Question 1

Explain what a stakeholder is.Identify the different types of stakeholders.

Accepted Answer

The answer of Explain what a stakeholder is.Identify the different...

Question 2

What is demography? Identify several demographic trends in Canada and discuss how they will impact Canadian businesses.

Accepted Answer

The answer of What is demography? Identify several demographic trends...

Question 3

In the last 25 years there has been dramatic growth in the service sector.About what percent of the working population is employed by the service sector?
A)75
B)50
C)33
D)90

Accepted Answer

According to data from the Bureau of Labor Statistics, as of January 2020, 80.1% of the working population (ages 16 and up) were employed in the service sector in the United States. Therefore, choice (A) is the most accurate answer.

Question 4

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?
A)the manufacturing sector
B)larger farms
C)cities
D)the production sector

Accepted Answer

Increased competition in the farming industry has led to consolidation, with smaller farms being replaced by larger ones that can operate more efficiently and at a lower cost. This has been a trend over the past 50 years in many countries around the world.

Question 5

The new era of business is likely to be dominated by the:
A)agricultural sector.
B)information-based sector.
C)manufacturing sector.
D)continued decline in productivity.

Accepted Answer

With the rapid advancement of technology and the increasing availability of data, it is likely that the information-based sector will dominate the new era of business. This includes industries such as technology, telecommunications, and data analytics. The manufacturing sector may still play a significant role, but it is likely to become more automated and driven by data and technology as well. The agricultural sector is important, but it is not likely to be the dominant sector in the new era of business. The continued decline in productivity is not a potential outcome of the new era of business, and is not a valid choice.

Question 6

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:
A)production sector.
B)management sector.
C)neo-industrial sector.
D)service sector.

Accepted Answer

Appliance repair firms, tax consultants, law firms, and insurance companies belong to the service sector. This sector includes businesses that provide services such as legal advice, financial advice, repair services, and insurance services rather than producing goods.

Question 7

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:
A)firms have been trying to weaken unions by reducing their reliance on labour.
B)workers in Canada have become less productive and are no longer able to compete in the global economy.
C)the rising Canadian dollar and increasing global competition.
D)the economy has been in a prolonged recession/depression that has lasted more than a decade.

Accepted Answer

The rising Canadian dollar has made Canadian exports more expensive and less competitive in the global market, leading to many manufacturing firms in Canada laying off workers as a cost-cutting measure. Additionally, increasing global competition has also put pressure on Canadian firms to streamline their operations and reduce costs, often resulting in layoffs.

Question 8

Certain sectors in the Canadian economy have experienced a significant decline in employment.Which of the following best explains this job loss in specific industries?
A)There has been a decline in the productivity of labour in these industries.
B)Workers lost these jobs because worker productivity in the sector increased.
C)The Canadian economy cannot compete in the global environment.
D)Government regulations have eliminated profit opportunities in these industries.

Accepted Answer

Increased worker productivity can lead to job losses as fewer workers are needed to produce the same amount of goods or services.

Question 9

Mark recently graduated with honours from his college.He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the workplace of the future,Mark is:
A)exactly right.His past performance should carry him to success.
B)completely wrong.Studies show that a college education has little to do with success.
C)over confident.Global competition means that flexibility and finding out where jobs are being created,and moving when appropriate are important.
D)probably right.Specialized training today is a key to continued success in the future. The highly competitive nature of the global economy and rapid changes in technology mean that students must keep their skills and knowledge up to date even after they graduate.

Accepted Answer

Mark's assumption that his past academic performance guarantees future success is overconfident and does not take into account the rapidly changing job market and global competition. In today's world, flexibility and adaptability to changing job markets and technologies are essential for success.

Question 10

About what percentage of Canadians are employed in the manufacturing sector?
A)10
B)20
C)40
D)80

Accepted Answer

The manufacturing sector employs about 10% of Canadians, reflecting a smaller portion of the workforce compared to other sectors like services.

Question 11

Which of the following describes a reason for the recent job growth in the service sector?
A)Large manufacturing firms seeking efficiency have contracted out an increasing number of services.
B)The Canadian economy has been growing over the past decade.
C)Offshoring has led to service industry.
D)the increasing interest in the environment has led to the creation of service oriented jobs.There has been little change in the number of jobs in the service sector in recent years,however employment is expected to increase rapidly.

Accepted Answer

Large manufacturing firms have been outsourcing services to increase their efficiency, which has led to job growth in the service sector. The other options (B, C, and D) are either not supported by the information provided or do not directly explain the recent job growth in the service sector.

