Business U2T2: Market Entry Factors

What organization is responsible for enforcing mandatory standards in Australia?

• Australian Bureau of Statistics (ABS)

• Australian Competition and Consumer Commission (ACCC)

• Reserve Bank of Australia (RBA)

• Australian Taxation Office (ATO)

Codes of practice are put in place to regulate activities within which of the following?

• Schools

• Government offices

• Industries

• Libraries

Which law must all businesses in Australia comply with to ensure ethical operation and correct consumer information?

• Australian Consumer Law (ACL)

• Fair Work Act

• Environmental Protection Act

• Corporations Act

What are the consequences of breaching the Australian Consumer Law?

• Tax exemption

• Fines and legal fees

• Awards and recognition

• Business grants

Exaggerated statements or images in advertising that no reasonable person would believe are known as what?

• Defamation

• Slander

• Puffery

• Plagiarism

Under Australian Consumer Law, which of the following rights do consumers NOT have?

• Repair

• Replacement

• Refund

• Free sample

Which competitive environment is characterized by numerous small businesses with no control over prices?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

Which type of market structure is characterized by only a few businesses dominating the industry?

• Monopoly

• Oligopoly

• Monopolistic competition

• Perfect competition

Which of the following is an example of a monopolistic competition market structure?

• Agricultural industry

• Australian supermarkets

• Brisbane Airport

• Cafes and coffee shops

Which factor is NOT a determinant of market entry for businesses?

• Government legislation

• Number of employees

• Supplier reliability

• Community expectations