WorksheetsCh 6 Economics Quiz
Total questions: 50
Worksheet time: 8hrs 20mins
People who produce goods and services.
producer
consumer
market
Lack of available resources.
services
scarcity
goods
Someone who buys or uses goods and services.
producer
services
consumer
Products that can be bought and sold.
producer
goods
services
Work that is done by others.
services
consumer
economics
Money and investments we use to make products
capital resources
human resources
natural resources
entrepreneurs
An organization of workers dedicated to protecting members' interests and improving wages, hours and working conditions for all.
Labor Union
Workers Rights
Worker Strikes
Collective Bargaining
The negotiation of wages and other conditions of employment by an organized body of employees
Labor Unions
Workers Rights
Worker Strikes
Collective Bargaining
What typically happened before worker rights movements started in the 1900's to individual employees who complained about working conditions in?
They were given a pay raise
They were promoted
They were fired
They quit their jobs
A pressure action a individual or group to refuse to buy or handle the product of a target company is considered:
Boycott
Strike
Injunction
Strikebreaker
A mixed economy combines the best parts of which other economies?
Market and Planned
Traditional and Market
Command and Traditional
Socialism and Capitalism
This characteristic of Economy describes that natural rivalry created when two businesses offer the same, or similar, goods.
Competition
Freedom of Enterprise and Choice
Private Property
Motive of Self-Interest
The inspector from the health department visited your restaurant to ensure that your practices and the food you serve is safe.
Which characteristic of a Mixed Economy does this describe?
Government intervention to protect public safety
Government intervention to protect fair competition
Government involvement to protect corporate-Interest
Government involvement to ensure workplace safety
Archibald always purchased his groceries at Walmart Aldi opened a new store. A natural rivalry has been created and Archibald now has a choice as to where he buys groceries.
Which characteristic of a Mixed economy does this describe?
Private Proerty
Motive of Self-Interest
A system of markets and prices
Competition
What is a planned Economy?
CAPITALISTIC economy in which there is free competition and prices are determined by interaction of supply and demand
An economic system COMBINING private and public enterprise.
When production, investment, price, and income are determined centrally by a GOVERNMENT.
A system that relies on customs, history, and time-honored beliefs.
What countries have a Planned Economy?
Iceland, Sweden, France, Australia
United States, Russia, Africa, Haiti
India, United Kingdom, Brazil
North Korea, Cuba, Soviet Union, China, Vietnam
What is one advantage of a Planned Economy?
Individual freedom for everyone
Health and public services are available to everyone at little or no cost.
The government rarely interferes.
Able to adjust to change gradually
What is one disadvantage of a Planned Economy?
Can lack innovation and motivation
Lower standard of living
Does not produce enough public goods
Workers and businesses face uncertainty as a result of competition and change.
A Planned economy is also known as a:
Free enterprise system
Consumer-driven economy
Prosperous economy
Command economy
Planned economies are usually dominated by:
Free competitive markets
Traditions, customs, and beliefs
State-owned Producers
All of the above
A Planned economy gives people the motivation to work hard:
True
False
Crown Corporation
Monopoly
Privately Owned Business
Essential Service
Equilibrium
What is the primary difference between the mixed economies of Canada and the United States.
Canada is built on the values of Cooperation while the US has been built on Individualism.
Canada is built on the values of Individualism while the US has been built on the values of Cooperation.
Canada allows regulation on the economy while the US does not use regulation to control market.
Canada allows workers unions while the US does not.
Which of the following are examples of goods?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
Which of the following is not one of the three basic questions economists try to solve?
What should be produced?
How should it be produced?
Who gets what is produced?
When should it be produced?
Fewer choices for products and services
Innovation in products and services
Increased number of monopolies
Standardization of products and services
The unequal distribution of wealth in the Free Market Economy
The inefficient spending of taxpayer dollars in the Planned Economy
The excessive use of government force in the Planned Economy
The constant use of taxation to pay off debts in the Free Market Economy
Which of the following is NOT a positive for a Free Market Economy?
Prices determine by market forces (supply and demand); competition brings down prices
Consumers can buy whatever they like in whatever amounts they want
Capital flows to where it will get the greatest return
People can make choices which are harmful to themselves and to others
Below are examples of the factors of production for producing a car. Match each example to the correct category.
Land
The metal used to make the car parts
Labour
The welders assembling the frame of the car
Capital
The car manufacturing factory
Arrange the economic systems from left to right on the continuum
Command/ Planned Economy
Mixed Economy
Free Market Economy
Canada's position on the economic continuum shifts between a mixed economy and a market economy, depending on who is in power and the decisions they make.
True
False
The North American Free Trade Agreement is an example of a "shift right," because it supports less government involvement in the economy.
True
False
A government deciding to increase environmental regulations on private businesses is an example of a shift:
Left
Right
Up
Down
Which of the following is an example of a crown corporation?
Nike
CBC
Disney
Coca Cola
In a market economy, (a) is an important value. In a mixed or planned economy, (b) is an important value.
A (a) occurs when one company has complete control over a product or service. It is the opposite of competition.
When firms agree to charge the same or similar prices for a product, this is known as
price-fixing
independent behavior
natural monopoly
laissez-faire
