Question 1

The standard of living reflects the output of goods and services available to a nation's population.

Accepted Answer

A) True 
 B)False

Question 2

What is a transfer payment?

Accepted Answer

Transfer payments are a redistribution o...

Question 3

Under the doctrine of strict product liability,a manufacturer can be held liable under which of the following conditions?

Accepted Answer

A)   for any injury or damage caused by products that do not meet industry standards
B)   only if the company knowingly sold a hazardous product
C)   only if the company purposefully was negligent in the design or production of the product
D)   only if the company intentionally introduced a defective productE) A) and B)
F) All of the above

Question 4

Explain the differences between a for-profit organization and a not-for-profit organization.

Accepted Answer

All businesses are regulated by the government and must comply with established standards.Like their profit-driven counterparts,not-for-profit organizations also offer products and services,collect revenues,and employ workers.For-profit organizations are profit driven and have the opportunity to offer their consumer products and services for a fee.Not-for-profit organizations' primary goal is to improve the quality of life for society.They also partner with their communities by providing services to those who are not financially capable to purchase their products or services.

Question 5

What is the difference between a progressive tax and a flat tax?

Accepted Answer

A progressive tax like personal income t...

Question 6

In which area of society do not-for-profit organizations play a critical role?

Accepted Answer

A)   the media
B)   the community
C)   the stock market
D)   the governmentE) None of the above
F) B) and C)

Question 7

A trademark gives exclusive legal protection to a name,symbol,or design that distinguishes the goods or services of one seller from those of competitors.

Accepted Answer

A) True 
 B)False

Question 8

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

Accepted Answer

A) True 
 B)False

Question 9

What are sales taxes charged on?

Accepted Answer

Sales taxes are charged on goo...

Question 10

People living in Okinawa,Japan,have the longest life spans in the world.Researchers have looked at many factors that contribute to their longevity.They have found that the people have a very high general level of happiness.This is referred to as which of the following?

Accepted Answer

A)   standard of living
B)   quality of life
C)   self-actualization
D)   contentmentE) C) and D)
F) B) and C)

Question 11

Who is responsible for ensuring that public resources have been properly allocated?

Accepted Answer

A)   the government tax department
B)   the police
C)   the government auditor
D)   the government accountantsE) All of the above
F) A) and C)

Question 12

What do Uno's Pizzeria and LensCrafters have in common?

Accepted Answer

A)   Their products are examples of intermediate goods.
B)   Their products are a mix of goods and services.
C)   They offer pure goods.
D)   They provide pure services.E) A) and B)
F) A) and C)

Question 13

What is Canada doing to deal with our lack of skilled workers?

Accepted Answer

They created a Federal Skilled...

Question 14

What are the four main types of taxes other than income taxes?

Accepted Answer

A)   gas, alcohol, sales and property
B)   excise, property, sales and alcohol
C)   property, payroll, sales and excise
D)   property, payroll, sales and GSTE) None of the above
F) A) and D)

Question 15

The provincial governments are responsible for banking,criminal law,and employment insurance.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following holds a company liable for damages caused by a defective product even if the company was unaware of the defect at the time of sale?

Accepted Answer

A)   network responsibility
B)   managerial liability
C)   patent infringement
D)   strict product liabilityE) A) and B)
F) C) and D)

Question 17

A warranty guarantees which of the following?

Accepted Answer

A)   The seller will replace or repair the product at no charge if the customer finds a cheaper substitute.
B)   The buyer has read and understood the information provided in the owners' manual.
C)   Consumers will have access to a customer complaint resolution hot line.
D)   The product sold will be acceptable for the purpose for which the buyer intends to use it.E) B) and C)
F) A) and C)

Question 18

A group of concerned community leaders formed Homeless Help,a not-for-profit organization providing shelter for homeless individuals.Aside from the fact that it doesn't seek a profit,Homeless Help is likely to operate much like a regular business in many respects.

Accepted Answer

A) True 
 B)False

Question 19

What are taxes sometimes seen as?

Accepted Answer

A)   the price we pay to live in this country
B)   a necessary evil
C)   a civic duty
D)   a waste of moneyE) None of the above
F) A) and C) A

Question 20

The warranty you receive in the box with a DVD player is an express warranty.

Accepted Answer

A) True 
 B)False  True

Exam 1: Politics Governments’ Roles

The standard of living reflects the output of goods and services available to a nation's population.

Correct Answer
verified

What is a transfer payment?

Correct Answer
verified
Transfer payments are a redistribution o...
View Answer

Under the doctrine of strict product liability,a manufacturer can be held liable under which of the following conditions?

