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Social 9 - Economics Review Flashcards | StudBud
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Social 9 - Economics Review
Social 9 - Economics Review
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A Social Studies Review Tool created for Economics in Social 9.
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What is scarcity?
A city lacking basic needs
A shortage of goods and services
The study of goods and services
Capital invested into a project
2
The following picture is an example of which factor of production?
Labour
None of the above
Capital
Land
3
The following picture is an example of which factor of production?
Land
Labour
Capital
None of the Above
4
When demand goes up for a good or service, what happens?
Supply decreases
Supply increases
Price decreases
Price increases
5
What is the goal of a Labour Union?
An organization of workers who create products
An agreement by a company to pay for equipment for workers
Making decisions as a government to put decisions in action
An organization of workers that act to protect workers right
6
I'm going to decrease your taxes but also decrease funding of public healthcare. This is a...
none of the above
shift left
shift right
stop in the middle
7
Which economic system places more value on collectivism?
Planned
Traditional
Mixed
Market
8
This type of economy features both private and public control of production and consumption.
Traditional
Mixed
Market
Planned
9
Which of the following would most likely
increase
the price of an item in a market economy?
Decreased supply
Increased supply
Decreased demand
Increased demand
10
What role do consumers
primarily
play in an economic system?
Consumers vote on laws to regulate labour unions
Consumers make the products and services for a society
Consumers use the products and services a society creates
Consumers advocate for change in a society
11
Which of these is an example of "shifting right?"
U.S. President Roosevelt's "New Deal" of the 1930s
Canada introducing public healthcare in the 1960s
Canada selling off Crown corporations in the 1980s
American "Obamacare" in the 2010s
12
In which economic system do governments tend to have
some
control over resources?
Mixed
Traditional
Planned
Market
13
What is the definition of Collective Bargaining?
A type of organization that protects rights of workers
Negotiation of wages and other conditions of workers
A cessation of work by workers
Special set of rights given to economic immigrants
14
A mixed economist would argue that the best way to achieve public good is through...
privately owned businesses
private and publicly owned business
publicly owned businesses
complete government intervention
15
The founding principle of the U.S. economy is...
"Individual might can succeed"
"Life, liberty and the pursuit of happiness"
"Land of the free and home of the brave"
"Peace, order and good government"
16
This type of economy is often called capitalist.
Planned
Traditional
Mixed
Market
17
In economics, what does it mean to "shift left?"
... To the left everything you own in a box to the left?
To decrease government involvement in economy
To kill everyone who disagrees with the government
To increase government involvement in economy
18
The images below best illustrates which of the following concepts related to economics?
Scarcity
Economic Systems
Labour
Crown Corporations
19
In Canada, government-owned corporations were formed in order to...
promote competition in foreign countries
prevent large corporations from laying off workers
encourate foreign investment in the economy
supply services not provided by private enterprise
20
A shift to the
right
is
commonly
associated with movement towards what type of economic system?
Market
Traditional
Planned
Mixed
21
A government decision to fund film and media arts in their country is an example of:
a reduction of Canadian made content
an increase in Canadian made content
A shift to the left
A shift to the right
22
The Winnipeg General Strike in 1919 resulted in which of the following:
A complete shutdown of the city of Winnipeg
The death of one striker and 29 injured
The Russian Revolution in 1920
Government intervention over fears of workers' unions
23
Which type of economy is most often related to Canada?
Planned
Market
Mixed
Command
24
In this type of economy, the government makes all decisions about production and consumption.
Planned
Mixed
Traditional
Market
25
This type of economy is often related to communism and socialism.
Traditional
Market
Planned
Mixed
26
In which economic system do its citizens tend to pay fewer taxes?
No taxation without representation!
Mixed
Market
Planned
27
When one producer controls all the supply of a product or a service, this is called ....
economics
competition
a monopoly
consumerism
28
According to the source below, what is a disadvantage of unions?
can harm business in a country
unions give workers less power
lessens the quality of life for workers
provides worse working conditions for workers
29
Which economic system places more value on individualism?
Traditional
Planned
Mixed
Market
30
Which of the following terms correctly completes the definition of the term "economy"?
Exploration
Development
Distribution
Creation
31
Which economic system more strongly values everyone sharing equally?
Planned
Market
Traditional
Mixed
32
Which economic system has the
least
inequality?
Traditional
Planned
Market
Mixed
33
Traditionally, which Canadian political party has been the most "left" economically?
Bloc Quebecois
Liberal
Conservative
New Democratic
34
A shift to the
left
is
commonly
associated with movement towards which type of economic system?
Planned
Mixed
Traditional
Market
35
Which of the following is
not
a reason a government may choose to intervene in a market economy
To reduce the liberties of consumers
To encourage recycling and sustainability
To ensure consumers are being treated fairly
To inform consumers and ensure good practices
36
The founding principle of Canada's economy is ...
"O Canada"
"We're all in this together"
"Life, liberty and the pursuit of happiness"
"Peace, order and good government"
37
When the supply of a product or service goes up, what happens?
Demand decreases
Demand increases
Prices increase to discourage spending
Prices decrease to encourage spending
38
1. Which of these is
not
one of the three factors of production?
Land
Economics
Labour
Capital
39
Which of these countries is considered to be a
command/planned economy
?
North Korea
United States
Cuba
Canada
40
Which of the following is
not
one of the basic questions of how to solve scarcity in a society?
How will it get produced?
What is needed or wanted?
Why should we produce?
Who will get it?
