Question 1

Which of the following rights is a feature of laissez-faire capitalism?
A) right to own private property and resources
B) right to government wealth creation
C) right to own another person's property
D) right to economic dominance

Accepted Answer

The right to private property and resources is a fundamental aspect of laissez-faire capitalism. This means individuals and businesses have the right to own and control their own property and resources, without interference from the government or other entities. The other choices listed are not features of laissez-faire capitalism.

Question 2

Which of the following is the best example of how technology factors affect the business environment?
A) Even several years after the 2008 recession ended, several million people still faced long-term unemployment.
B) To keep up with one another, car companies now offer as standard many features that customers previously had to pay extra for.
C) The majority of electronics products are produced in factories in Asia.
D) The cost of a 32" flat-screen HDTV is less than half of what it was eight years ago.

Accepted Answer

The answer of Which of the following is the best...

Question 3

Procter & Gamble added new fragrances to its laundry detergent line in an effort to appeal to a demographic who like to use fragrances in their homes. This is an example of which type of changing factors in the business environment?
A) technology
B) environmental
C) competitive
D) economic

Accepted Answer

The answer of Procter & Gamble added new fragrances to...

Question 4

Beginning in 2017 a large heating, ventilation, and air-conditioning company transferred manufacturing to Mexico, resulting in the elimination of 700 North American jobs. This move is in response to which type of changing factors in the business environment?
A) economic
B) environmental
C) technology
D) demographic

Accepted Answer

The transfer of manufacturing to Mexico in response to economic factors, such as lower labor and production costs, is a common strategy for companies looking to remain competitive in the global market.

Question 5

Amazon is now one of the top retailers in Canada, even though it does not have any substantial physical retail presence. This illustrates the impact of which type of factors in the business environment?
A) economic
B) technology
C) competitive
D) global

Accepted Answer

Amazon's success in Canada without a physical retail presence is largely due to advancements in technology, such as e-commerce platforms and efficient shipping methods.

Question 6

An increase in marketing to different ethnic groups of consumers and an expected increase in education spending in Canada are examples of how which type of factors are impacting the business environment?
A) language
B) social
C) cultural
D) financial

Accepted Answer

Social factors include changes in demographics, education, and cultural trends, which impact consumer behavior and business strategies.

Question 7

Canada has lost hundreds of thousands of high-tech manufacturing jobs in the last decade, mainly to Asia. The result is that many Canadian workers have to update the skills needed for a successful career. This change is due to which type of factors in the business environment?
A) economic
B) social
C) technology
D) global

Accepted Answer

The loss of high-tech manufacturing jobs to Asia is a result of global factors in the business environment, such as globalization and outsourcing.

Question 8

If you have trouble finding a job because the majority of businesses have falling revenues and profits, you are being impacted by what factor of the business environment?
A) economic
B) competitive
C) global
D) employment

Accepted Answer

The economic factor of the business environment refers to the state of the economy, including factors such as GDP, inflation, and unemployment. If businesses are experiencing falling revenues and profits, it is likely due to a slow or declining economy. This can make it difficult to find a job, as companies may not be hiring or may be cutting back on staff to save costs.

Question 9

For many years, HBO insisted that its current shows would be offered only via paid cable subscription. Partly because of the rise of Hulu, Netflix, and other on-demand viewing services, HBO launched its own HBO Go on-demand service. This is an example of HBO being influenced by what factor in the business environment?
A) competitive
B) social
C) environmental
D) global

Accepted Answer

The rise of competitors such as Hulu and Netflix in the on-demand viewing market put pressure on HBO to adapt to the changing business environment and launch its own on-demand service. This is an example of a competitive factor influencing HBO's decision-making.

Question 10

Increased competition from firms in other nations is an example of which factor in the business environment?
A) economic
B) global
C) technology
D) environmental

Accepted Answer

Increased competition from firms in other nations is an example of the global factor in the business environment, as it is a result of the interconnectivity and interdependence of markets across the world.

Question 11

The increase of manufacturing in lower-wage countries like China is part of the reason prices for televisions have continued to decrease even as technology has improved. This is a benefit of which type of factors in the business environment?
A) economic
B) global
C) competitive
D) technology

Accepted Answer

The increase of manufacturing in lower-wage countries like China is a result of global factors such as international trade and global production networks.

Question 12

Your town's local hardware store has served the community for over 70 years. However, business has been way down ever since two big box hardware stores opened less than 10 minutes away. This local hardware store is looking to cut costs and increase marketing efforts as a response to which type of changing factors in the business environment?
A) environmental
B) economic
C) marketing
D) competitive

Accepted Answer

The opening of two big box hardware stores close by highlights competition as the changing factor affecting the business environment of the local hardware store. In response, the store seeks to reduce expenses and intensify its marketing efforts to increase sales and profitability.

Question 13

A new regulation requires the local coal plant to install filtering technology to reduce its carbon emissions by 50%. Purchasing the necessary equipment is too expensive for this business, forcing it to close the plant and lay off its 500 employees. Although the intent of the new regulation was to address potential environmental damage caused by the plant, because so many of its residents relied on jobs at the plant the closing of the business will likely cause which of the following in this community?
A) social disruption
B) economic growth
C) taxes
D) valuable products

Accepted Answer

The closure of the coal plant and the layoffs of its 500 employees will likely cause social disruption in the community, as many people will be left without jobs and income. Economic growth, taxes, and valuable products are not relevant to the situation.

