Class Notes (839,092)
Canada (511,185)
MGTA01H3 (348)
Lecture

Ch2.pdf

31 Pages
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Department
Management (MGT)
Course Code
MGTA01H3
Professor
Chris Bovaird

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Description
ChapterUnderstanding 2 the Environments of Business1Theconsists of everything outside of an organizations boundaries that might affect itAgross domestic productBnational debtCexternal environmentDvertical integrationEenterprise resourceAnswerCDiffPage 1 Ref 382Anseparates the organization from its environmentAintegrationBaggregate outputCdepressionDorganizational boundaryEprocessAnswerDDiffPage 1 Ref 383Which of the following will inuence a neighborhood grocery storeAan increase in unemployment in the areaBother marketing policies of competitorsCpricing policies of competitorsDall of the aboveEnone of the aboveAnswerDDiffPage 2 Ref 394How might moderate unemployment affect McDonaldsAFew people will be able to afford to eat out and McDonalds will be able to pay lower wages and stillattract employeesBVery few people will be able to afford to eat out but McDonalds will be able to pay workers less thanminimum wageCFew people will be able to afford to eat out and McDonalds will have to pay higher wages to attractemployeesDMost people will be able to afford to eat out but McDonalds will have to pay higher wages to attractemployeesEMost people will be able to afford to eat out and McDonalds will be able to pay lower wages and stillattract employeesAnswerDDiffPage 3 Ref 39Page1 5How might low ination affect McDonaldsAMcDonalds will pay relatively constant prices for supplies but will be unable to increase the pricepaid by customersBMcDonalds will pay relatively constant prices for supplies and will charge customers more for itsproductsCMcDonalds will pay much higher prices for supplies and will charge customers more for its productsDMcDonalds will pay higher prices for supplies and will charge customers more for its productsEMcDonalds will pay higher prices for supplies but will be unable to increase the price paid bycustomersAnswerADiffPage 3 Ref 396Todaypercent of the Canadian population works in agricultureAapproximately 50Bapproximately 30Capproximately 20Dapproximately 10Eless than 25AnswerEDiffPage 2 Ref 407At one time approximatelypercent of the Canadian population was involved in producing foodwhile today less thanpercent works in agricultureA50 20B75 25C50 25D75 10E50 5AnswerCDiffPage 3 Ref 408Thetermis the pattern of short ups and downs in an economyAstandard of livingBaggregate outputCbusiness cycleDconceptual balanceEdomestic productAnswerCDiffPage 1 Ref 409Whichbusiness of the following best denes the termcycleAthe total quantity of goods and services produced by an economic system during a given periodBthe measure of economic growth that compares how much a system produces with the resourcesneeded to produce itCthe total quantity and quality of goods and services that a countrys citizens can purchase with thecurrency used in their economic systemDthe pattern of shortterm ups and downs in an economyEthe conditions of the economic system in which an organization operatesAnswerDDiffPage 2 Ref 40Page2 10The main measure of growth in the business cycle isAaggregate outputBunemploymentCthe amount of government regulationDthe average number of hours worked by employeesEthe prices of productsAnswerADiffPage 2 Ref 4111Whichaggregate of the following best denes the termoutputAthe conditions of the economic system in which an organization operatesBthe total quantity of goods and services produced by an economic system during a given periodCthe total quantity and quality of goods and services that a countrys citizens can purchase with thecurrency used in their economic systemDthe pattern of shortterm ups and downs in an economyEthe measure of economic growth that compares how much a system produces with the resourcesneeded to produce itAnswerBDiffPage 2 Ref 4112Which of the following will result from an increase in aggregate output relative to population growthAThe economic system will provide people with more goods and servicesBPeople living in the economic system will benet from a higher standard of livingCOutput per capita in the economic system will increaseDall of the aboveEboth A and BAnswerDDiffPage 2 Ref 4113 refers to the total quality and quantity of goods and services that a countrys citizens can purchasewith the currency used in their economic systemAThe business cycleBThe consumer price indexCStandard of livingDThe national debtEAggregate outputAnswerCDiffPage 1 Ref 4114Whichstandard of the following best describes the termof livingAtotal quantity of goods and services produced by an economic systemBtotal value of all goods and services produced within a given period by a national economy throughdomestic factors of productionCconditions of the economic system in which an organization operatesDtotal value of all goods and services produced by a national economy within a given period regardlessof where the factors of production are locatedEtotal quantity and quality of goods and services that a countrys citizens can purchase with thecurrency used in their economic systemAnswerEDiffPage 2 Ref 41Page3
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