Reference no: EM133047346
Please provide answers by the below A,B,C,D,E, Thanks
(1) Which type of economic system has high levels of government involvement and control in the economy, permits privately owned businesses, and has a high level of taxation to pay for the high level of services?
a) Socialism
b) Communism
c) Mixed Economy
D) Capitalist
(2) In a Market Economy:
a) Individuals can own business and choose which products and services to produce and provide
b) The consumer determines which products will be produced and sold
c) The government decides which goods and services are produced and in what quantity
d) None of the above
(3) Which of the following is NOT a factor of production?
a) Innovation
b) Natural Resources
c) Knowledge
d) Entrepreneur
(4) What type of economic system does Canada have?
Capitalist
a) Communism
b) Mixed
c) Socialism
d) Industrial
(5) The rise in the price of good and services over time is referred to as
a) Gross domestic product
b) Gross national product
c) Productivity
d) Balance of trade
e) Inflation
(6) Which statement is true about full employment?
a) It exists when there is no seasonal, structural or cyclical unemployment.
b) Will never be achieved if frictional unemployment exists.
c) It will only happen when everyone has a job.
d) It will only result if we transition towards a knowledge based economy.
e) All statements are incorrect
(7) Unemployment among new university graduates is an example of which type of unemployment?
a) Undocumented
b) Seasonal
c) Frictional
d) Structural
(8) The Contraction Phase of the business cycle is characterized by:
a) An extreme recession, high unemployment, and high levels of personal and commercial bankruptcies.
b) The end of an Expansionary Phase
c) Falling profits
d) None of the above
(9) Perfect competition exists when:
a) Competition is fair
b) The market sets the price
c) Everyone is free to compete
d) There are many products and services in the market
(10) Monopolistic Competition consists of:
a) A large number of companies competing with one company
b) A large number of companies competing with each other with some product differentiation
c) Only one company producing a particular product or service in a given market
d) A few companies dominating the industry
e) None of the above
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