Question 14

Changing Canadian demographics create both opportunities and challenges. Which of the following will have a major impact on the business community in years to come?
A) more immigration
B) retiring baby boomers
C) fewer babies per family
D) more working from home

Accepted Answer

The answer of Changing Canadian demographics create both opportunities and...

Question 15

Many small communities attempt to block Walmart from opening new stores in their towns. Although a new Walmart location can add hundreds of jobs, it tends to increase traffic and drive "mom and pop shops" out of business. This is an example of which of the following?
A) health and safety risks
B) social disruption
C) community development
D) increased convenience

Accepted Answer

The community's attempt to block Walmart is an example of social disruption, as it can disrupt the local economy and business landscape. Health and safety risks, community development, and increased convenience are not relevant to this situation.

Question 16

The lawyer for a group of workers at a meat packing plant holds a news conference to discuss the high rate of injury experienced by these workers. This highlights which potential concern about the impact of business on society?
A) environmental damage
B) offering products that aren't valuable
C) health and safety risks
D) poor quality of life in the community

Accepted Answer

The high rate of injury experienced by workers raises concerns about the health and safety risks associated with the business operations.

Question 17

In the last few years, there has been increasing competition from Chinese smartphone makers. Some Chinese-made smartphones are sold at prices well below those made by competitors Apple and Samsung, in part due to low labour costs. For US-based Apple, the increase of Chinese smartphone manufacturers will likely have an impact on all of the following type of factors EXCEPT which one?
A) economic
B) technology
C) social
D) competitive

Accepted Answer

The increase of Chinese smartphone manufacturers may have an impact on the economic, technology, and competitive factors for Apple, but it is unlikely to have an impact on social factors.

Question 18

Which of the following scenarios most accurately describes Adam Smith's view of an economic system that best serves the interests of society?
A) Individuals are selected to fill certain positions within the economy of their nation according to the needs of the nation as a whole.
B) Markets are carefully regulated to ensure that all individuals within a nation are treated fairly and charged standardized prices.
C) Government scarcely exists in this country, and transactions are based on a system of barter, or trading goods for other goods.
D) Individuals in the country may pursue their own economic gain and self-interest by doing whatever is best for them.

Accepted Answer

Adam Smith's view of an economic system that best serves the interests of society is one where individuals are free to pursue their own economic gain and self-interest. This is because, according to Smith, the pursuit of self-interest leads individuals to act in ways that ultimately benefit society as a whole. In a system where individuals are free to pursue their own interests, competition among them leads to greater efficiency, innovation, and economic growth, which in turn benefits everyone. Therefore, choice D is the most accurate scenario that describes Smith's view.

Question 19

An undercover investigation of large electronics manufacturing plants overseas revealed that employees often work in crowded conditions for long hours, and are exposed to a variety of hazardous chemicals. In addition, it was suspected that some of these chemicals are disposed of in nearby drainage pipes that lead to the sea. These are examples of which two concerns regarding the impact of business on society?
A) employment and environmental damage
B) social disruption and health and safety risks
C) quality of life and social disruption
D) health and safety risks and environmental damage

Accepted Answer

The concerns regarding the impact of business on society in this scenario are health and safety risks for employees and environmental damage caused by hazardous chemical disposal. Therefore, option D (health and safety risks and environmental damage) is the best answer.

Question 20

Even though the most recent recession ended several years ago, youth unemployment continues to be high. This is an example of youth being impacted by which factor of the business environment?
A) competitive
B) educational
C) economic
D) employment

Accepted Answer

The high youth unemployment is an example of how the economic factor of the business environment is impacting youth.

Quiz 1: Exploring the World of Business and Economics

Which of the following rights is a feature of laissez-faire capitalism?

Which of the following is the best example of how technology factors affect the business environment?

Procter & Gamble added new fragrances to its laundry detergent line in an effort to appeal to a demographic who like to use fragrances in their homes. This is an example of which type of changing factors in the business environment?

Beginning in 2017 a large heating, ventilation, and air-conditioning company transferred manufacturing to Mexico, resulting in the elimination of 700 North American jobs. This move is in response to which type of changing factors in the business environment?

Amazon is now one of the top retailers in Canada, even though it does not have any substantial physical retail presence. This illustrates the impact of which type of factors in the business environment?

An increase in marketing to different ethnic groups of consumers and an expected increase in education spending in Canada are examples of how which type of factors are impacting the business environment?

Canada has lost hundreds of thousands of high-tech manufacturing jobs in the last decade, mainly to Asia. The result is that many Canadian workers have to update the skills needed for a successful career. This change is due to which type of factors in the business environment?

If you have trouble finding a job because the majority of businesses have falling revenues and profits, you are being impacted by what factor of the business environment?

Increased competition from firms in other nations is an example of which factor in the business environment?

The increase of manufacturing in lower-wage countries like China is part of the reason prices for televisions have continued to decrease even as technology has improved. This is a benefit of which type of factors in the business environment?

Changing Canadian demographics create both opportunities and challenges. Which of the following will have a major impact on the business community in years to come?

Many small communities attempt to block Walmart from opening new stores in their towns. Although a new Walmart location can add hundreds of jobs, it tends to increase traffic and drive "mom and pop shops" out of business. This is an example of which of the following?

The lawyer for a group of workers at a meat packing plant holds a news conference to discuss the high rate of injury experienced by these workers. This highlights which potential concern about the impact of business on society?

Which of the following scenarios most accurately describes Adam Smith's view of an economic system that best serves the interests of society?

Even though the most recent recession ended several years ago, youth unemployment continues to be high. This is an example of youth being impacted by which factor of the business environment?