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8. In a market economy, an equilibrium is reached where supply, demand and price are stable if the: a) Producers can supply more product than consumers want to buy, at a price that restricts the number of consumers that can afford to buy that product. b) Price of a product minimizes cost for the consumer and maximizes profit for the producer. c) Consumer demand for a product exceeds the supply the producers can create, and the price minimizes the cost to the consumer. d) Producers can supply as much of a product as consumers will buy at a price that maximizes the profit for the producers. 9. Use the following source to answer question 9. Government decisions, policies and programs have an impact on the economy of Canada. For example, during the 1960's the Liberal Prime Minister Lester B. Pearson increased government involvement in the economy by creating publicly funded health care and pensions for seniors. Conversely, in the 1980's, Conservative Prime Minister Brian Mulroney decreased the government's involvement in the economy by reducing government spending and privatizing some Canadian Crown Corporations. Using this information, which of the following statements about the Canadian economy is most accurate? a) The economic system changes over time, and has at some times been a planned economy' and at other time a 'market economy." b) Canada is not a true mixed economy because the ratio of private to government ownership of corporations in the Canadian economy has not stayed 50:50. c) Our economy is a mixed economy with the degree of government involvement dictated by political policies and agendas. d) The Canadian government should limit or end it's involvement in the economy so that it does not impact the economy and allow Canada to remain a true mixed economy. 10. Use the following source to answer question 10. After finishing university, Dan decided that he wanted to be independent and work his own hours. Upon careful consideration of his qualifications, experience, and expertise, he decided to start a computer programming business. He hired numerous programmers to make software more inexpensively than the competition and was very successful in the marketplace. Despite great working conditions for his programmers, however, he paid them a very low wage. In a true market economy, the government would be likely to a) Set the price at which the software should be sold b) Offer government grants for product research C) Impose a higher minimum wage d) Remain uninvolved11. In a market economy, an equilibrium is reached where supply, demand and price are stable if the: a) Producers can supply more product than consumers want to buy, at a price that restricts the number of consumers that can afford to buy that product. b) Price of a product minimizes cost for the consumer and maximizes profit for the producer. c) Consumer demand for a product exceeds the supply the producers can create, and the price minimizes the cost to the consumer. d) Producers can supply as much of a product as consumers will buy at a price that maximizes the profit for the producers