Question 12

Manufacturing accounts for _________ of all business investment in research and development in Canada.
A)10%
B)one-third
C)one-half
D)two-thirds

Accepted Answer

The answer of Manufacturing accounts for _________ of all business...

Question 13

Which of the following organizations is an example of the goods-producing sector of the economy?
A)Ford Motor Company
B)University of Toronto
C)Children's Hospital
D)H & R Block Tax Consulting Firms in the goods-producing sector produce tangible products.Of the organizations listed in this question,only Ford Motor Company produces a tangible product.

Accepted Answer

Only Ford Motor Company is a goods-producing sector organization because it produces tangible products (i.e. cars). The other options are service sector organizations (i.e. educational institutions, hospitals, and tax consulting firms).

Question 14

About what percentage of Canadians are employed in the goods-producing sector?
A)12
B)22
C)42
D)625

Accepted Answer

As of 2021, approximately 22% of Canadians are employed in the goods-producing sector, which includes industries such as manufacturing, forestry, mining, and construction. The majority of Canadians are employed in the services sector, which accounts for approximately 78% of employment in Canada.

Question 15

The loss of farm workers over the last century is what?
A)a negative sign
B)an indication of growing productivity
C)going to reverse in the future
D)a symptom of global competition

Accepted Answer

The loss of farm workers over the last century is primarily due to growing productivity, as machines and technology have replaced much of the manual labor.

Question 16

In recent years,the fastest growing firms are in the ________________ sector:
A)service.
B)manufacturing.
C)agricultural.
D)telecommunications

Accepted Answer

The service sector has become the fastest growing sector in recent years. This is because people now value experiences and convenience, leading to a high demand for services such as healthcare, education, hospitality, and professional services, among others. This has resulted in the growth of many service-oriented companies, leading to an increase in job opportunities and economic growth.

Question 17

Health care,legal advice,transportation and other intangible products are provided by the:
A)global sector.
B)service sector.
C)industrial sector.
D)high-wage sector.

Accepted Answer

The service sector includes all the intangible products such as health care, legal advice, transportation, education, entertainment, etc. These products cannot be touched or seen, but they are important for the economy because they help to satisfy the needs and wants of the people. The service sector is also known as the tertiary sector and it is one of the largest and fastest-growing sectors in many countries.

Question 18

Since the beginning of the 1900s,the agricultural sector of Canada has:
A)seen the number of family farms more than double.
B)become less and less competitive in the global economy.
C)produced a consistent output per farm.
D)experienced a big drop in employment,mainly because of tremendous improvements in efficiency.

Accepted Answer

The passage mentions that the agricultural sector of Canada has seen a big drop in employment due to improvements in efficiency. This suggests that option D is the correct answer. The passage does not provide information about the number of family farms, competitiveness in the global economy, or consistent output per farm.

Question 19

For every $1 of manufacturing in Canada about how much total economic activity is generated from it?
A)$5
B)$8
C)$1
D)$3

Accepted Answer

The answer of For every $1 of manufacturing in Canada...

Question 20

What are the main differences between a business and a non-profit organization?

Accepted Answer

The answer of What are the main differences between a...

Quiz 1: Taking Risks and Making Profits Within the Dynamic Business Environment

Explain what a stakeholder is.Identify the different types of stakeholders.

What is demography? Identify several demographic trends in Canada and discuss how they will impact Canadian businesses.

In the last 25 years there has been dramatic growth in the service sector.About what percent of the working population is employed by the service sector?

Due to increased competition,many of the farms that existed 50 years ago have been replaced by what?

The new era of business is likely to be dominated by the:

Appliance repair firms,tax consultants,law firms,and insurance companies are all business firms that are part of the:

In recent years,many manufacturing firms in Canada have laid off workers.The best explanation of this trend is that:

Certain sectors in the Canadian economy have experienced a significant decline in employment.Which of the following best explains this job loss in specific industries?

Mark recently graduated with honours from his college.He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the workplace of the future,Mark is:

About what percentage of Canadians are employed in the manufacturing sector?

Which of the following describes a reason for the recent job growth in the service sector?

Manufacturing accounts for _________ of all business investment in research and development in Canada.

Which of the following organizations is an example of the goods-producing sector of the economy?

About what percentage of Canadians are employed in the goods-producing sector?

The loss of farm workers over the last century is what?

In recent years,the fastest growing firms are in the ________________ sector:

Health care,legal advice,transportation and other intangible products are provided by the:

Since the beginning of the 1900s,the agricultural sector of Canada has:

For every $1 of manufacturing in Canada about how much total economic activity is generated from it?

What are the main differences between a business and a non-profit organization?