Final Exam

Question 1

Guy Kawasaki, former product evangelist at Apple says that experts are _________

Answer 1

Clueless

Question 2

Kawasaki says “if you ask customers what they want, they will tell you ______, ________, and _____

Answer 2

Better, faster and cheaper

Question 3

Marketing boils down to providing

Answer 3

Unique value

Question 4

The idea that somethings need to be believed to be seen, matters in innovation because?

Answer 4

Innovation is risky because it’s highly uncertain

Question 5

Patents, copyrights and trademarks are examples of __________

Answer 5

Intellectual property

Question 6

Explain the difference between a patent, copyright, and trademark

Answer 6

Patent - Temp monopoly, 20 years of protection fo new machines or medications
Copyright - Protection for lifetime of the creator plus a certain number of years (music)
Trademark - Protection against making knockoffs

Question 7

There is no information ____________. That is what makes it _________

Answer 7

From the future

The future

Question 8

The Settlement of the Canadian West was made possible by this crop?

Answer 8

Marquis Wheat

Question 9

Fill in the blank “The cliche should at last be validated: the market should not be able to legislate ________

Answer 9

Life and death

Question 10

Elections are about the ___________ transition of power

Answer 10

Peaceful

Question 11

On the political spectrum, what ideologies defined the “extreme left” and “extreme right” for most of the 20th century?

Answer 11

Left - Communism

Right - Fascism

Question 12

After the collapse of the Soviet Union, historian Francis Fukuyama said it Marketd the end of what?

Answer 12

The end of history

Question 13

The 1990’s marked a period of “free market triumphalism” that saw major political parties in Canada, Europe, and the US all shift which way on the political spectrum?

Answer 13

To the right

Question 14

In order to form government, a political party must have all the ___________ of the house

Answer 14

Confidence

Question 15

We have campaign finance rules in part because our democracy is based on ___________

Answer 15

One person, one vote

Question 16

All around the world, one of the major differences in political orientation - conservative and liberal - is strongly affected by what geographic factors

Answer 16

Rural or Urban

Question 17

Of all the emotions evoked in political campaigning, which is the easiest to trigger?

Answer 17

Disgust

Question 18

What category of industry makes up Manitoba’s largest foreign export?

Answer 18

Manufacturing

Question 19

Which country, is by far, the biggest destination for Manitoba’s exports

Answer 19

The US

Question 20

What was the discovery that challenged Reinhardt and Rogoff’s idea that debt to GDP levels would cause a “dept wall” that would hurt growth

Answer 20

A mistake in Excel

Question 21

Under the law, corporations are _________

Answer 21

Artificial persons

Question 22

What are the two qualities that define a public good?

Answer 22

Benefit to everyone

You don’t pay for it

Question 23

Name three types of items used as money throughout history?

Answer 23

1. Rai stones and yap
2. Gold
3. Cattle

Question 24

When Larry Summers, former economic advisor to Obama and Clinton, wrote that the classical era of free trade is over, what did he mean?

Answer 24

Freer trade is essentially over. What are now called trade agreements are agreements on the protection of investments

Question 25

John Maynard Keynes said that when considering major modern infrastructure projects, it was too bad that governments did not take the attitude of past societies which built giant structures. Name two

Answer 25

1. Egypt built pyramids

2. Cathedrals in the Middle Ages

Question 26

Name two important elements of parliamentary government in Canada that are not in the constitution

Answer 26

1. Political parties

2. Prime Minister

Question 27

The 2008 financial crisis changed some basic assumptions about economics. What three things that were commonly assumed about markets turned out to be wrong?

Answer 27

1. Market tends towards equilibrium
2. Markets are self correcting
3. Equilibrium is disturbed by outside forces that happen randomly

Question 28

The word Capital is related to two other terms for people or things used for exchange of money? What are they?

Answer 28

1. Slaves

2. Cattle

Question 29

In our discussion on health care and according to Leo Katz - there are four different ways to make tough decisions with limited resources.

List the four different ways of making decisions and explain the benefits and drawbacks of each

Answer 29

1. The Committee - selecting people from a group of applicants. Not fair. Values inputted
2. The Lottery - Random selection. Shows we don’t have enough resources for all and no control
3. The Market - Competing for a service. Those with more money get advantage
4. The Cop-out - The feeling we provide enough for all. It doesn’t distribute resource efficiently

Question 30

Manitoba and Canada usually have either majority or minority Governments, not coalition governments.

A) What it is about Canada’s electoral system, at the Provincial and Federal level, that makes it more likely that we have majority governments?

B) What are some fo the reasons that coalition governments are a challenge?

Answer 30

Answe

Question 31

Marina Mazzucato argues that when it comes to investing in research and development private investors only get involved after government and government funded agencies have already funded initial breakthroughs.

In one or two paragraphs, explain why

Answer 31

Answer

Question 32

Mark Blyth and Yaris Varoufakis explained why austerity doesn’t work.

Blyth said there were three main reasons that undermine austerity’s claims:
A) Distribution
B) Composition
C) Logic

Explain what Blyth means

Varoufakis also summed up why austerity was likely to shrink the economy. Sum up Varoufakis’ argument

Answer 32

Distribution - People at bottom end of the scale are the ones who take advantage of government services. Cutting services impacts them the most. Have already had to pay their share. Bailed out the assets of the banks. Now telling them they need to pay. Creditor - Debtor stand off.

Composition - If everyone tries to save at once, there is no income from which to save. Relationship between spending and saving. If everyone tries to do it once, you shrink the economy. Results in more debt

Logic - Lifetime budget, means have more money now. Go out and spend money while the recession is still going.

Varoufakis - Direct correlation between your spending and income. At Macro level, in an economy total expenditures equals total income. Complete breakdown during spending and income. Corporations stop spending. Spending goes down. Unemployment goes up. Spending more money on EI. When private expenditure shrinks, public expenditure shrinks.

Question 33

Small businesses are often called “the backbone of Canada’s economy” and are credited with creating more jobs in the economy.

In one or two paragraphs why small businesses do not always create as many jobs as expected

Answer 33

A large number (50%) of all new small businesses go out of business within the first five years of existence. They do not provide for stable jobs. Jobs tend to be low paying jobs and in many cases have a transient work force. Businesses that are successful tend to reach a point where they stop growing and employment caps out.There are small businesses that don’t actually employ anyone. They are set up by larger corporations for income and tax splitting. Self employed people who do not make the minimum wage or are ineligible for benefits

Question 34

There have been concerns about the Investor-State dispute Settlement (ISDS) in the Trans-Pacific Partnerships as well as other trade deals

Name two concerns about the ISDS and one reason why some form of it might still be worthwhile

Answer 34

It is secret
Tribunals are made of three corporate lawyers
Global companies use it to change sovereign laws and undermine regulations
Companies are setting up shell companies for the only purpose of creating an ISDS case

Question 35

When it comes to systems and “normalized deviance” what happens “when new technologies are used to eliminate we-understood system failures or to gain high precision performance”

What steps have to be taken to reduce deviance effectively?

Answer 35

1. Pay attention to weak signals
2. Resist the urge to be unreasonably optimistic
3. Teach employees how to conduct emotionally uncomfortable conversations
4. System operators need to feel safe in speaking up
5. Realize that oversight and monitoring for rule compliance are never ending