Test Bank for Business A Changing World Canadian 6th Edition by Ferrell.

,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




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,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
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, 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



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