CIA4U - Unit 1 Review

Question 1

Which production point is currently not possible for this economy?

Accepted Answer

Y

Question 2

The tangible factors of production are.....

Accepted Answer

Land, labour, capital

Question 3

Full employment and price stability are......

Accepted Answer

Conflicting economic goal

Question 4

Would you like to work for my business?

Accepted Answer

Stonks

Question 5

A high GDP in Canada would help us reach which economic goal?

Accepted Answer

Economic growth

Question 6

The loss of potential gain from other alternatives when one alternative is chosen is...

Accepted Answer

Opportunity Cost

Question 7

Which economist advocated for more government spending in recessions?

Accepted Answer

John Keynes

Question 8

Which economist identified the concept of comparative advantage?

Accepted Answer

David Ricardo

Question 9

"I can see better at a Raptors game if I stand up therefore everyone should stand up" is....

Accepted Answer

an example of the Fallacy of Composition

Question 10

There have been no earthquakes in the US since 2016 therefore Donald Trump prevents earthquakes

Accepted Answer

an example of the Post Hoc Fallacy

Question 11

Which production point most likely results in unemployment for this economy?

Accepted Answer

X

Question 12

Which economist coined the terms proletariat and bourgeoisie?

Accepted Answer

Karl Marx

Question 13

Which economist coined the term "invisible hand"?

Accepted Answer

Adam Smith

Question 14

Does this PPC curve demonstrates?

Accepted Answer

Law of diminishing returns?

Question 15

"High income inequality in Canada is unfair and immoral" is an example of....

Accepted Answer

Normative economic statement

Question 16

The 3 fundamental economic questions are....

Accepted Answer

What to produce, how to produce, for whom to produce

Question 17

Which economist advocated for social balance?

Accepted Answer

John Galbraith

Questions 17