Download 1 - Rocky View Schools

1. Which is the best definition of entrepreneur?
* A. a risk taker
B. someone who manages a business
C. someone who manages a business with the intent of profiting but at the risk of
losing
D. an undertaker
2. Which of the scales that follow is correct?
3. The ultimate economic problem every society must solve is that of
A. poverty
*B. scarcity
C. unlimited resources
D. urbanization
4.Which of the following is not one of the thr ee factors of production?
A. land
* B. agricultural products
C. human labour
D. capital
5.Which of the following is most likely to be true of a pure free-enterprise market
economy?
* A. Risk taking is an important part of economic life.
B. Unemployment is all but eliminated.
C. Health care is provided free by the government.
D. Competition is done away with.
Use the following article to answer the next 2 questions.
Looking Forward: A Fresh Perspective on Canada’s Future
The Green Party is different. We look much further forward, and we plan for a far greater
goal -- a livable world, with enough for everyone, with healthy communities based on
healthy economies; secure for future generations.
To reduce threats to Canadians’ health, and improve treatment when it’s needed, we will:
* Work to reduce cigarette smoking through education and taxes.
* Protect our universal, single-payer public health care system and ensure it works well at
disease prevention and treatment.
* Promote physical activity and healthy eating, and reduced exposure to contaminants.
* Work to develop national goals for pre-natal care.
* Rebuild hospital capacity and make smarter use of it by increasing long-term-care
facilities, as well as post-surgery recuperation outside of hospital, with access to nursing.
6. This excerpt is an example of the following:
a. Party platform
b. Collective identity
c. Health insurance
d. Social program
7. What is the purpose of the above statement?
a) To describe the official policies on health and health care of this political party.
b) To reflect the values and priorities of the party’s members.
c) To provide voters with an understanding of the direction and beliefs of a political
party.
d) All of the above.
8. Implementing which of the following policies would represent a “shift right” for a
government:
a) Increasing government spending
b) Establishing corporations funded and run by government
*c) Privatizing crown corporations
d) Establishing publicly funded health care
9. Implementing which of the following policies would represent a “shift left” for a
government:
a) Consumers determine what to purchase
b) Privatizing certain health care procedures
c) Privatizing crown corporations
*d) Establishing publicly funded health care
10. What does the following headline imply about the potential supply and price of
lumber in 2013?
The beetle and the damage done
Mountain pine beetles are expected to wipe out 80 per cent of B.C.'s pine forest by 2013
— now the race is to stop their eastward expansion
*a) Supply will decrease, price will increase
b) Supply will decrease, price will decrease
c) Supply will increase, price will increase
d) Supply will increase, price will decrease
11. The basic problem facing all societies is how to
* A. satisfy unlimited wants and needs with limited resources
B. use limited resources to satisfy unlimited needs
C. use limited amounts of capital to create unlimited resources
D. create an unlimited supply of resources to satisfy limited demand
Use the following inquiries to answer the next
Inquiry 1: What goods should be produced?
Inquiry 2: How should these goods be produced?
Inquiry 3: For whom should these goods be produced?
12. They way in which these three inquiries are answered is most adequately done in a
society by the
a. political structure
*b. economic system
c. military system
d. social structure
13. The inquiries above represent the basic economic questions that are answered using
the:
a. economic continuum
b. public good forum
*c. factors of production
d. North American Free Trade Agreement
Use the following statements to answer the next FOUR questions.
Speaker 1: It's up to everyone to make their own economic decisions. If they succeed,
they should reap the rewards; if they fail, they should not expect others to take care of
them.
Speaker 2: All people in society have to take responsibility for each other. Our nation's
resources do not belong to a few; they belong to all citizens and should be shared equally.
Speaker 3: The basic problem in our society is that there is just not enough to satisfy
everyone's wishes. Some hard decisions must be made as to which goods will go to
which people.
Speaker 4: Each person should be rewarded for his or her work and efforts. However,
we cannot just ignore the needy; those who are unsuccessful deserve society's help.
14. Which question best describes the issue being discussed by the four speakers?
A. Should individuals be allowed to keep the profits gained from their labour?
B. What goods should be produced in order to satisfy all citizens' needs?
C. To what extent should individuals be responsible for each other?
*D. How can a nation use its resources to create economic equality?
