GMGT 1010 (Business and Society) Everything you need for
the first term test.(QUESTIONS & CORRECT ANSWERS)
What does the equality of opportunity state - CORRECT ANSWER-The best candidate
for a job is hired (Systemic discrimination is present)
What does equality of outcome state - CORRECT ANSWER-Cares about the equality of
representation of gender, race etc.
What is consumer sovereignty - CORRECT ANSWER-The assumption that the
consumer is king over companies
What benefit did the automobile bring to society in the 1900's - CORRECT ANSWER-1.
Urbanization (movement from farms into the city)
2. Interdependence ( product specialization)
3.Sociological affect
In the 1900's as a result of the rise in big business what occured - CORRECT
ANSWER-1. Mass production
2.Threat of monopoly's
3. Anti trust legislator in placed to prevent price fixing
What occurred and what were the reasons for Winnipeg general strike of 1919 -
CORRECT ANSWER-Reasons:
1. Large population returning from fighting in WW1
2. Large influx of European immigrants
3. low wages/high unemployment
Reaction:
30,000 workers went on strike (lasted for just over a month)
What occurred in the roaring 20's - CORRECT ANSWER-1.Increasing population
2.Growth of cities
3.Low unemployment
4.Increasing wages
5. stock market boom
6. stock market crash
What were the reasons for the stock market crash - CORRECT ANSWER-1.
Speculation: People speculating and investing in currency's, not actual goods
2. Inelastic demand: Supply increased as well as prices however demand did not
3. Technology replaced man: Loss of jobs
4. Income inequality
, What is the glass stegal act (1933) - CORRECT ANSWER-Commercial banks couldn't
work with investment banks (Prevents a bank from taking the money you deposit and
then gambling with it in the stock market)
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
What is the Wagner act (1933) - CORRECT ANSWER-Workers could form unions and
bargain collectively
What occurred after the stock market crash (great depression 1929) - CORRECT
ANSWER-1. Glass stegal banking act
2. Wagner act
the first term test.(QUESTIONS & CORRECT ANSWERS)
What does the equality of opportunity state - CORRECT ANSWER-The best candidate
for a job is hired (Systemic discrimination is present)
What does equality of outcome state - CORRECT ANSWER-Cares about the equality of
representation of gender, race etc.
What is consumer sovereignty - CORRECT ANSWER-The assumption that the
consumer is king over companies
What benefit did the automobile bring to society in the 1900's - CORRECT ANSWER-1.
Urbanization (movement from farms into the city)
2. Interdependence ( product specialization)
3.Sociological affect
In the 1900's as a result of the rise in big business what occured - CORRECT
ANSWER-1. Mass production
2.Threat of monopoly's
3. Anti trust legislator in placed to prevent price fixing
What occurred and what were the reasons for Winnipeg general strike of 1919 -
CORRECT ANSWER-Reasons:
1. Large population returning from fighting in WW1
2. Large influx of European immigrants
3. low wages/high unemployment
Reaction:
30,000 workers went on strike (lasted for just over a month)
What occurred in the roaring 20's - CORRECT ANSWER-1.Increasing population
2.Growth of cities
3.Low unemployment
4.Increasing wages
5. stock market boom
6. stock market crash
What were the reasons for the stock market crash - CORRECT ANSWER-1.
Speculation: People speculating and investing in currency's, not actual goods
2. Inelastic demand: Supply increased as well as prices however demand did not
3. Technology replaced man: Loss of jobs
4. Income inequality
, What is the glass stegal act (1933) - CORRECT ANSWER-Commercial banks couldn't
work with investment banks (Prevents a bank from taking the money you deposit and
then gambling with it in the stock market)
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
What tech breakthroughs occurred in the early 1900's - CORRECT ANSWER-Electric
power
Automobiles
Gasoline Engine
What is individualism - CORRECT ANSWER-The idea that people act off of self interest
not the communities
What is capital flight - CORRECT ANSWER-When assets flow out of a country due to
an event of economic consequence
What is the Wagner act (1933) - CORRECT ANSWER-Workers could form unions and
bargain collectively
What occurred after the stock market crash (great depression 1929) - CORRECT
ANSWER-1. Glass stegal banking act
2. Wagner act
