CHAPTER 6/7 TEST – STUDY GUIDE
30 Multiple Choice Questions – Mostly Source Based
Chapter 6 Terminology:
Economics
Economic system
Economy
Crown corporations
Scarcity
Factors of production
Land
Labour
Capital
Privately Owned
Publicly Owned
Planned Economy
Mixed Economy
Market Economy
Public Good
Shift Left
Shift Right
Consumers
Producers
Supply
Demand
Competition
Monopoly
Unemployment Rate
Strike
Collective Bargaining
Labour Union
Quality of Life
BasicEconomicQuestion
1. The relationship between: scarcity, factors of production, basic economic
questions and the economic system chosen for each country.
2. How would market and mixed economies solve scarcity?
3. Economic Systems:
a) Planned Economy: other names, characteristics, positives and negatives
b) Mixed Economy: characteristics, positives and negatives
c) Market Economy: characteristics, positives and negatives
4.
Economic Spectrum: what is the “left” and “right” on the spectrum all about?
What is a shift left or shift right?
5. What is the best economy to use for achieving the public good? Market or
Mixed? Why?
6. Why does Canada choose to have a mixed economy?
7. What is the purpose of Crown Corporations?
8. The role of the government in the Market, Mixed and Command Economy. How
much intervention would occur in each of the economies?
9. Why Canada has Crown Corporations? Some examples of Crown Corporations.
10. Why USA has a few Crown Corporations and some examples.
11. Supply and Demand – be able to explain the principles of supply and demand
12. Monopoly versus Competition – know the definition of both and how both impact
the economy
13. Canadian government involvement in the arts and why it gets involved
14. Canadian government involvement in job protection
15. Canadian government involvement in labour unions and American government
involvement in union membership.

Benefits and negatives of labour unions
Chapter 7 Terminology
Consumerism
Identity
Boycotts
Gross Domestic Product
16. Be able to explain how consumerism relates to economic growth.
17. How do our consumer actions reflect our individual and collective identity?
(health and safety, jobs, environment, marketing- refer to booklet).
18. How does individual and group consumer behavour impact our quality of life?
19. How does marketing impact consumerism?
17. The role of the consumer in the Market Economy, in the Mixed Economy. What
is the job of a consumer?
18. How and why views on consumerism vary regionally in North America.
19. The relationship of GDP to economic growth and consumerism. How
consumerism is linked to prosperity in particular regions of Canada.
20. What is boycotting and some examples – how does it impact the economy?
How does this give power to the people?