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WorksheetsUnit 1 Test review
Total questions: 20
Worksheet time: 10mins
Walmart could be described as a big-box retailer.
True
False
A customer is always the consumer.
True
False
If you were a McDonald’s franchisee, you are allowed to add products to your restaurant’s menu if you think they will increase the company’s profitability.
False
True
Our current inflation rate is lower than 5%.
False
True
Best Buy is a private sector company.
True
False
Businesses generate money for the government by paying taxes.
False
True
Sometimes, people buy products they don’t need or want because of peer pressure.
True
False
Domino’s is an SME.
False
True
Which of the following products is more likely to be purchased because of a custom:
Christmas present for your favorite business teacher
Coffee for your boss
A movie pass for a film’s opening weekend
Dog food for your pet
“Economies of scale” means:
The more products you produce, the less it costs to make each product
The more expenses you have, the greater your chances of becoming insolvent
The more sales you make, the greater your profit is
The more employees you have, the more revenues you can generate
Which of the following is NOT true about a capitalist system:
A business is free to make a profit
Competition among producers dictates which goods and services will be produced
Government controls all of the economic decision making
Consumers determine what will be produced by the dollars they spend
Making purchases with the primary intention of impressing others is called:
Conspicuous consumption
Peer pressure
Trending
Purchasing power
Which is a consumer benefit of competition in a marketplace?
Worse quality in many goods
Slower innovation across firms
Fewer choices for most buyers
Lower prices for similar products
What does the “e” in e-commerce and e-mail stand for?
Enhanced in mobile transactions
Express in global delivery
Electronic in digital communication
Efficient in online shopping
Which industry is considered a primary industry in a national economy?
Software and app design
Agriculture and forestry work
Banking and insurance services
Retail and restaurant sales
Which of the following is a Crown corporation (state-owned business)?
Walmart retail chain stores
Apple consumer electronics
Canada Post postal service
Nike athletic apparel brand
Which pair lists psychological needs a business might appeal to?
Logistics and tariffs
Wealth and taxation
Friendship and security
Status and tariffs
Which factor best explains why a profitable tech company continues to succeed?
Reducing product quality
Eliminating all advertising
Avoiding any competition
Increasing profit over time
Which statement best shows a company being efficient but not effective?
Producing cars faster with more defects returned
Hiring more staff to improve quality checks
Spending more on ads to boost brand loyalty
Outsourcing design to reduce research expenses
Designing cars slowly with perfect reliability
Why might a government place a tariff on imported steel?
Protect domestic producers and raise revenue
Reward foreign manufacturers for quality
Lower consumer prices in the short term
Reduce competition among local firms
Increase imports to reduce shortages
