Class Notes (838,932)
Canada (511,157)
MGTA01H3 (348)


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Management (MGT)
Chris Bovaird

ChapterUnderstanding 1 the Canadian Business System1In the story Voiseys Bay Inco bought controlling interest in the site upon discovery of one of the worldsrichest nickel nds There were delays in development of the site becauseAofconsuming a time and expensive environmental review process along with difcult negotiationswith the government of NewfoundlandBInco found a richer nickel mine in MalaysiaCthe company could not make a protDInco didnt have enough capitalEInco closed its Newfoundland ofceAnswerADiffPage 2 Ref 52Examples of businesses include the following exceptAlarge corporations like Canadian Pacic or Alcan AluminumBlocal supermarketsCnonprot organizationsDoneperson businesses like barbershopsEfarmsAnswerCDiffPage 1 Ref 63Deborah wants to set up a business but also wants to be aware of the roles business should take Which ofthe following would Deborah not consider to be a role of business rms in the Canadian economyAregulate the marketplace with trade barriersBprovide employment for citizensCprovide community leadershipDprovide prot incentive for business ownersEsupport charitable organizationsAnswerADiffPage 2 Ref 74Prot isAthe level of expensesBthe amount of salesCwhat remains after business expenses are subtracted from business revenuesDthe value of shares in a companyEthe taxes a company paysAnswerCDiffPage 1 Ref 65This week Marys Variety had sales of 4 000 employees were paid1 000 cost of goods was 1 500 and rentwas 500 Prot for the week wasA3 000B4 000C1 000D1 500E2 000AnswerCDiffPage 2 Ref 6Page1 6Most of the goods and services consumed in Canada are produced byAthe Canadian governmentBoverseas rmsCbusiness rmsDcountries of the Pacic RimEthe US economyAnswerCDiffPage 1 Ref 77An economic system isAthe way in which a nation allocates its resources among its citizensBa government decree that requires certain goods and services to be providedCa large government department that oversees how the economy is runningDa long standing agreement between citizens and governments on how an economy is runEan agreement between countries that deal with free tradeAnswerADiffPage 2 Ref 78Jose is from Guatemala He is unsure about the nature of business in Canada You point out that a typicalbusiness in Canada operates the same as a typical business inAJapanBEnglandCPeruDFranceEPeoples Republic of ChinaAnswerBDiffPage 1 Ref 79All of the following are factors of production exceptAtechnologyBnatural resourcesCcapitalDentrepreneursElabourAnswerADiffPage 2 Ref 710Natural resources as a factor of production for mining is a practical consideration when a mining companyconsidersAthe amount of capital required to build the mineBthe ease with which ore could be minedCthe number of miners available to mine the oreDthe number of customers who want to buy oreEthe prot that could be made from mining the oreAnswerBDiffPage 3 Ref 9Page2 11Natural resources includeAland water and gasolineBthe funds needed to start and operate a businessCland water and mineral depositsDa large number of people with entrepreneurial tendenciesEthe mental and physical capabilities of peopleAnswerCDiffPage 1 Ref 912Labour includesAeveryone in the businessBonly nonunionized employeesConly workers who do physical workDonly managersEonly unionized employeesAnswerADiffPage 2 Ref 813Adirectlyfactor that contributes to improving labour as a factor of production isAcreation of more manuallabouring jobsBbetter education for more of the populationCfree tuition at postsecondary educational institutionsDincreased purchasing power by employeesEprograms that decrease unemploymentAnswerBDiffPage 3 Ref 814Susan wants to set up a small business She should know that a major source of capital for most businessesespecially small businesses isAbusiness revenueBloans from banksCinvestorsDpersonal investmentEshortterm loansAnswerDDiffPage 1 Ref 815Marie owns a small restaurant and is thinking of expanding it to another location She is best described asanAcapitalistBadministratorCentrepreneurDventure capitalistEemployeeAnswerCDiffPage 1 Ref 9Page3
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