Question 1

Which of the following best defines the term business cycle?
The conditions of the economic system in which an organization operates
The pattern of short-term ups and downs in an economy
The total quantity of goods and services produced by an economic system during a given period
The measure of economic growth that compares how much a system produces with the resources needed to produce it
The total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system

Accepted Answer

The pattern of short-term ups and downs in an economy

Question 2

Distributors who are in a grocery store restocking shelves are normally considered part of the ________ rather than the ________.
environment; culture
organization; environment
culture; store
environment; organization
none of these are correct

Accepted Answer

environment; organization

Question 3

In terms of organizational boundaries and environments, which is correct?
Large business firms are heavily influenced by events in the external environment, but small business firms are much less influenced.
No single firm can control the environment.
Most organizations have a single environment, but some have multiple environments they must cope with.
The major elements of the external environment are marketing, finance, production, and human resources.
The most important features of the external environment are the political and social aspects.

Accepted Answer

No single firm can control the environment.

Question 4

Sales had been low at Stephen's Home Office Supplies for several months, but then business starting picking up again. Stephen's business went through which two phases of the business cycle?
Recession and trough
Peak and recession
Trough and recovery
Recovery and peak
Any of these answers could be correct

Accepted Answer

The answer of Sales had been low at Stephen's Home...

Question 5

Since the increase in unemployment in a small Atlantic Canadian town, retailers have noticed that sales have decreased. The retailers are being affected by which element of the external environment?
Socio-cultural
Economic
Environmental
Global
Political‒legal

Accepted Answer

The answer of Since the increase in unemployment in a...

Question 6

Which of the following best describes real GDP?
Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
Total quantity of goods and services produced by an economic system
Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production
Total value of all goods and services produced within a given period by a national economy, through domestic factors of production measured in current dollars, or with all components valued at current prices
Total value of all goods and services produced by a national economy within a given period, calculated to account for changes in currency values and price changes

Accepted Answer

The answer of Which of the following best describes real...

Question 7

How might low inflation levels in the general economy affect a company like McDonald's?
McDonald's will pay much higher prices for supplies and will charge customers more for its products.
McDonald's will pay higher prices for supplies and will charge customers more for its products.
McDonald's will pay relatively constant prices for supplies, but will be unable to increase the price paid by customers.
McDonald's will pay relatively constant prices for supplies and will charge customers more for its products.
McDonald's will pay higher prices for supplies, but will be unable to increase the price paid by customers.

Accepted Answer

The answer of How might low inflation levels in the...

Question 8

________ refers to the total quality and quantity of goods and services that a country's citizens can purchase with the currency used in their economic system.
Aggregate output
The national debt
Standard of living
The business cycle
The consumer price index

Accepted Answer

The answer of ________ refers to the total quality and...

Question 9

Agricultural production has ________ because ________.
grown; we have increased total output in that sector
increased; Canada imports more agricultural products
declined; fewer Canadians are working in agriculture
remained unchanged; there have been relatively few changes in agricultural technology
increased; more people are involved in farming

Accepted Answer

The answer of Agricultural production has ________ because ________.
grown; we...

Question 10

Which of the following would not likely be a consequence of a recession?
Aggregate output declines.
Producers will hire more employees.
Unemployment will increase.
Less labour will be needed to produce products.
GDP will decrease.

Accepted Answer

The answer of Which of the following would not likely...

Question 11

The main measure of growth in an economic system is
the business cycle.
standard of living.
gross national product.
gross domestic product.
aggregate output.

Accepted Answer

The answer of The main measure of growth in an...

Question 12

At one time, about ________ of the population of Canada was involved in producing the food that we needed; today less than ________ percent of the population works in agriculture.
half; 0.5
half; 2.5
one-third; 5
three-quarters; 2.5
four-fifths; 3

Accepted Answer

The answer of At one time, about ________ of the...

