16 questions
The two basic "factors of production" are supply and demand.
True
False
Canada has a market economy and the U.S. has a mixed economy.
True
False
The Canadian Museum of Civilization is a Crown corporation, because it is owned by the government of Canada.
True
False
The North American Free Trade Agreement is an example of a "shift right," because it supports less government involvement in the economy.
True
False
Competition and monopoly mean the same thing. They both happen when one producer controls all supply of a product or service.
True
False
Canada's position on the economic continuum shifts between a mixed economy and a market economy.
True
False
Pensions for senior citizens and publicly funded health care are examples of a "shift left."
True
False
The importance of consumer choice is one similarity between mixed and market economies.
True
False
As the demand for a product goes up, the supply goes down. As the supply goes down, so does the price of the product.
True
False
It is illegal for producers to "fix" the prices of their products.
True
False
The Competition Act's objective is to discourage competition among producers.
True
False
Newfoundland has the lowest unemployment rate in Canada
True
False
Because of unions, Canada has labour laws, such as standards for wages, hours, safety, and holidays.
True
False
In Alberta, companies can hire children twelve years of age and older without permission from the government.
True
False
The collective bargaining rights of labour unions are not protected under the Charter of Rights and Freedoms.
True
False
If the government of a country were to own all railways, as well as the majority of utilities and communications infrastructure, while construction businesses, agriculture, manufacturing, and financial centers are primarily privately owned, this is a good indication that the country likely has a free enterprise economy
True
False