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Economic Systems and Social Programs & Taxation Review 2022 Flashcards | StudBud
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Economic Systems and Social Programs & Taxation Review 2022
Economic Systems and Social Programs & Taxation Review 2022
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Alberta - social studies grade 9 #alberta #socialstudies9
Flashcards
39 cards
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Questions
39
Answers
1
In Canada, government-owned corporations (crown corporations) were formed in order to...
encourate foreign investment in the economy
supply services not provided by private enterprise
promote competition in foreign countries
prevent large corporations from laying off workers
2
What are the "factors of production" that countries use to build wealth?
scarcity, land, economics
land, labour, economies
land, labour, scarcity
land, labour, capital
3
Which side of the economic spectrum would this quote support?
Left
Center
Right
4
The following ideas are all examples of....
Roles of Resources in a Market Economy
Advantages of a Mixed Economy
Advantages of a Market Economy
Roles of Consumers in a Mixed Economy
5
In which economic system do its citizens tend to pay fewer taxes?
Planned
Market
Mixed
6
Which economic system more strongly values everyone sharing equally?
mixed
Mixed and Market equally
planned
market
7
Which position on the economic spectrum MOST STRONGLY supports the practices and policies of collectivism?
Position 1
Position 4
Position 3
Position 2
8
A subsidy is...
A payment made by government to businesses to support them
A payment made by businesses to support the government
9
What is the black market?
Services funded to reduce economic inequalities
The taxing of all citizens to pay for services
A system where the average tax rate increases as income does
Purchasing goods prohibited through legal means
10
The following picture is an example of which factor of production?
land
capital
labour
11
The following cartoon suggests that government bailouts to a private company is more likely in which economic system?
Planned
Subsistence
Mixed
Market
12
When the price goes up, the demand goes ______.
down
up
13
Which concept does this cartoon highlight?
Progressive Taxation
Tax Base
Tax Evasion
Social Programs
14
The following is an example of a shift RIGHT on the economic spectrum
Admitting 25,000 refugees
Increased Health Care Spending
Re-instituting door-to-door mail dellivery
Reducing the GST from 7% to 5%
15
Which of the following are not covered by Canada's health care?
Dental
Optometry
Prescription Drugs
All of these are not covered
16
What are some examples of social programs?
Health Care
Pension Plans
Employment Insurance
All of the above
17
A mixed economist would argue that the best way to achieve public good is through
Mostly publicly owned businesses with some privately owned ones as well
privately owned businesses with minimal social programs
privately owned business but also social programs provided through taxes
Mostly crown corporations with some private business
18
The following picture is an example of which factor of production?
land
capital
labour
19
Which economic system more strongly values cooperation between public and private industry?
market
mixed
subsistence
planned
20
Income tax is paid by
non-profit charity organisations
companies on their profits
government departments
individuals on money earned
21
What is progressive taxation?
The taxing of all citizens to pay for services
A system where the average tax rate increases as income does
Services funded to reduce economic inequalities
Purchasing goods prohibited through legal means
22
The Liberal government will shift the economy left which means...
Fewer social programs
more government involvement
A smaller social safety net
less government involvement
23
What does it mean when a producer has a monopoly?
A single producer has control over the market
There is so much competition for a product that a company can't keep up
There is a lot of competition for one producer
Many producers have control over the market
24
Which describes a shift to the left of the economic spectrum?
Invading another country
Health care cuts
Lowering sales tax
Starting a national daycare program
25
In which economic system does the government control all the factors of production?
planned
market
subsistence
mixed
26
What is the underground economy?
The amount of money that a country has from its taxes
A market that produces goods/services underground
The tax base within a country
business transactions unreported to gov't and not taxed
27
What is a tax base?
Where total tax dollars of citizens are handled
The decision to tax or not to tax
secretive economic activity, not within the law
Total amount of taxes paid to provide government services
28
What problem of a pure market economy is identified in the following picture?
too few fish
lack of food
too much competition
lack of competition
29
What is the definition of scarcity?
unlimited resources for limited wants.needs
unlimited needs for unlimited wants
unlimited wants for unlimited needs
limited resources for unlimited wants/needs
30
Canada's healthcare is
provided through health insurance
paid for out of pocket
public
private
31
The following picture is an example of which factor of production?
capital
land
dolla dolla bills
labour
32
Which economic system provides the most encouragement for individual incentive to work hard?
planned
subsistence
market
mixed
33
Which of the following is NOT one of the basic economic questions?
For whom to produce?
What to produce?
Why to produce?
How to produce?
34
Which economic system will oversee business through more regulations, but does not control.
market
planned
subsistence
mixed
35
Who determines what will be produced in a pure Market Economy?
government
labour
entrepreneurs
consumers
36
The following cartoon highlights which concept?
Black Market
Tax Evasion
Social Safety Net
Disparity
37
Why do we have social programs?
To reduce economic inequalities/ promote well being
To provide taxes for the government
To have an agreement between two or more parties
To benefit some members of the country, mostly the poor
38
Which economic system is the cartoonist criticizing?
Planned
Subsistence
Mixed
Market
39
Which economic system more strongly values individualism?
mixed
subsistence
planned
market
