Circle the right answer for the multiple choice below

Question 7

Government funded medical care is an example of (a) ______________________.

Question 7 options:

increased productivity and efficiency

economic growth

political stability

social safety net

Question 8

The extreme left political orientation is located between ______________on the political spectrum.

Question 8 options:

market economy and dictatorship

dictatorship and command economy

democracy and market economy

command economy and democracy

Question 9

The moderate right political orientation is located between ___________ on the political spectrum.

Question 9 options:

democracy and market economy

dictatorship and command economy

market economy and dictatorship

command economy and democracy

Question 10

_______ is commonly associated with periods of great economic crisis (such as the Great Depression of the 1930's).

Question 10 options:

Deflation

Economic growth

Inflation

Increased productivity and efficiency

Question 11

Economics is the ______________ that studies how people try to satisfy their _________ for ___________ through the use of available __________.

Question 11 options:

social studies, needs, services, commodities

science, needs, resources, services

science, wants, commodities, resources

social studies, wants, commodities, resources

Question 12

__________ are what motivate human behavior and are the basis for all forms of economic _______.

Question 12 options:

Needs, activity

Needs, outcomes

Wants, outcomes

Wants, activity

Question 13

What is the societal goal that corporate social responsibility and sustainability supports?

Question 13 options:

a better life for business, now and in the future

a better life for all, now and in the future

a better life for all, now

a better life for consumer, now and in the future

Question 14

Unlike ___, ____ are limited in availability because the resources required to produce them are ______.

Question 14 options:

needs, wants, unlimited

wants, needs, unlimited

wants, commodities, limited

needs, commodities, limited

Question 15

Which of the following should be the biggest government priority for the newly elected Liberal government?

Question 15 options:

reduced public debt

economic growth

political stability

increased productivity and efficiency

Question 16

With ______ resources, people are forced to make ________ choices.

Question 16 options:

abundant, economic

scarce, economic

scarce, rational

abundant, rational

Question 17

The economic factor that describes personal satisfaction that people hope to gain with their choices is called _________________.

Question 17 options:

accomplishment

achievement

realization

utility

Question 18

The economic factor that describes the choice to obtain one item to the exclusion of an alternative item is called a/an __________.

Question 18 options:

opportunity cost

opportunity expense

monetary cost

monetary expense

Question 19

_______ resources include both ______which refers to all the human effort that is used directly in production as well as ______ which refers to the creativity, innovation and initiative also needed for production.

Question 19 options:

Capital, productivity, labor

Capital, productivity, entrepreneurship

Human, labor, entrepreneurship

Human, entrepreneurship, labor

Question 20

State ownership of land is called ______ land.

Question 20 options:

crown

government owned

state

federal

Question 21

Which of the following is the biggest government priority for the newly elected Liberal government?

Question 21 options:

reduced public debt

political stability

Increased Productivity and Efficiency

Equitable Distribution of Income

Question 22

_______ is the term for balancing Canadian imports and exports.

Question 22 options:

Price stability

Viable balance of payments

Economic growth

Income equity

Question 23

______ and _____ are the _______ resources that are most scarce.

Question 23 options:

Oil, natural gas, natural

Raw materials, equipment, capital

Money, time, economic

Intelligence, innovation, human

Question 24

Which of the following are two features of the Production Possibilities Curve?

Question 24 options:

Its positive slope and convex shape to the origin

Its negative slope and concave shape to the origin

Its positive slope and concave shape to the

origin

Its negative slope and convex shape to the origin Its negative slope and concave shape to the origin

Question 25

Falling oil prices would affect which of Canada's economic goals to the greatest degree?

Question 25 options:

economic efficiency

income equity

full employment

price stability

Question 26

How has Canada's budget typically included "wiggle room" in its forecast?

Question 26 options:

using low-ball growth forecasts

using high-ball growth forecasts

budgeting an overall cushion

actually budgeting a line-item extension

Question 27

Dramatic wage increases would affect which of Canada's economic goals to the greatest degree?

Question 27 options:

full employment

income equality

economic efficiency

price stability

Question 28

What fiscal indicator is the federal government using as a measurement of the country's fiscal health?

Question 28 options:

budget debt

debt ratio

budget deficit

current account deficit

Question 29

Interest rates on business loans that are lowered to promote new job creation which in turn will reach employment targets are ___________ goals.

Question 29 options:

exemplary

complementary

complimentary

Question 30

___ is a term used to describe a government priority to achieve price stability or to put more people to work.

Question 30 options:

Tradeoff

Compromise

Decision-making

Budgeting