Mr. Z's BEP2O Unit 1 Review (Unit 2 curr)

Question 1

When supply is high and demand is low prices will

Accepted Answer

Fall

Question 2

Revenue is another word that can be used for ______

Accepted Answer

Sales

Question 3

If a corporation is on the stock market, it is:

Accepted Answer

Public

Question 4

Covid-19 made manufacturing difficult and delayed because of a disruption to _______

Accepted Answer

the supply chain

Question 5

Which is NOT a PRICE factor that influences DEMAND

Accepted Answer

A potato shortage affecting potato chip

Question 6

McDonalds has signature Big Mac sauce and access to resources reducing cost of their burgers. They would be considered:

Accepted Answer

Monopolistic Competition

Question 7

Production costs, producer expectations of the future, and number of producers all can shift

Accepted Answer

Supply

Question 8

Which is NOT a PRICE factor that influences SUPPLY

Accepted Answer

Making gourmet chocolates in a small kitchen

Question 9

As prices decrease consumers will purchase more. This is the law of...

Accepted Answer

Demand

Question 10

Which is NOT a key characteristic of Capitalism

Accepted Answer

Fair Trade

Question 11

If you want to work for only yourself, you want a:

Accepted Answer

Proprietorship

Question 12

Cities will incorporate (become a corporation) so that they can:

Accepted Answer

Create their own laws

Question 13

Identify A

Accepted Answer

Point of Equilibrium

Question 14

What challenges might you face when starting a business?

Accepted Answer

Maintaining Positive Work Conditions, Securing financing, Availability of resources, Start-up costs

Question 15

A dentistry clinic is an example of a __________ business

Accepted Answer

Service

Question 16

Who does supply represent in an economy?

Accepted Answer

Businesses

Question 17

If many people become unemployed

Accepted Answer

Demand will decrease

Question 18

CSR stands for

Accepted Answer

Corporate Social Responsibility

Question 19

___ change in proportion to the amount of output produced

Accepted Answer

Costs

Question 20

Who does demand represent in an economy?

Accepted Answer

Consumers

Question 21

A benefit to a joint partnership is:

Accepted Answer

More capital and financing, Shared responsibilities

Question 22

Canada is an example of what kind of economy?

Accepted Answer

Mixed

Question 23

The growing interconnectedness of the world through trade and communication is known as:

Accepted Answer

Globalization

Question 24

The Price at which market supply and demand balance each other is known as

Accepted Answer

Equilibrium

Question 25

Identify B

Accepted Answer

Supply Curve

Question 26

To start a franchise, you will need:

Accepted Answer

To pass a police background check, Lots of capital

Question 27

As selling price increases businesses are willing to produce more. This is the law of...

Accepted Answer

Supply

Question 28

Which of the following is NOT a factor that can increase or decrease demand?

Accepted Answer

Change in the costs of production

Question 29

When more is supplied than demanded at a Price, the result is a ________

Accepted Answer

surplus

Question 30

Needs are ____ while wants are _____

Accepted Answer

limited, unlimited

Question 31

Profit =

Accepted Answer

Sales Revenue - Costs - Expenses

Question 32

A toy store is an example of a __________ business

Accepted Answer

Retail

Question 33

Greenpeace is an example of a __________ business

Accepted Answer

Non-profit

Question 34

Which is NOT a NON-PRICE factor that influences DEMAND

Accepted Answer

A Buy One Get One half off (BOGO) sale

Question 35

Canada Post is an example of a _______ corporation

Accepted Answer

Crown

Question 36

Which is NOT a benefit to opening a franchise:

Accepted Answer

Control over menu

Question 37

Communism is an example of what kind of economy

Accepted Answer

Command

Question 38

When a country's trade and industry are controlled by private owners for profit, rather than by the state, it is called:

Accepted Answer

Market Economy

Question 39

The "Big Three" in Canada (Rogers, Telus, Bell) would be an example of

Accepted Answer

Oligarchy

Question 40

When demand is high, and supply is low what situation is probably occurring?

Accepted Answer

Shortage

Question 41

A farm is an example of a __________ business

Accepted Answer

Manufacturing

Question 42

A corporation is owned by many people who possess:

Accepted Answer

Stocks

Question 43

When supply is greater than demand there is a(n)...

Accepted Answer

Surplus

Mr. Z's BEP2O Unit 1 Review (Unit 2 curr)

Questions 43

Mr. Z's BEP2O Unit 1 Review (Unit 2 curr)

Questions 43