possess resources or unique services that are unavailable elsewhere is a:

Correct AnswerverifiedShow Answer

Key economic drivers vary from country to country,for Canada,what is NOT considered to be a key driver:

Correct AnswerverifiedShow Answer

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

Correct AnswerverifiedShow Answer

Price is the key factor that determines both quantity supplied and quantity demanded.

Correct AnswerverifiedShow Answer

_____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the prominent trends which Canadian managers will need to assess in order to plan appropriately for their business operations?

Correct AnswerverifiedShow Answer

If a shortage exists for a good in a free-market economy,the:

Correct AnswerverifiedShow Answer

Economic expansion occurs when

Correct AnswerverifiedShow Answer

Which of the following is NOT one of the contributing factors impacting Canada's economic development

Correct AnswerverifiedShow Answer

The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the:

Correct AnswerverifiedShow Answer

Approximately 53% of the FDI flowing into Canada comes from the USA,however almost what percent of the INCREASES in FDI come from non-U.S.sources?

Correct AnswerverifiedShow Answer

Gross domestic product is the sum of all goods and services produced in a country during a year.

Correct AnswerverifiedShow Answer

The total value of a country's output of final goods and services in a given year is known as the nation's gross domestic product (GDP)..

Correct AnswerverifiedShow Answer

At the equilibrium price the quantity consumers desire to buy equals the quantity sellers desire to sell.

Correct AnswerverifiedShow Answer

Managers need to understand what the general indicators are saying about the _______ economy and about the ________ relationship between the key variables governing our mixed economic system

Correct AnswerverifiedShow Answer

Discuss geographic clustering and its impact on the Canadian economy.

Correct AnswerverifiedAs already mentioned,the Canadian econom...View AnswerShow Answer

Discuss the issues involved in measuring a country's economy.

Correct AnswerverifiedEconomists track the movement of GDP (up...View AnswerShow Answer

When prices are free to adjust over time,the market price of a good tends to:

Correct AnswerverifiedShow Answer

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Managers need to understand what the general indicators are saying about the _ economy and about the __ relationship between the key variables governing our mixed economic system

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As already mentioned,the Canadian econom...
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Economists track the movement of GDP (up...
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Correct Answer
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