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Exam 1: Understanding the Canadian Business System

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Question 31

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Examples of businesses include all of the following except

A) local supermarkets.
B) one-person businesses,like barbershops.
C) non-profit organizations.
D) large corporations like Canadian Pacific or Alcan Aluminum.
E) farms.

F) A) and E)
G) C) and D)

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Question 32

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Which of the following is correct with respect to the issue of government taxation?

A) Progressive revenue taxes are harder on low-income people than on high-income people.
B) Revenue taxes are designed primarily to encourage people to buy certain kinds of goods and avoid buying other kinds.
C) Restrictive taxes prevent businesses from expanding.
D) Regressive revenue taxes are levied at the same rate regardless of a person's income.
E) All of the statements are correct.

F) A) and D)
G) A) and C)

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Question 33

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When individual firms are small and the number of firms is large,this describes which degree of competition?

The law of demand states that

An exchange process between buyers and sellers of a good or service is called a market.

If two people exchange apples,they still each have only one apple,but if two people exchange ideas,each person now has two ideas instead of one.This example is consistent with the argument that "information" as a factor of production is conceptually different than land,labour,and capital as factors of production.

One outcome of competition is that business firms

Workers in socialist countries are usually allowed to choose their occupations,but a large proportion generally work for the government.

Market economies that rely on a private enterprise system maintain that the creation of wealth should be the concern of

Anon Corporation is a manufacturer of Widgets.Faced with increasing input material costs,the company is considering a 15-20 percent price increase.There are significant disagreements among senior personnel in the company about this move. Assuming other factors remain constant,Anon would have the most power to raise prices if Widgets were which of the following?

In terms of factors of production,Imperial Oil's crude oil reserves are an example of ________,while market forecasts are an example of ________.

Progressive revenue taxes charge a higher rate on higher-income taxpayers and at a lower rate on lower-income taxpayers.

When there are a handful of very large sellers,market entry is difficult,and a company can have a major impact on the product price,this is a situation known as

Bailey Wear manufactures children's clothing.The company is able to set its prices higher than its competitors because of the fine material it uses and the attention it pays to the quality of the sewing.Bailey Wear is operating in a competitive environment of

Capitalism relies on demand and supply in the marketplace to determine what,when,and for whom to produce.

A business is an organization that seeks to earn profits by providing goods and services to customers.

How does monopolistic competition differ from perfect competition?

What are the resources that a country's businesses use to produce goods and services called?

The price at which the quantity of goods demanded,and the quantity of goods supplied are equal is referred to as

Which law forbids most monopolies in Canada?