,TRUE/FALSE.g Writeg 'T'gifg theg statementg isg trueg andg'F'gifg theg statementgisgfalse.
1) Productsghavegtangiblegattributesgonly.
Answer: True g False
2) Theggoalgofgbusinessgactivitiesgisgtogearngagprofit.
Answer:g g True False
3) Non-
profitgorganizations,gsuchgasgthegCanadiangRedgCross,gdognotghavegtogengagegingmanagement,gma
rketing,gorgfinancegactivities.
Answer: True g False
4) OrganizationsgsuchgasgthegSpecialgOlympicsghavegtwogfundamentalgpurposes:gtogearngagprofitgandgt
ogaccomplishgsocialgobjectives.
Answer: True g False
5) Profitgisgwhatgitgcostsgtogmakegandgsellgagproduct.
Answer: True g False
6) Businessesghavegthegrightgtogkeepgandgusegtheirgprofitsgasgtheygchoose,gwithoutglimitations.
Answer: True g False
7) Earninggprofitsgcontributesgtogsocietygbygprovidinggemployment,gwhichgingturngprovidesgmoneygth
atgisgreinvestedgingthegeconomy.
Answer:g g True False
8) Financegisgconcernedgwithgobtaininggmoneygandgusinggitgeffectively.
Answer:g g True False
9) Ownersghaveglittlegresponsibilitygtogprovidegfundsgforgthegoperationgofgthegbusiness.
Answer: True g False
10) Managersgcoordinategresourcesgtogachievegorganizationalgobjectives.
Answer:g g True False
11) Thegfocusgofgallgmarketinggactivitiesgisgcustomergsatisfaction.
Answer:g g True False
12) Ownersgalwaysgmanagegtheirgbusinessesgthemselves.
Answer: True g False
13) Studyinggbusinessgwillghelpgyougdevelopgskillsgtogemploygingagfuturegcareer,gifgthatgcareergtakesgpla
cegingthegcountrygwheregyougstudiedgbusinessgtopics.
Answer: True g False
1
,14) Onegofgthegbest-
knowngCanadiangmarketingginitiativesgofgallgtimegisgTimgHortons'g"RollgUpgthegRimgtogWin"gcamp
aign.
Answer:g g True False
15) Agcentralgissuegofgeconomicsgisghowgtogfulfillgconsumers'gunlimitedgdemandgforggoodsgandgservic
esgingagworldgwithglimitedgresources.
Answer:g g True False
16) Naturalgresourcesgincludegland,gminerals,gwater,gandgotherggiftsgofgnaturegwhichgaregnotgmadegb
yghumans.
Answer:g g True False
17) Asgthegbabygboomers,gwhogmakegupgroughlygone-
thirdgofgCanada'sgpopulation,gretire,gCanadagmaygfacegaglabourgshortagegingsomegsectors.
Answer:g g True False
18) Capitalismgisgangeconomicgsystemgingwhichgtheggovernmentgownsgandgoperatesgbasicgindustrie
sgwhilegindividualsgowngmostgothergbusinesses.
Answer: True g False
19) ChinagisgangexamplegofgagcommunistgeconomygthatgexistsgtodaygwhichgsatisfiesgKarlgMarx'sgidealg
ofgcommunism.
Answer: True g False
20) Russia,gPoland,gHungary,gandgothergEasterngEuropeangnationsghavegturnedgawaygfromgcommunis
mgandgtowardgeconomicgsystemsggovernedgbygsupplygandgdemandgrathergthangbygcentralgplannin
g.gAnswer:g g True False
21) ThegChinesegstategisgtheglargestgshareholdergamonggChina'sglargestgcompaniesgandginfluence
sgthousandsgofgothergbusinesses.
Answer:g g True False
22) Mostgsocialistgnationsgaregdemocratic.
Answer:g g True False
23) Humangresourcesgrefergonlygtogthegmentalgabilitiesgofgpeoplegusedgtogproduceggoodsgandgservices;g
itgisgsynonymousgwithgknowledge.
Answer: True g False
24) Ifgfreegenterprisegisggoinggtogbegsuccessful,gindividualsgmustghavegthegrightgtogchoosegwhatgcareerg
togpursue,gwheregtoglive,gwhatggoodsgandgservicesgtogpurchase,gandgmore.
