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Exam 1: The Dynamic Business Environment

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Question 1

Multiple Choice

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According to statistics Canada,by 2036 what proportion of the population will be Generation Z?

A) 2/3
B) 1/2
C) 1/3
D) 1/4

E) B) and D)
F) A) and C)

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D

Question 2

True/False

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Paid vacations and a generous pension are among the benefits provided by the government to entrepreneurs.

A) True
B) False

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Question 3

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Saving energy is part of greening.

Governments can increase the risk of entrepreneurship by passing laws that enable business people to write contracts that are enforceable in court.

Revenue is the amount a business earns above and beyond what it spends for expenses and costs.

The goal for many companies is 5% defects in their products.

Saving energy and producing products that cause less harm to the environment is called climate change.

Which of the following is a factor of production?

Capital is now easy for firms to find in world markets.

In Canada,most of the offshoring that occurs is with what country?

The two factors of production that seem to contribute the most to making countries rich are:

There are two ways to succeed in business.One way is to rise up through the ranks of a large company.What is the other way?

While the proportion of workers employed in agriculture has remained relatively constant,the average size of farms has steadily decreased over the past century.

Tools,machinery,and buildings are all types of capital resources.

Profit is over and above the money you pay yourself in salary.

Mark recently graduated with honours from his college.He has bragged to his friends that his fine academic performance has prepared him so well for a successful career that he can forget school or training in his future.In evaluating the workplace of the future,Mark is:

High taxes and government restrictions help to encourage entrepreneurs by providing greater incentives for people to work hard and create profit.

Health care,legal advice,transportation,and other intangible products are provided by the:

Global competition has decreased in recent years.

Any activity that produces a good or service to others while operating at a profit can be classified as a business.