CIA4U Unit 1 Review

Question 1

The way in which the 3 tangible economic resources are transformed into useful goods and services

Accepted Answer

Entrepreneurship

Question 2

Scotiabank Arena holds 20,000 fans, but far more people want to attend Leafs games, resulting in a

Accepted Answer

Shortage

Question 3

The money that is used to buy goods and services, plus the physical assets that create them

Accepted Answer

Capital

Question 4

The shortage of Leafs tickets could be corrected by:

Accepted Answer

An increase in ticket prices

Question 5

Improved ski manufacturing technology causes ____ of skis to ____

Accepted Answer

Supply, Increase

Question 6

For a quota to be effective, it must

Accepted Answer

Be set below the equilibrium quantity

Question 7

A problem with rent controls is that they may

Accepted Answer

Make it difficult for renters to find apartments

Question 8

You have time to either watch a movie or study for your test. This is an example of:

Accepted Answer

Scarcity

Question 9

Changes to quantity demanded and quantity supplied are caused by

Accepted Answer

Price

Question 10

"As price increases, so does quantity supplied" is

Accepted Answer

A direct relationship

Question 11

Traffic, loud noises, and nicely landscaped yards are examples of

Accepted Answer

Externalities

Question 12

On the Production Possibilities Curve, points to the right of the frontier are:

Accepted Answer

Unattainable

Question 13

An increase in the price of hotdogs causes ____ of hotdog buns to ____

Accepted Answer

Demand, Decrease

Question 14

Consumers are willing to pay more for skis in December, causing ______ to ______

Accepted Answer

Quantity Supplied, Increase

Question 15

A surplus, such as a shoe store stuck with lots of winter boots in May, can be corrected by

Accepted Answer

Decreasing Prices

Question 16

"Sidney Crosby is a good hockey player because he works hard during practices" is an example of

Accepted Answer

The Single Causation Fallacy

Question 17

Gwen can see a movie for $8 or earn $60 at her job. The opportunity cost of seeing the movie:

Accepted Answer

$60

Question 18

Discount prices on skis causes _____ of skis to _____

Accepted Answer

Quantity Demanded, Increase

Question 19

In 2022, 42% of Ontario students surveyed reported feeling anxiety during exams. This is a:

Accepted Answer

Positive Statement

Question 20

"The government should invest more money in healthcare" is a

Accepted Answer

Normative Statement

Questions 20