15. The position that is closest to the ideas represented by the far left of the economic
continuum is the statement make by Speaker
A. 1
*B. 2
C. 3
D. 4
16. Which speaker directly refers to the problem of scarcity?
a. 1
b. 2
*c. 3
d. 4
17. Which speaker BEST represents the ideals of a free enterprise system?
*a. 1
b. 2
c. 3
d. 4
18. In Canada, who decides how to allocate scarce resources?
A. the government only
B. individual citizens only
* C. individual citizens and the government
D. they ask the United States for direction
19. In any economy, what are the factors of production?
A. farming, mining, manufacturing
B. land, education, government
C. labour, trade, capital
* D. land, labour, capital
Use the dialogue that follows to answer the next FOUR questions.
Speaker 1: I work hard for my money and I should be able to spend it as I wish.
Whether I choose to invest it or to purchase goods, it should be up to me.
Speaker 2: Although my wages are low, most of my needs are provided for and
planners make sure that the goods I have to buy are kept at a reasonable price.
Speaker 3: All people in a society deserve an equal share of its wealth. No one has the
right to have more than anyone else. This is true where I live.
Speaker 4: Although I live in a competitive society, the government ensures that those
who are poor are given enough to satisfy their basic needs.
20. Which economic question is being discussed by the speakers?
A. What goods and services should be produced in an economy?
B. How should goods and services be produced in an economy?
*C. How should goods and services be distributed in an economy?
D. How many goods and services should be produced in an economy?
21.Which speaker is most likely a Canadian?
A. Speaker 1
B. Speaker 2
C. Speaker 3
*D. Speaker 4
22. Which speaker(s) is/are most likely people who lives in a planned economy?
a. 1
b. 2
c. 3
*d. both speakers 2 and 3
23. Which speaker is most likely an American?
*A. Speaker 1
B. Speaker 2
C. Speaker 3
D. Speaker 4
24.Because Canada's economy combines features of both market and centrally planned
economies, it is referred to as a
*A. mixed economy
B. merger economy
C. blended economy
D. combination economy
25. An enterprise owned by the government of Canada is referred to as
A. state industry
B. private industry
C. nation operation
*D. Crown corporation
26. In Canada, you would most likely expect to see a private-sector enterprise in the
operation of a
A. large city hospital
*B. department store
C. provincial university
D. nuclear power plant
27. In Canada, the term public sector refers to that part of the economy controlled by
A. foreign investors
B. private individuals
*C. federal or provincial governments
D. large corporations and businesses
28. In a mixed economy such as Canada's, the cost of research and development is funded
mainly by
A. foreign companies
B. government agencies
C. private entrepreneurs
*D. both the public and private sectors
29. Historically, when private businesses have been unwilling or unable to provide a
service needed in Canada, the federal government has
* A. established a Crown corporation to offer the service
B. discouraged Canadians from requesting the service
C. given the task to a foreign-owned corporation
D. forced business to provide the service
30. The Canadian Broadcasting Corporation is an example of a communications industry
owned by
A. employees
B. a single individual
*C. the federal government
D. a large group of shareholders
The central concept of the diagram is the
A. role of the private sector
* B. purposes of government regulations
C. importance of incentives for inventors
D. reasons for government matching grants
32. The Department of Science and Technology in the Canadian government is an
example of a government
A. fund
* B. program
C. structure
D. regulation
33. When research grants are provided to scientists or inventors, they serve as an example
of government
A. funding
B. structure
C. regulation
*D. programming
34. Under our Canadian government, the provinces have responsibility for health care.
This ensures that each province can shift or mold their ideas to reflect the needs of their
citizens. Provincial health care is an example of what type program?
A. Political program
*B. Social program
C. A constitutional right
D. Federal program
35. Your parents are getting the floors in your house redone. The person they have hired
is a private contractor, who does not mind being paid in cash. Your parents therefore, hire
him to do the floors, and pay him in two cash installments.
Your parents are guilty of supporting what system:
* A. The black market
B.Tax evasion
C.The underground economy
D.Sales taxes
36. The independent contractor is guilty of supporting what system:
A.The underground economy
* B.Tax evasion
C.The black market
D.Goods and services tax
37. The above source is an example of :
A. Economic consumerism
B. Scarcity
* C. Economic Equilibrium
D. Competition
38. The cartoon above is an example of:
A.Market economy
*B. Scarcity
C.Demand
D. Supply
39. According to the above source, the political party that most closely resembles a
mixed market economy is :
A. Political party A
*B. Political party B
C. Political Party C
D. None of the above
40. According to the above source, the political party with a social policy that most
resembles a planned economy is:
* A. Political party A
B. Political party B
C. Political Party C
D. None of the above
41. According to the source, Political Party C focuses primarily on
A. consumerism
B. collectivism
C. individualism
D. colonialism