Correct Answer
verified

Explain the differences between a for-profit organization and a not-for-profit organization.

What is the difference between a progressive tax and a flat tax?

Correct Answer
verified
A progressive tax like personal income t...
View Answer

In which area of society do not-for-profit organizations play a critical role?

Correct Answer
verified

A trademark gives exclusive legal protection to a name,symbol,or design that distinguishes the goods or services of one seller from those of competitors.

Correct Answer
verified

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

Correct Answer
verified

What are sales taxes charged on?

Correct Answer
verified
Sales taxes are charged on goo...
View Answer

People living in Okinawa,Japan,have the longest life spans in the world.Researchers have looked at many factors that contribute to their longevity.They have found that the people have a very high general level of happiness.This is referred to as which of the following?

Correct Answer
verified

Who is responsible for ensuring that public resources have been properly allocated?

Correct Answer
verified

What do Uno's Pizzeria and LensCrafters have in common?

Correct Answer
verified

What is Canada doing to deal with our lack of skilled workers?

Correct Answer
verified
They created a Federal Skilled...
View Answer

What are the four main types of taxes other than income taxes?

Correct Answer
verified

The provincial governments are responsible for banking,criminal law,and employment insurance.

Correct Answer
verified

Which of the following holds a company liable for damages caused by a defective product even if the company was unaware of the defect at the time of sale?

Correct Answer
verified

A warranty guarantees which of the following?

Correct Answer
verified

A group of concerned community leaders formed Homeless Help,a not-for-profit organization providing shelter for homeless individuals.Aside from the fact that it doesn't seek a profit,Homeless Help is likely to operate much like a regular business in many respects.

Correct Answer
verified

What are taxes sometimes seen as?

Correct Answer
verified
A

The warranty you receive in the box with a DVD player is an express warranty.

Correct Answer
verified
True

Exam 1: Politics Governments’ Roles

The standard of living reflects the output of goods and services available to a nation's population.

Correct AnswerverifiedShow Answer

What is a transfer payment?

Correct AnswerverifiedTransfer payments are a redistribution o...View AnswerShow Answer

Under the doctrine of strict product liability,a manufacturer can be held liable under which of the following conditions?

Correct AnswerverifiedShow Answer

Explain the differences between a for-profit organization and a not-for-profit organization.

What is the difference between a progressive tax and a flat tax?

Correct AnswerverifiedA progressive tax like personal income t...View AnswerShow Answer

In which area of society do not-for-profit organizations play a critical role?

Correct AnswerverifiedShow Answer

A trademark gives exclusive legal protection to a name,symbol,or design that distinguishes the goods or services of one seller from those of competitors.

Correct AnswerverifiedShow Answer

The Nike Swoosh and the McDonald's Golden Arches are examples of corporate trademarks.

Correct AnswerverifiedShow Answer

What are sales taxes charged on?

Correct AnswerverifiedSales taxes are charged on goo...View AnswerShow Answer

People living in Okinawa,Japan,have the longest life spans in the world.Researchers have looked at many factors that contribute to their longevity.They have found that the people have a very high general level of happiness.This is referred to as which of the following?

Correct AnswerverifiedShow Answer

Who is responsible for ensuring that public resources have been properly allocated?

Correct AnswerverifiedShow Answer

What do Uno's Pizzeria and LensCrafters have in common?

Correct AnswerverifiedShow Answer

What is Canada doing to deal with our lack of skilled workers?

Correct AnswerverifiedThey created a Federal Skilled...View AnswerShow Answer

What are the four main types of taxes other than income taxes?

Correct AnswerverifiedShow Answer

The provincial governments are responsible for banking,criminal law,and employment insurance.

Correct AnswerverifiedShow Answer

Which of the following holds a company liable for damages caused by a defective product even if the company was unaware of the defect at the time of sale?

Correct AnswerverifiedShow Answer

A warranty guarantees which of the following?

Correct AnswerverifiedShow Answer

A group of concerned community leaders formed Homeless Help,a not-for-profit organization providing shelter for homeless individuals.Aside from the fact that it doesn't seek a profit,Homeless Help is likely to operate much like a regular business in many respects.

Correct AnswerverifiedShow Answer

What are taxes sometimes seen as?

Correct AnswerverifiedA

The warranty you receive in the box with a DVD player is an express warranty.

Correct AnswerverifiedTrue

Correct Answer
verified

Correct Answer
verified
Transfer payments are a redistribution o...
View Answer

Correct Answer
verified

Correct Answer
verified
A progressive tax like personal income t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Sales taxes are charged on goo...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
They created a Federal Skilled...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A

Correct Answer
verified
True