Question 1

As the sole producer of a product or service, a company in this form of competition is a:

Accepted Answer

A)  price taker
B)  price setter
C)  price fixer
D)  price barrier

Question 2

An economic environment refers to the:

Accepted Answer

A)  political, economic and social conditions in which people live
B)  economic conditions in which an organization operates
C)  the global environment of business
D)  a more general meaning of globalization

Question 3

Facebook is a U.S. online social networking site that advertizes to millions of its members across Canada, the United States and abroad. The U.S. gross domestic product (GDP)  would include ________ from Facebook.

Accepted Answer

A)  sales earned in the U.S.only
B)  sales earned in the U.S.and Canada only
C)  sales earned in Canada only
D)  sales earned in the U.S.and internationally

Question 4

Pepsi, an established, global cola manufacturer, likely uses the following examples of the factors of production today:

Accepted Answer

A)  knowledge and entrepreneurs
B)  labour and natural resources
C)  natural resources and cash
D)  cash and entrepreneurs

Question 5

A downward change in the economy can result in an increase in:

Accepted Answer

A)  cyclical unemployment
B)  structural unemployment
C)  seasonal unemployment
D)  frictional unemployment

Question 6

In Year 1, Jerry decided to give up a job that paid an annual salary of $100,000 to go back to school. College tuition cost a total of $50,000 for one year. However, in Year 2, after graduation, Jerry got a job that paid $200,000. The opportunity cost of getting an education for Jerry is:

Accepted Answer

A)  $ 50,000
B)  $150,000
C)  $100,000
D)  none of the above

Question 7

Cola manufacturers such as Coke and Pepsi are an example of this type of competition:

Accepted Answer

A)  pure competition
B)  monopolistic competition
C)  a monopoly
D)  an oligopoly

Question 8

There are lots of retail stores to buy running shoes in Canada. Walmart, Payless Shoes, Sporting Life, Sears, Athletic World, and the Running Room are just a few examples. There are a variety of prices, styles and designs to choose from. This is an example of:

Accepted Answer

A)  pure competition
B)  monopolistic competition
C)  a monopoly
D)  an oligopoly

Question 9

The factors of production include all of the following except:

Accepted Answer

A)  capital
B)  entrepreneur
C)  investors
D)  natural resources

Question 10

When only frictional unemployment exists, and no structural or cyclical unemployment is present, there is:

Accepted Answer

A)  just seasonal unemployment
B)  full employment
C)  the natural rate of unemployment
D)  total natural unemployment in a region

Exam 6: Section 3: Does It Matter: Society, Ethics and Business

A downward change in the economy can result in an increase in:

Correct Answer
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The factors of production include all of the following except:

Correct Answer
verified

When only frictional unemployment exists, and no structural or cyclical unemployment is present, there is:

Correct Answer
verified

Pepsi, an established, global cola manufacturer, likely uses the following examples of the factors of production today:

Correct Answer
verified

As the sole producer of a product or service, a company in this form of competition is a:

Correct Answer
verified

Facebook is a U.S. online social networking site that advertizes to millions of its members across Canada, the United States and abroad. The U.S. gross domestic product (GDP) would include ________ from Facebook.

Correct Answer
verified

There are lots of retail stores to buy running shoes in Canada. Walmart, Payless Shoes, Sporting Life, Sears, Athletic World, and the Running Room are just a few examples. There are a variety of prices, styles and designs to choose from. This is an example of:

Correct Answer
verified

An economic environment refers to the:

Correct Answer
verified

Cola manufacturers such as Coke and Pepsi are an example of this type of competition:

Correct Answer
verified

In Year 1, Jerry decided to give up a job that paid an annual salary of $100,000 to go back to school. College tuition cost a total of $50,000 for one year. However, in Year 2, after graduation, Jerry got a job that paid $200,000. The opportunity cost of getting an education for Jerry is:

Correct Answer
verified

Exam 6: Section 3: Does It Matter: Society, Ethics and Business

A downward change in the economy can result in an increase in:

Correct AnswerverifiedShow Answer

The factors of production include all of the following except:

Correct AnswerverifiedShow Answer

When only frictional unemployment exists, and no structural or cyclical unemployment is present, there is:

Correct AnswerverifiedShow Answer

Pepsi, an established, global cola manufacturer, likely uses the following examples of the factors of production today:

Correct AnswerverifiedShow Answer

As the sole producer of a product or service, a company in this form of competition is a:

Correct AnswerverifiedShow Answer

Facebook is a U.S. online social networking site that advertizes to millions of its members across Canada, the United States and abroad. The U.S. gross domestic product (GDP) would include ________ from Facebook.

Correct AnswerverifiedShow Answer

There are lots of retail stores to buy running shoes in Canada. Walmart, Payless Shoes, Sporting Life, Sears, Athletic World, and the Running Room are just a few examples. There are a variety of prices, styles and designs to choose from. This is an example of:

Correct AnswerverifiedShow Answer

An economic environment refers to the:

Correct AnswerverifiedShow Answer

Cola manufacturers such as Coke and Pepsi are an example of this type of competition:

Correct AnswerverifiedShow Answer

In Year 1, Jerry decided to give up a job that paid an annual salary of $100,000 to go back to school. College tuition cost a total of $50,000 for one year. However, in Year 2, after graduation, Jerry got a job that paid $200,000. The opportunity cost of getting an education for Jerry is:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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