What concept is NOT included in the definition for the term 'economics'?

the study of the consumption of goods and services

The US economy is characterized by

It's spirit of individualism and independence

Milton Friedman talks about:

Competition without deception or fraud

Which is true about a planned economy?

government makes all of the decisions

What is the definition of scarcity?

Land, materials, and labour are limited

One producer controls all the supply of a product

What happens when the price of a product increases?

Demand goes down and supply increases

What is 'competition'?

Rivalry between producers to sell a product

What is the state of equilibrium (in supply and demand)?

The supply, demand & price for the product are met equally

The wants and needs of consumers for products and services

When supply is low...

The producer has too little goods

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SS9 Economics Review

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Questions 28

Answers

1
What concept is NOT included in the definition for the term 'economics'?
the study of production
the study of the consumption of goods and services
the study of distribution
the study of less government involvement
2
The US economy is characterized by
It's spirit of individualism and independence
Reflection of the idea of cooperation
None of the above
A mixed economy
3
What is a crown corporation?
Used to promote economic development
All of the above
Company owned by Canada's government (ex. Air Canada)
Used to provide essential services to the public
4
Milton Friedman talks about:
The proletariat
Invisible hand
The bourgeoisie
Competition without deception or fraud
5
Which is true about advertisements and demand?
All of the above
They make particular goods are more desirable than others
Ads play a large role in supply and demand
They can create demand
6
Which of the follow fits under the definition of public good?
Sacrificing individual interests for what's best for society
All of the above
What is best for the individual adds up to what is best
What is best for society as a whole
7
True or false: A market economy focuses on choices of the individual.
False
False
True
True
8
Which of the following is not a 'factor of production'?
Land
Good government
Capital
Labour
9
Which of the following was NOT discussed on the economic continuum?
planned economy
market economy
mixed economy
traditional economy
10
Adam Smith talks about:
Self interest
Free market
The invisible hand
All of the above
11
There is a shortage of orange shipments and many buyers... the demand
Decreases
Increases
None of the above
Increases and decreases rapidly
12
Which is true about a planned economy?
government does not exist
individuals make all of the decisions
government makes all of the decisions
government makes no discussions
13
What is the definition of scarcity?
Land, materials, and labour do not make a difference
Land, materials, and labour are limited
We can have everything we want without restriction
Land, materials, and labour are unlimited
14
On the PAT, Canada is considered a (blank) economy.
Mixed
Planned
Market
None of the above
15
What is a monopoly?
Multiple producers control multiple products
None of the above
One producer controls all the supply of a product
Multiple people compete to set prices for one product
16
True or False: The opposite of competition is monopoly.
False
True
True
False
17
Karl Marx talks about:
The bourgeoisie
The proletariat
Class struggle and social change
All of the above
18
What happens when the price of a product increases?
Demand increases and price decreases
None of the above
Demand increases and price stays the same
Demand goes down and supply increases
19
True or false: A mixed economy combines private ownership and government control.
False
True
True
False
20
What is 'competition'?
None of the above
Giving things way for free (yay!)
All of the above
Rivalry between producers to sell a product
21
Which of the following is characterized by mostly privately owned resources?
All of the above
Planned economy
Mixed economy
Market economy
22
What is the state of equilibrium (in supply and demand)?
The demand is higher than the supply
The supply is less than the demand
None of the above
The supply, demand & price for the product are met equally
23
What does NOT characterize canada’s economy?
Peace
Good government
Labour
Order
24
Who are consumers?
People who buy the product
People who set the price of a product
All of the above
People who sell the product
25
What is 'demand'?
Those who use products and services
People who create the products
When supply meets demand
The wants and needs of consumers for products and services
26
When supply is high, it’s out of balance because the producer has made....
TOO LITTLE goods.
Not enough goods
None of the above
TOO MANY goods.
27
When supply is low...
The producer has too little goods
The producer has too many goods
None of the above
The producer can meet high demands
28
What does NOT characterize US's economy?
Life
Liberty
Pursuit of Happiness
Land

SS9 Economics Review Flashcards | StudBud