Answer:g g True False
25) Demandgisgthegquantitygofggoodsgandgservicesgthatgconsumersgaregwillinggtogbuygatgdifferentgpricesg
atgagspecificgtime.
Answer:g g True False
2
, 26) Thegdemandgcurvegisgupwardgsloping.
Answer: True g False
27) Thegequilibriumgpricegisgrepresentedgbygthegpointgwheregagproduct'sgsupplygandgdemandgcurve
sgintersect.
Answer:g g True False
28) Monopolisticgcompetitiongexistsgwhengtheregisgonlygonegproducergofgagproductgingaggivengmarket.
Answer: True g False
29) Angoligopolygexistsgwhengtheregaregmanygsmallgbusinessesgsellinggonegstandardizedgproduct.
Answer: True g False
30) Government-grantedgmonopoliesgaregnotgsubjectgtoggovernment-regulatedgprices.
Answer: True g False
31) Agproduct'sgequilibriumgpricegisgconstantlygchanginggingresponsegtogchangesgingeconomicgcondition
s,gavailabilitygofgresources,gandgdegreegofgcompetition.
Answer:g g True False
32) Economicgexpansiongoccursgwhengangeconomygisggrowinggandgpeoplegaregspendinggmoregmoney.
Answer:g g True False
33) Thegstandardgofglivinggrisesgbecausegpeopleghaveglessgmoneygtogspend.
Answer: True g False
34) Inflationgisgagconditiongcharacterizedgbygfallinggprices.
Answer: True g False
35) Agseveregrecessiongmaygturngintogagdepression.
Answer:g g True False
36) Duringgagrecession,gunemploymentgisgunusuallyglow.
Answer: True g False
37) Grossgdomesticgproductgisgthegsumgofgallggoodsgandgservicesgproducedgingagcountrygduringgagyear.
Answer:g g True False
38) Sinceg1997,gitghasgbeengcommongpolicygforgtheggovernmentgofgCanadagtogrunglargegbudgetgdeficits.
Answer: True g False
39) Canadaghasghadgagpositivegtradegbalancegforgmuchgofgtheglastgdecade.
Answer:g g True False
40) Whengagnationgcollectsgmoregfromgtaxesgthangitgspends,gitghasgagbudgetgdeficit.
Answer: True g False
3
1) Productsghavegtangiblegattributesgonly.
Answer: True g False
2) Theggoalgofgbusinessgactivitiesgisgtogearngagprofit.
Answer:g g True False
3) Non-
profitgorganizations,gsuchgasgthegCanadiangRedgCross,gdognotghavegtogengagegingmanagement,gma
rketing,gorgfinancegactivities.
Answer: True g False
4) OrganizationsgsuchgasgthegSpecialgOlympicsghavegtwogfundamentalgpurposes:gtogearngagprofitgandgt
ogaccomplishgsocialgobjectives.
Answer: True g False
5) Profitgisgwhatgitgcostsgtogmakegandgsellgagproduct.
Answer: True g False
6) Businessesghavegthegrightgtogkeepgandgusegtheirgprofitsgasgtheygchoose,gwithoutglimitations.
Answer: True g False
7) Earninggprofitsgcontributesgtogsocietygbygprovidinggemployment,gwhichgingturngprovidesgmoneygth
atgisgreinvestedgingthegeconomy.
Answer:g g True False
8) Financegisgconcernedgwithgobtaininggmoneygandgusinggitgeffectively.
Answer:g g True False
9) Ownersghaveglittlegresponsibilitygtogprovidegfundsgforgthegoperationgofgthegbusiness.
Answer: True g False
10) Managersgcoordinategresourcesgtogachievegorganizationalgobjectives.
Answer:g g True False
11) Thegfocusgofgallgmarketinggactivitiesgisgcustomergsatisfaction.
Answer:g g True False
12) Ownersgalwaysgmanagegtheirgbusinessesgthemselves.
Answer: True g False
13) Studyinggbusinessgwillghelpgyougdevelopgskillsgtogemploygingagfuturegcareer,gifgthatgcareergtakesgpla
cegingthegcountrygwheregyougstudiedgbusinessgtopics.
Answer: True g False
1
,14) Onegofgthegbest-
knowngCanadiangmarketingginitiativesgofgallgtimegisgTimgHortons'g"RollgUpgthegRimgtogWin"gcamp
aign.
