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Economics of Canada Review Flashcards | StudBud
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Economics of Canada Review
Economics of Canada Review
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Questions
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Answers
1
In a 100% pure market economy, the government has no control over the economy.
False
True
2
On which side of the continuum would Canada lean towards?
Left
Right
3
Economic freedom is experienced more in....
...a traditional economy
...a command economy
...a mixed market economy
...none of these
4
What is a command economy?
Controlled by the government
Controlled by the market
Controlled by the president.
Controlled by the people.
5
Literacy rate is ___________________.
the number of people who vote
how quickly someone can read
the length of time people live
the number of people who can read and write
6
There are many 100% pure command economies in the world today.
False
True
7
What is human capital?
Investment in new technology
Immigration of people into a country
A worker’s skills, knowledge, and experience
the quantity of a company’s equipment
8
In this economic system, the government regulates all the country's prices, wages of workers, and goods to be made.
Market
Command
Traditional
9
In this economic system, consumers and producers determine what goods and services are produced.
Market
Command
Tradtional
10
Three economic questions
When/Where to produce
For whom to produce?
How to produce?
What to produce?
11
In reality, all economies are mixed economic systems.
False
True
12
The way a country answers the 3 economic questions lets us know what kind of economic system it has.
False
True
13
The small tribes of the Inuit in northern Canada have traditional economies.
True
False
14
Which side of the economic continuum is Canada closer to?
One-Crop
Traditional
Command
Market
15
Why is a traditional economy NOT included on the economic continuum?
Every country has a traditional economy
No country is considered traditional
16
What economic system is about freedom and choice to use money and resources however you want?
Traditional Economy
Mixed Economy
Market/Capitlist Economy
Command/Communist Economy
17
What is a traditional economy?
An economy that the government maintains.
An economy that is based on what your ancestors did.
There is no such thing as a traditional economy.
An economy that is controlled by the market.
18
As a country's literacy rate and GDP rises their standard of living usually
stays the same
increases
decreases
19
According to the map, which country is more COMMAND?
Australia
Canada
Mexico
USA
20
In what economic system do people make what they always made and do the same things their parents did.
Market
Command
Traditional
