Economic systems differ in regards to the

role of the individual in economic decisions

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

The price increases and the demand increases

How does scarcity impact a business?

The business may run out of the product or service

What is the definition of a monopoly?

A business controls all of the supply of a product

A mixed economy is made up of the following:

A balance of government and individual businesses

In economics, what is the definition of equalibrium?

supply and demand for a product balance

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

Unions gaurantee better quality products and workmanship

Which response is not the purpose of Canadian grants?

They take money from performers to fund the government

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

For the state to control all companies

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Duplicate of Chapter 6: Economic Systems

14 termsStudBud Administration204 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
Economic systems differ in regards to the
problems they must solve
scarcity of available resources
role of the individual in economic decisions
demands made for individual resources
2
A market economist believes that the most important factor in quality of life is...
degree of freedom of choice
quality of education
degree of safety and security
quality of medical care
3
What will happen to the demand and price of a product if the supply goes down?
The price increases and the demand decreases
The price increases and the demand increases
The price decreases and the demand increases
The price decreases and the demand increases
4
What is the definition of a strike?
Employers temporarily law off employees
Labor unions encourage employees to go back to work
Employees stop working
Employers fire employees who stop working
5
How does scarcity impact a business?
The business may lose the interest of the customers
The consumer may not have interest in the product
The business may run out of the product or service
The consumer may not be able to locate the product
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
What is the definition of a monopoly?
A company goes bankrupt due to lack of sales and profit
Multiple business are invested in a product
Businesses sell the same product
A business controls all of the supply of a product
8
A mixed economy is made up of the following:
A balance of government and individual businesses
none of the above
government intervention to create businesses
Reliance upon individual businesses
9
In economics, what is the definition of equalibrium?
supply and demand for a product balance
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
10
Which of the following statements is not true of labor unions?
Unions promote government safety regulations and labor laws
Unions fight to keep workers wages fair
Unions fight for medical and dental benefits
Unions gaurantee better quality products and workmanship
11
The price of BK increases alongside McDonalds, but the price of Harveys is unmoved, demand for
Harveys will decrease
Harveys and McDonalds will increase
Harveys and McDonalds will decrease
McDonalds will decrease
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
North Korea is an example of which economy?
Mixed
Capitalist
Planned
Market
14
Which of the following is not a reason for the creation of a crown corp?
To provide essential services
To support Canadian culture and identity
For the state to control all companies
To promote economic development

Duplicate of Chapter 6: Economic Systems Flashcards | StudBud