A mixed economy is made up of the following:

A balance of government and individual businesses

What is the definition of a monopoly?

A business controls all of the supply of a product

Economic systems differ in regards to the

role of the individual in economic decisions

Which of the following is not a reason for the creation of a crown corp?

For the state to control all companies

How does scarcity impact a business?

The business may run out of the product or service

In economics, what is the definition of equalibrium?

supply and demand for a product are out of balance, supply and demand for a product balance

What will happen to the demand and price of a product if the supply goes down?

The price increases and the demand increases

Which response is not the purpose of Canadian grants?

They take money from performers to fund the government

Which of the following statements is not true of labor unions?

Unions gaurantee better quality products and workmanship

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Chapter 6: Economic Systems

14 termsStudBud Administration1,062 plays

This quiz is based on economic systems: Planned, Mixed, and Market Economies, Supply and Demand, Scarcity, etc.

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Questions 14

Answers

1
The price of BK increases alongside McDonalds, but the price of Harveys is unmoved, demand for
Harveys and McDonalds will increase
Harveys will decrease
McDonalds will decrease
Harveys and McDonalds will decrease
2
A mixed economy is made up of the following:
A balance of government and individual businesses
Reliance upon individual businesses
government intervention to create businesses
none of the above
3
What is the definition of a monopoly?
Multiple business are invested in a product
A business controls all of the supply of a product
Businesses sell the same product
A company goes bankrupt due to lack of sales and profit
4
Economic systems differ in regards to the
scarcity of available resources
demands made for individual resources
problems they must solve
role of the individual in economic decisions
5
Which of the following is not a reason for the creation of a crown corp?
To provide essential services
For the state to control all companies
To promote economic development
To support Canadian culture and identity
6
Which was not one of the causes of the Great Depression?
The stock market crashed
Agricultural drought
The stock market increased
People were purchasing items on credit
7
How does scarcity impact a business?
The consumer may not have interest in the product
The consumer may not be able to locate the product
The business may lose the interest of the customers
The business may run out of the product or service
8
What is the definition of a strike?
Employers temporarily law off employees
Employees stop working
Labor unions encourage employees to go back to work
Employers fire employees who stop working
9
In economics, what is the definition of equalibrium?
demand is higher than the supply of a product
supply and demand for a product are out of balance
supply of a product is higher than the demand
supply and demand for a product balance
10
A market economist believes that the most important factor in quality of life is...
quality of education
degree of freedom of choice
quality of medical care
degree of safety and security
11
What will happen to the demand and price of a product if the supply goes down?
The price increases and the demand increases
The price decreases and the demand increases
The price decreases and the demand increases
The price increases and the demand decreases
12
Which response is not the purpose of Canadian grants?
They take money from performers to fund the government
They promote the development of the Canadian music industry
They help make Canadian arts possible
They help publishers and authors cover expenses
13
Which of the following statements is not true of labor unions?
Unions fight for medical and dental benefits
Unions gaurantee better quality products and workmanship
Unions fight to keep workers wages fair
Unions promote government safety regulations and labor laws
14
North Korea is an example of which economy?
Mixed
Planned
Capitalist
Market

Chapter 6: Economic Systems Flashcards | StudBud