Question 1

All of the following are factors of production except
natural resources.
labour.
capital.
entrepreneurs.
technology.

Accepted Answer

technology.

Question 2

Entrepreneurs are important because they
make lots of money.
are good at making decisions.
take risks to start new businesses.
are good managers.
are rich.

Accepted Answer

take risks to start new businesses.

Question 3

In a 2011 study, Forbes magazine ranked 134 countries in terms of how attractive they were to do business in. Where did Canada rank?
First
Second
Fifth
Twenty-fifth
Eighty-seventh

Accepted Answer

First

Question 4

Profit is
what remains after business expenses are subtracted from business revenues.
equal to the market value of shares in a company.
equal to total revenue minus cash expenses.
the amount of sales minus 50 percent.
double the amount the company pays in taxes.

Accepted Answer

The answer of Profit is
what remains after business expenses are...

Question 5

"Embrace the opportunities and accept the risks" is a phrase that best characterizes the __________ attitude.
entrepreneurial
capitalist
communist
socialist
mixed market

Accepted Answer

The answer of "Embrace the opportunities and accept the risks"...

Question 6

Profit is
the market value of shares of stock in a company.
the level of expenses divided by the firm's assets.
what remains after business expenses are subtracted from business revenues.
gross revenue minus taxes a company pays.
gross sales minus taxes a company pays.

Accepted Answer

The answer of Profit is
the market value of shares of...

Question 7

Not-for-profit organizations
are content with small profits, whereas business firms want large profits.
are more important than business firms.
use the funds they generate from government grants or the sale of goods or services to provide service to the public.
do not sell goods or services.
are not allowed to operate in the manufacturing sector.

Accepted Answer

The answer of Not-for-profit organizations
are content with small profits, whereas...

Question 8

Labour includes
everyone in a business.
only non-unionized employees.
only unionized employees.
only managers.
only workers who do physical work.

Accepted Answer

The answer of Labour includes
everyone in a business.
only non-unionized employees.
only...

Question 9

In a command economy, the central government
supports free enterprise in every way possible.
allocates all or most factors of production.
encourages citizens to buy shares of stock in small companies.
keeps its control activities to a minimum.
buys surpluses from private sector companies to keep prices from falling.

Accepted Answer

The answer of In a command economy, the central government
supports...

Question 10

Generally speaking, which one of the factors of production is most important?
Land
Labour
Capital
Entrepreneurship
None of these

Accepted Answer

The answer of Generally speaking, which one of the factors...

Question 11

If two people exchange an apple, they each still have just one apple, but if they exchange ideas, they now each have two ideas. This is an illustration of
the importance of natural resources.
the principle of specialization of labour.
the difference between information and all the other factors of production.
the importance of profit in market economies.
all of these.

Accepted Answer

The answer of If two people exchange an apple, they...

Question 12

Examples of businesses include all of the following except
local supermarkets.
one-person businesses, like barbershops.
non-profit organizations.
large corporations like Canadian Pacific or Alcan Aluminum.
farms.

Accepted Answer

The answer of Examples of businesses include all of the...

Question 13

Something that would contribute directly to improving labour as a factor of production would be
finding new oil reserves.
better education for more of the population.
increasing the purchasing power of employees.
programs designed to decrease unemployment.
finding more efficient ways to produce products.

Accepted Answer

The answer of Something that would contribute directly to improving...

Question 14

This week, Jessica's Variety Store had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was
$3000.
$1000.
$4000.
$2000.
$1500.

Accepted Answer

The answer of This week, Jessica's Variety Store had sales...

Question 15

An economic system is
an agreement between countries that deals with free trade.
the way in which a nation allocates its resources among its citizens.
a government decree that requires certain goods and services to be provided.
a long standing agreement between citizens and governments on how an economy is run.
a large government department that oversees how the economy is running.

Accepted Answer

The answer of An economic system is
an agreement between countries...

Question 16

Elizabeth wants to set up a consulting business that specializes in mathematical problem solving. Which of the following factors of production would she require?
Capital
Labour
Information resources
Natural resources
All of these

Accepted Answer

The answer of Elizabeth wants to set up a consulting...

Question 17

How are provincial universities in Canada different from business firms?
They do not seek to make a profit.
They are not affected by the global environment.
Their organizational boundaries are narrower than normal.
They do not produce goods or services.
They are more important to society than business firms.

Accepted Answer

The answer of How are provincial universities in Canada different...

Question 18

In terms of factors of production, Imperial Oil's crude oil reserves are an example of _______, while market forecasts are an example of ________.
labour; entrepreneurs
information; labour
capital; information
natural resources; information
information; natural resources

Accepted Answer

The answer of In terms of factors of production, Imperial...

Question 19

Most of the goods and services consumed in Canada are produced by
countries in the European Union.
businesses in the U.S.
countries of the Pacific Rim.
the Canadian government.
business firms.

Accepted Answer

The answer of Most of the goods and services consumed...

Question 20

The key difference between economic systems is the different ways in which they manage
the factors of production.
the transportation of goods within their borders.
government rules and regulations.
the payment of workers.
none of these answers is accurate.

Accepted Answer

The answer of The key difference between economic systems is...

Quiz 1: Understanding the Canadian Business System

All of the following are factors of production except natural resources. labour. capital. entrepreneurs. technology.

Entrepreneurs are important because they make lots of money. are good at making decisions. take risks to start new businesses. are good managers. are rich.

In a 2011 study, Forbes magazine ranked 134 countries in terms of how attractive they were to do business in. Where did Canada rank? First Second Fifth Twenty-fifth Eighty-seventh

Profit is what remains after business expenses are subtracted from business revenues. equal to the market value of shares in a company. equal to total revenue minus cash expenses. the amount of sales minus 50 percent. double the amount the company pays in taxes.

"Embrace the opportunities and accept the risks" is a phrase that best characterizes the __________ attitude. entrepreneurial capitalist communist socialist mixed market

Profit is the market value of shares of stock in a company. the level of expenses divided by the firm's assets. what remains after business expenses are subtracted from business revenues. gross revenue minus taxes a company pays. gross sales minus taxes a company pays.

Labour includes everyone in a business. only non-unionized employees. only unionized employees. only managers. only workers who do physical work.

Generally speaking, which one of the factors of production is most important? Land Labour Capital Entrepreneurship None of these

Examples of businesses include all of the following except local supermarkets. one-person businesses, like barbershops. non-profit organizations. large corporations like Canadian Pacific or Alcan Aluminum. farms.

This week, Jessica's Variety Store had sales of $4000, employees were paid $1000, the cost of goods was $1500, and rent was $500. Profit for the week was $3000. $1000. $4000. $2000. $1500.

Elizabeth wants to set up a consulting business that specializes in mathematical problem solving. Which of the following factors of production would she require? Capital Labour Information resources Natural resources All of these

In terms of factors of production, Imperial Oil's crude oil reserves are an example of _, while market forecasts are an example of __. labour; entrepreneurs information; labour capital; information natural resources; information information; natural resources

Most of the goods and services consumed in Canada are produced by countries in the European Union. businesses in the U.S. countries of the Pacific Rim. the Canadian government. business firms.

The key difference between economic systems is the different ways in which they manage the factors of production. the transportation of goods within their borders. government rules and regulations. the payment of workers. none of these answers is accurate.