Basics of Economics Homework Quiz

Question 1

The part of the economy owned and controlled by businesses and individuals is called what?

Accepted Answer

privately owned

Question 2

In the USA, creating pensions for seniors, funds to support farmers is an example of what?

Accepted Answer

shift left

Question 3

In which economic system do individual consumers drive economic decision making?

Accepted Answer

market economy

Question 4

Which country believes the public good is best served by individualism and competition?

Accepted Answer

USA

Question 5

In which side of the economic continuum is there less government involvement?

Accepted Answer

right

Question 6

The founding principle "Peace, order & good government" belongs to which country?

Accepted Answer

Canada

Question 7

In which economic system are some resources publicly and privately owned?

Accepted Answer

mixed economy

Question 8

Which country has more government involvement in their economy?

Accepted Answer

Canada

Question 9

The resources and processes involved in the production, distribution and consumption of G&S....

Accepted Answer

economy

Question 10

Construction worker, banker and teacher are all examples of what?

Accepted Answer

Labour

Question 11

Which country believes that the public good is best served by cooperation and equity?

Accepted Answer

Canada

Question 12

Oil, gold and trees are all examples of what?

Accepted Answer

Land

Question 13

What is an economic system?

Accepted Answer

The production, distribution and consumption of G & S.

Question 14

The products and services created by producers.

Accepted Answer

supply

Question 15

The wants and needs of consumers for products and services.

Accepted Answer

demand

Question 16

In which economic system do the choices of individuals solve scarcity?

Accepted Answer

market economy

Question 17

China has which type of economic system?

Accepted Answer

planned economy

Question 18

Those who use products and services.

Accepted Answer

consumers

Question 19

The founding principle "Life, liberty & the pursuit of happiness" belongs to which country?

Accepted Answer

USA

Question 20

Canada has which type of economic system?

Accepted Answer

mixed economy

Question 21

In which economic system does the government make all of the decisions about solving scarcity?

Accepted Answer

Planned Economy

Question 22

In which economic system do individuals and the government make decisions about production?

Accepted Answer

mixed economy

Question 23

What creates scarcity?

Accepted Answer

Limited supply of land, labour and capital.

Question 24

In which economic system is there a combination of private ownership and government control?

Accepted Answer

mixed economy

Question 25

In which economic system do indiv. consumers have little influence on economic decision making?

Accepted Answer

mixed economy

Question 26

In Canada, pensions for seniors and publicly funded health care is an example of what?

Accepted Answer

shift left

Question 27

In which side of the economic continuum is there more government involvement?

Accepted Answer

left

Question 28

In the USA, reducing both gov't spending & regulation of corporations is an example of what?

Accepted Answer

shift right

Question 29

Tools, oil pipeline and airplane manufacturing plant are all examples of what?

Accepted Answer

Capital

Question 30

What are the three major economic systems found on the economic continuum?

Accepted Answer

market, mixed, planned

Question 31

Why does Canada have crown corporations?

Accepted Answer

All of the above

Question 32

Those who create products and services.

Accepted Answer

Producers

Question 33

USA has which type of economic system?

Accepted Answer

market economy

Question 34

In Canada, cuts to government spending and privatizing corporations is an example of what?

Accepted Answer

shift right

Question 35

Workers organize labour unions to represent their needs to employers. How do unions negotiate?

Accepted Answer

collective bargaining

Question 36

In an economic system, what is the opposite of competition?

Accepted Answer

monopoly

Question 37

The part of the economy owned and controlled by gov't and paid for by taxes is called what?

Accepted Answer

publicly owned

Basics of Economics Homework Quiz

Questions 37

Basics of Economics Homework Quiz

Questions 37