Question 13

Which of the following best defines the term aggregate output?
The total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
The measure of economic growth that compares how much a system produces with the resources needed to produce it
The pattern of short-term ups and downs in an economy
The total quantity of goods and services produced by an economic system during a given period
The conditions of the economic system in which an organization operates

Accepted Answer

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

Question 14

Which of the following is correct with regard to the business cycle?
Due to better government management of the economic environment, the business cycle has become less volatile in recent decades
A depression occurs when the trough of the business cycle extends five or more years
There are no recognizable short-term phases in the business cycle; rather, the cycle can only be recognized as a long-term phenomenon
A recession is usually defined as two consecutive quarters when the economy shrinks
All of these are correct

Accepted Answer

The answer of Which of the following is correct with...

Question 15

Which statement is true with regard to the standard of living?
It is dependent on the size of the city in which one lives.
It is comparable for every citizen in every country.
It is the amount and quality of goods and services that people can buy with their money.
It is improved when high-end stores stock expensive merchandise.
It is unaffected by business productivity.

Accepted Answer

The answer of Which statement is true with regard to...

Question 16

A(n) ________ separates the organization from its environment.
organizational boundary
process boundary
enterprise resource
aggregate output
integration

Accepted Answer

The answer of A(n) ________ separates the organization from its...

Question 17

Agriculture efficiency has resulted in
Canadians contributing more resources to farms.
an increase in the number of people employed in the industry.
Canadians needing more farms.
a decrease in the number of people employed in the industry.
none of these.

Accepted Answer

The answer of Agriculture efficiency has resulted in
Canadians contributing more...

Question 18

Which of the following would be included in the gross national product of Canada?
The wages paid to Peruvian workers producing coffee for a Brazilian company
The profits earned by a Canadian-owned automobile plant in Brazil
The profits earned by a Brazilian coffee company operating in Canada
The profits earned by a Brazilian coffee company operating in Peru
The wages paid to Brazilian workers producing coffee for sale in Canada

Accepted Answer

The answer of Which of the following would be included...

Question 19

Which of the following best describes nominal GDP?
Total quantity of goods and services produced by an economic system
Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
Total value of all goods and services produced within a given period by a national economy, through domestic factors of production measured in current dollars, with all components valued at current prices
Total value of all goods and services produced within a given period by a national economy through domestic and international factors of production
Total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

Accepted Answer

The answer of Which of the following best describes nominal...

Question 20

Which of the following best describes the term gross domestic product?
Total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system
Conditions of the economic system in which an organization operates
The total value of all goods and services produced within a given period by a national economy through domestic factors of production
The total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located
The total quantity of goods and services produced by an economic system

Accepted Answer

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

Quiz 2: The Environment of Business

Distributors who are in a grocery store restocking shelves are normally considered part of the rather than the . environment; culture organization; environment culture; store environment; organization none of these are correct

Since the increase in unemployment in a small Atlantic Canadian town, retailers have noticed that sales have decreased. The retailers are being affected by which element of the external environment? Socio-cultural Economic Environmental Global Political‒legal

________ refers to the total quality and quantity of goods and services that a country's citizens can purchase with the currency used in their economic system. Aggregate output The national debt Standard of living The business cycle The consumer price index

Which of the following would not likely be a consequence of a recession? Aggregate output declines. Producers will hire more employees. Unemployment will increase. Less labour will be needed to produce products. GDP will decrease.

The main measure of growth in an economic system is the business cycle. standard of living. gross national product. gross domestic product. aggregate output.

At one time, about of the population of Canada was involved in producing the food that we needed; today less than percent of the population works in agriculture. half; 0.5 half; 2.5 one-third; 5 three-quarters; 2.5 four-fifths; 3

A(n) ________ separates the organization from its environment. organizational boundary process boundary enterprise resource aggregate output integration

Agriculture efficiency has resulted in Canadians contributing more resources to farms. an increase in the number of people employed in the industry. Canadians needing more farms. a decrease in the number of people employed in the industry. none of these.