Economics Review - Canada

Economic Growth in Canada

Factors of Economic Growth

Multiple Choice

Canada's literacy rate is over 99%. Because of this, you could expect that

• Canada would have a high standard of living.

• Canada would have a high unemployment rate.

• Canada would not allow an increase in immigration.

• Canada would need to increase funding to its education programs.

Multiple Choice

If Canada wanted increase the value of its "human capital," which of these would be the BEST course of action?

• increase funding to public schools

• build more factories

• increase the amount of oil exports

• reach a trade agreement with the United States

Multiple Choice

How do you invest in physical capital or capital goods?

• Provide updated technology and tools

• Provide less workers

• Provide less money

• Give no extra resources

Multiple Choice

Which is an example of investing in physical capital by a company?

• Keeping old taxi cabs

• Keeping old machinery in order to save

• Purchasing new computer software for the business

• Training workers new skills for the job

Multiple Choice

Which is an example of an entrepreneur?

• Mechanics who work for a business owned by an individual.

• People who operate a school.

• A person who runs a government-owned iron mine.

• A person who uses her money to start a business.

Open Ended

What are the 4 economic systems?

Multiple Choice

What type of economic system is being described?

Producers and consumers own the factors of productionProducers and consumers answers the question of who, what and how to produceVoluntary trade and exchange are encouraged

• Command

• Market

• Mixed

• Traditional

Multiple Choice

In a command economy, how is it determined what goods and services will be produced?

• Businesses decide what to produce on the basis of market conditions

• Consumers decide through their behavior in the marketplace

• Central government planning decides what will be produced

• Supply and demand control the production and price