Chapter 1 - 3 0f Business Essentials

Information systems, electronics, and telecommunications would be regarded as part of the _______

environment.

• technological

• political-legal

• sociocultural

• global business

Domination of a few large sellers with a high entry barrier represents?

• Monopoly

• Monopsony

• Sellers union

• Oligopoly

The economic system in which the government owns and operates all factors of production and makes

all business decisions is known as

• Capitalism

• Mixed market

• Communism

• None of the above

What economic system best describes the Canadian economy

• Capitalism

• Communism

• Mixed market

• Socialism

Angelica and Kotomi own a coffee shop in Vancouver. Business is great and they decide to enlarge their building so they can accommodate more customers. They are operating in a ________ economy

• Planned

• Socialist

• Privatized

• Market

In a command economic system private individuals own and allocate the factors of production

• True

• False

Personal code of ethics is influnced by 3 factors. One of such influence is

• Race

• Peer Group

• Wealth

• Education

Match the following

• Oligopoly

• •one producer and source of supply

  •unique product

  •complete control over price

  •no competitors

• Monopsony

• •One buyer and source of demand

  •Suppliers don’t have choice to sell to someone else instead

  •complete control over purchase price

• •Oligopsony

• •a few large suppliers dominate

  •high barriers to entry

  •Effectively act as a monopoly collectively

• Monopoly

• •a few large buyers dominate

  •Difficult for sellers to leave market

  •A large influence over input price collectivelA

All of these are rights of consumers except

• Right to courteous service

• Right to be rude when unsatisfied

• Right to be informed about all relevant aspects of a product

• Right to safe products

The use of confidential (non-public) information to gain from the sale of stock is called

• Cheque Kiting

• Misrepresentation of Finances

• Improper Financial Management

• Insider Trading