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Social 9 Alberta - Chapter 6 Review - Economic Systems

Total questions: 54

Worksheet time: 30mins

Name
Class
Date
1.
What does the concept of scarcity refer to?
a)

Limited resources available to fulfill unlimited wants

b)

Abundance of resources to fulfill unlimited wants

c)

Unlimited resources available to fulfill unlimited wants

d)

Limited resources available to fulfill limited wants

2.
How does scarcity affect decision-making?
a)

It forces individuals and societies to make choices

b)

It eliminates the need for decision-making

c)

It provides unlimited options for decision-making

d)

It increases the availability of resources for decision-making

3.
What is the economic problem caused by scarcity?
a)

The need to allocate scarce resources among competing needs

b)

The abundance of resources to fulfill all wants

c)

The lack of resources to fulfill any wants

d)

The equal distribution of resources among all individuals

4.
What is the factor of production that refers to natural resources?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship
5.
Which factor of production represents the physical and mental efforts of workers?
a)
Labor
b)
Land
c)
Capital
d)
Entrepreneurship
6.
What does the factor of production "capital" refer to?
a)
Money, machinery, tools, and equipment used in production
b)
Natural resources available for production
c)
Skills, knowledge, and expertise of workers
d)
The ability to take risks and innovate in business
7.
The government owns and controls all major industries and resources, and decides what goods and services are produced. What type of economic system is this government practicing?
a)
Command Economy
b)
Mixed Economy
c)
Market Economy
8.
The government provides public education and healthcare, but allows private businesses to operate freely in other sectors. What type of economic system is this government practicing?
a)
Mixed Economy
b)
Command Economy
c)
Market Economy
9.
The government plays a minimal role in the economy, allowing private individuals and businesses to own and control resources and make economic decisions. What type of economic system is this government practicing?
a)
Market Economy
b)
Command Economy
c)
Mixed Economy
10.
The government increases taxes and imposes regulations on businesses to protect workers and ensure fair competition.
a)
Shift Left
b)
Shift Right
c)
No Change
11.
The government reduces taxes and eases regulations on businesses to promote economic growth and encourage investment.
a)
Shift Right
b)
Shift Left
c)
No Change
12.
The government invests heavily in building infrastructure such as roads, bridges, and public transportation systems.
a)
No Change
b)
Shift Left
c)
Shift Right
13.
The government imposes trade restrictions to shield domestic industries and preserve jobs for local workers.
a)
Shift Left
b)
Shift Right
c)
No Change
14.
The government sells state-owned businesses to private entities, transferring ownership from the public to the private sector.
a)
Shift Right
b)
Shift Left
c)
No Change
15.
In this country, the government plays a larger role in the economy, with more public ownership and regulations.
a)
Canada
b)
USA
16.

In this country, the economy is primarily market-driven, with greater emphasis on private ownership and limited government intervention.

a)

USA

b)

Canada

17.
In this country, there is a mixed economic system, with a balance of government involvement and private sector activity.
a)
Canada
b)
USA
18.
In this country, there is a higher level of income redistribution through social programs and progressive taxation.
a)
Canada
b)
USA
19.

In this country, there is a focus on individual responsibility and free-market principles.

a)

USA

b)

