economics (not vocab actual questions) P.2222222222222222222

Question 1

What is a Crown corporation

Answer 1

A crown corporation is a company owned by Canada’s government to provide products and services to Canadians.

Question 2

Why do economists say that Canada has a mixed economy?

Answer 2

Economists say this because Canadians own private property

Question 3

What is the founding principle of the United States?

Answer 3

Life, liberty, and the pursuit of happiness

Question 4

The above founding principle reflects?

Answer 4

the idea of indivivualsim

Question 5

The U.S. generally values?

Answer 5

Usually values individual economic decision making, with the little involvement of the government

Question 6

The kind of economy that the U.S. is said to have is?

Answer 6

Market

Question 7

Three examples of more govt. involvement?

Answer 7

Pensions for senior citizens
Publicly funded health care
Subsides for people in need

Question 8

Two examples of reduced govt. involvement?

Answer 8

Privatizing government corporations
Cuts to government spending

Question 9

What is important to both the market and mixed economies?

Answer 9

The individual choices of consumers are a very important factor.

Question 10

What is a state of equilibrium?

Answer 10

when supply is equal to demand

Question 11

If Demand goes up, what happens to supply?

Answer 11

supply goes down

Question 12

If the price goes up, what happens to demand?

Answer 12

demand goes down

Question 13

What happens when the supply goes up

Answer 13

demand goes down

Question 14

What is competition trying to do?

Answer 14

to get you to buy their product

Question 15

What is the opposite of competition?

Answer 15

Monopoly

Question 16

Why do governments sometimes create monopolies?

Answer 16

Governments sometimes create monopolies as a way to provide essential services that require expensive infrastructure, such as water lines or sewer lines an example would be the canadian wheat board

Question 17

Governments get involved in market economics because

Answer 17

Sometimes governments get involved to inform, protect or ensure good practices.

Question 18

What are some laws that came about to protect public health?

Answer 18

Canada, along with many others, have laws requiring products, such as foods and cosmetics, to carry labels listing ingredients

Question 19

Why do consumers pay a tire tax when they buy tires?

Answer 19

Consumers pay tire tax because it helps recycle the tires, so they dont go to landfills

Question 20

Why do governments have laws to ensure that there is competition?

Answer 20

Governments have laws to ensure competition among producers, such as oil and gas companies. Because of competition, many producers offer products for the same price. It’s illegal for producers to “fix prices”

Question 21

Where does money for education come from?

Answer 21

The money for education comes from money collected and distributed by the government. (From taxes).

Question 22

Which 2 provinces have the lowest unemployment rate in 2013?

Answer 22

alberta and saskatchewan

Question 23

What is a strike?

Answer 23

A cessation of work by workers STrikes pressure employers to respond to issues that concern workers

Question 24

Why do employees sometimes strike?

Answer 24

Working conditions, pay and days off

Question 25

Labour unions do what? What do they provide workers the ability to do?

Answer 25

Provide a way for workers to act as a group
Make collective bargaining possible

Question 26

What does Canada have as a result of labour unions? What do labour laws do?

Answer 26

Labour Laws
Establish that workers have a right to form unions

Question 27

as a result of labour laws what can emplyers no longer do?

Answer 27

Hire children full time

Question 28

Unions _________ the power of __________ and the __________.

Answer 28

balance
employers
economy

Question 29

Name two negatives to having unions.

Answer 29

It can hold society hostage and shut down social services
Unions can price there workers out of a job

Question 30

When did the Winnipeg General Strike occur?

Answer 30

1919

Question 31

What protects collective bargaining in Canada? and which part talks about these rights

Answer 31

the charter section 2