Future of Business Canadian 5th Edition by Althouse - Test Bank
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1. Which of the following is the study of how a
society uses scarce resources to produce and distribute goods and services?
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2. In Canada, which of the following two items
work together to guide the economy?
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3. The state of the economy affects which two
groups?
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4. Which of the following is the study of the
economy as a whole, looking at aggregate data for large groups of people,
companies, or products?
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5. A manager in the life insurance industry
examining the national level of personal income, the unemployment rate,
interest rates, inflation, and death statistics would be looking at which of
her company’s environments?
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6. What is the definition of macroeconomics?
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7. What is the definition of microeconomics?
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8. The GMC manager who evaluates truck models
made by his competition, consumer demand for different sizes of trucks,
labour and material costs to build trucks, and current prices of all trucks
would be taking which of the following perspectives?
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9. The agricultural sector in Guatemala accounts
for about one-quarter of the nation’s GDP, two-thirds of its exports, and
half of its labour force. This type of information would be revealed through
which perspective?
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10. An individual who is thinking of buying a
Wendy’s franchise in London, Ontario, and is examining the employment
statistics, area income levels, and local competition would be interested in
which of the following fields?
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11. Which is an example of a factor of production?
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12. Which of the following is an example of a
factor of production?
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13. The combined talents, skills and capabilities
of individuals in the workforce is which factor of production?
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14. The relationship of the inputs and outputs of
households, businesses, and governments can be graphically explained through
the use of which figure?
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15. To examine how the sectors of the economy
interact, you should think in terms of which of the following figures?
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16. A country’s government combines laws and
policies and makes choices to establish the systems that determine what goods
and services are produced and how they are allocated. This is referred to as
which of the following?
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17. Which type of economy is based on competition
in the marketplace and private ownership of the factors of production?
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