Answer:g g True False
15) Agcentralgissuegofgeconomicsgisghowgtogfulfillgconsumers'gunlimitedgdemandgforggoodsgandgservic
esgingagworldgwithglimitedgresources.
Answer:g g True False
16) Naturalgresourcesgincludegland,gminerals,gwater,gandgotherggiftsgofgnaturegwhichgaregnotgmadegb
yghumans.
Answer:g g True False
17) Asgthegbabygboomers,gwhogmakegupgroughlygone-
thirdgofgCanada'sgpopulation,gretire,gCanadagmaygfacegaglabourgshortagegingsomegsectors.
Answer:g g True False
18) Capitalismgisgangeconomicgsystemgingwhichgtheggovernmentgownsgandgoperatesgbasicgindustrie
sgwhilegindividualsgowngmostgothergbusinesses.
Answer: True g False
19) ChinagisgangexamplegofgagcommunistgeconomygthatgexistsgtodaygwhichgsatisfiesgKarlgMarx'sgidealg
ofgcommunism.
Answer: True g False
20) Russia,gPoland,gHungary,gandgothergEasterngEuropeangnationsghavegturnedgawaygfromgcommunis
mgandgtowardgeconomicgsystemsggovernedgbygsupplygandgdemandgrathergthangbygcentralgplannin
g.gAnswer:g g True False
21) ThegChinesegstategisgtheglargestgshareholdergamonggChina'sglargestgcompaniesgandginfluence
sgthousandsgofgothergbusinesses.
Answer:g g True False
22) Mostgsocialistgnationsgaregdemocratic.
Answer:g g True False
23) Humangresourcesgrefergonlygtogthegmentalgabilitiesgofgpeoplegusedgtogproduceggoodsgandgservices;g
itgisgsynonymousgwithgknowledge.
Answer: True g False
24) Ifgfreegenterprisegisggoinggtogbegsuccessful,gindividualsgmustghavegthegrightgtogchoosegwhatgcareerg
togpursue,gwheregtoglive,gwhatggoodsgandgservicesgtogpurchase,gandgmore.
Answer:g g True False
25) Demandgisgthegquantitygofggoodsgandgservicesgthatgconsumersgaregwillinggtogbuygatgdifferentgpricesg
atgagspecificgtime.
Answer:g g True False
2
, 26) Thegdemandgcurvegisgupwardgsloping.
Answer: True g False
27) Thegequilibriumgpricegisgrepresentedgbygthegpointgwheregagproduct'sgsupplygandgdemandgcurve
sgintersect.
Answer:g g True False
28) Monopolisticgcompetitiongexistsgwhengtheregisgonlygonegproducergofgagproductgingaggivengmarket.
Answer: True g False
29) Angoligopolygexistsgwhengtheregaregmanygsmallgbusinessesgsellinggonegstandardizedgproduct.
Answer: True g False
30) Government-grantedgmonopoliesgaregnotgsubjectgtoggovernment-regulatedgprices.
Answer: True g False
31) Agproduct'sgequilibriumgpricegisgconstantlygchanginggingresponsegtogchangesgingeconomicgcondition
s,gavailabilitygofgresources,gandgdegreegofgcompetition.
Answer:g g True False
32) Economicgexpansiongoccursgwhengangeconomygisggrowinggandgpeoplegaregspendinggmoregmoney.
Answer:g g True False
33) Thegstandardgofglivinggrisesgbecausegpeopleghaveglessgmoneygtogspend.
Answer: True g False
34) Inflationgisgagconditiongcharacterizedgbygfallinggprices.
Answer: True g False
35) Agseveregrecessiongmaygturngintogagdepression.
Answer:g g True False
36) Duringgagrecession,gunemploymentgisgunusuallyglow.
Answer: True g False
37) Grossgdomesticgproductgisgthegsumgofgallggoodsgandgservicesgproducedgingagcountrygduringgagyear.
Answer:g g True False
38) Sinceg1997,gitghasgbeengcommongpolicygforgtheggovernmentgofgCanadagtogrunglargegbudgetgdeficits.
Answer: True g False
39) Canadaghasghadgagpositivegtradegbalancegforgmuchgofgtheglastgdecade.
Answer:g g True False
40) Whengagnationgcollectsgmoregfromgtaxesgthangitgspends,gitghasgagbudgetgdeficit.
Answer: True g False
3