Canada

20.
What is a market economy primarily based on?
a)
Government control
b)
Public ownership
c)
Private ownership
d)
Consumer demand
21.
How are resources allocated in a market economy?
a)
Based on consumer demand
b)
Equally distributed
c)
Determined by government
d)
Randomly assigned
22.
What is the main incentive for producers in a market economy?
a)
Profit
b)
Social welfare
c)
Environmental sustainability
d)
Political power
23.
Which of the following is an example of a government regulation?
a)
Occupational safety standards
b)
Advertising campaigns
c)
Social media trends
d)
Family traditions
24.
Which of the following is a government regulation in the workplace?
a)
Minimum wage requirements
b)
Fashion trends
c)
Personal hobbies
d)
Dietary preferences
25.
What is a mixed economy?
a)
An economic system combining elements of market and planned economies
b)
An economic system based on private ownership
c)
An economic system controlled by the government
d)
An economic system with no regulations
26.
What are the key characteristics of a mixed economy?
a)
Combination of private and public ownership
b)
Government intervention in the economy
c)
Market forces and competition
d)
All of the above
27.
Which of the following is an example of a mixed economy?
a)
Canada
b)
Cuba
c)
North Korea
d)
Saudi Arabia
28.
Why do countries adopt a mixed economy?
a)
To balance economic freedom and government intervention
b)
To ensure equal distribution of wealth
c)
To maximize individual profits
d)
To minimize environmental impact
29.
What is the role of the government in a mixed economy?
a)
Regulate industries and provide public goods
b)
Promote competition and innovation
c)
Protect consumers and workers
d)
All of the above
30.
What happens to the price of a product when demand increases and supply remains constant?
a)
Increases
b)
Decreases
c)
Stays the same
31.
How does a decrease in supply affect the price of a product, assuming demand remains constant?
a)
Increases
b)
Decreases
c)
Stays the same
32.
Scenario: There is a sudden surge in the popularity of a new video game console. What is likely to happen to the price of the console?
a)
Increase
b)
Decrease
c)
Stay the same
33.
Scenario: A severe drought destroys a significant portion of the coffee crop. What effect would this have on the price of coffee beans?
a)
Increase
b)
Decrease
c)
Stay the same
34.
When supply and demand are in equilibrium, what happens to the price of a product?
a)
Increases
b)
Decreases
c)
Stays the same
35.
Which of the following is an example of a Crown Corporation?
a)
Canada Post
b)
McDonald's
c)
Walmart
d)
Tim Hortons
36.
What is the primary purpose of Crown Corporations?
a)
To provide essential services
b)
To generate profits
c)
To promote foreign trade
d)
To regulate the stock market
37.
Which level of government typically owns Crown Corporations?
a)
Federal and provincial
b)
Municipal
c)
International
d)
Private Companies
38.
Crown Corporations are often involved in which sectors?
a)
Energy, transportation, and communications
b)
Retail, entertainment, and hospitality
c)
Agriculture, forestry, and mining
d)
Technology and software
39.
In a market economy, competition helps to promote...
a)
Innovation and efficiency
b)
Central planning
c)
Monopoly power
d)
Government control
40.
In theory, competition among businesses often leads to...
a)
Lower prices and better quality
b)
Higher taxes and regulations
c)
Market monopolies
d)
Less consumer choice
41.
A monopoly occurs when...
a)
There is only one seller
b)
There are many sellers
c)
There is high competition
d)
Consumers have more choices
42.
Monopolies can have a negative impact on economies because they...
a)
Can restrict competition
b)
Encourage market diversity
c)
Promote lower prices
d)
Ensure consumer satisfaction
43.
One negative effect of a monopoly is...
a)
Higher prices for consumers
b)
Increased market competition
c)
Enhanced consumer choices
d)
Economic stability
44.
Monopolies can lead to...
a)
Limited innovation and efficiency
b)
Increased market competition
c)
Economic growth
d)
Price transparency
45.
Governments often regulate monopolies to...
a)
Protect consumers
b)
Limit consumer choices
c)
Promote market dominance
d)
Increase prices
46.
Labor unions are organizations that...
a)
Represent and advocate for workers
b)
Support employers
c)
Promote competition
d)
Regulate government policies
47.
One main goal of labor unions is to...
a)
Negotiate better working conditions
b)
Reduce employment rates
c)
Increase profits
d)
Limit worker rights
48.
Labor unions can have a positive impact on economies by...
a)
Improving worker wages and benefits
b)
Reducing job opportunities
c)
Increasing product prices
d)
Creating labor shortages
49.
Collective bargaining is a process that involves...
a)
Negotiating agreements between unions and employers
b)
Encouraging competition
c)
Eliminating worker rights
d)
Promoting employer interests
50.

those who use products and services

a)

Supply

b)

Consumer

c)

Producer

51.

those who create products and services

a)

Supply

b)

Consumer

c)

Producer

52.

The stoppage of work by employees in order to pressure employers to respond to employee issues

a)

Unemployment rate

b)

Strike

c)

Producers

53.

What are the three economic questions each country's economy must answer?

a)

When to produce, how to produce, where to produce

b)

How to produce, for whom to produce, when to produce

c)

What goods are to be produced, how to produce them, who gets them

d)

What goods are to be produced, how to produce them, where to produce

54.

What is the difference between “quality of life and standard of living?

a)

QL is reflected by your income whereas SL may by determined by the size of your home

b)

QL may be determined by the quality of health care provided in your community whereas SL may be determined by the income of your family.

c)

QL by the quality of air you breath and SL by the amount of recycling your family does.

d)

QL by the quality of social programs your have and SL by the number of social programs you have.

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