Chapter 5- Canada's Mixed Economy

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  • 1/25 Questions

    what are the right examples of primary industry?

    • Farms, fish, forests,minerals and fossil fuels
    • Forests, minerals and chemicals
    • Transportation, engeneering
    • All of the above
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About This Quiz

This quiz, titled 'Chapter 5- Canada's Mixed Economy', explores the intricacies of economic systems, focusing on mixed economies, revenue collection, and consumer behavior in Canada. It assesses understanding of tertiary sectors and technological advances in the early 1980s, relevant for students of economics.

Chapter 5- Canadas Mixed Economy - Quiz

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  • 2. 

    The government is a very important part of canada's economic system

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The government plays a crucial role in Canada's economic system. It is responsible for setting and implementing economic policies, regulating industries, providing public goods and services, and redistributing wealth through taxation and social programs. The government also manages monetary policy through the central bank and fiscal policy through budgeting and spending decisions. Additionally, the government promotes economic stability, growth, and competitiveness by supporting innovation, infrastructure development, and international trade. Overall, the government's active involvement in the economy is vital for ensuring its smooth functioning and the well-being of its citizens.

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  • 3. 

    A primary industry is work based on harvesting natural resources such as animals, crops, tress, or minerals

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A primary industry refers to work that involves the extraction or harvesting of natural resources such as animals, crops, trees, or minerals. This can include activities like farming, fishing, logging, and mining. True means that the statement accurately describes a primary industry.

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  • 4. 

    what are " traditional and market, "traditional and command", market and command"?

    • Government

    • Industries

    • Multiplier effects

    • Mixed economies

    Correct Answer
    A. Mixed economies
    Explanation
    Mixed economies refer to economic systems that combine elements of both market and command economies. In a mixed economy, the government and private sector coexist, with the government having some control over certain sectors while allowing market forces to operate in others. This system aims to achieve a balance between individual freedom and government intervention, with the goal of promoting economic growth and social welfare. In a mixed economy, industries can be privately owned and operated, but the government may regulate them to ensure fair competition and protect consumer rights. The concept of multiplier effects refers to the economic impact of government spending, while traditional and market economies and traditional and command economies are not relevant to the given answer.

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  • 5. 

    What headline show the actions of consumers?

    • Consumer group claims gasoline overprice

    • Police probe store open on holiday

    • Telus corporation eyes bell canada for merger

    • Imperial oil bids on arctic natural gas

    Correct Answer
    A. Consumer group claims gasoline overprice
    Explanation
    The headline "consumer group claims gasoline overprice" shows the actions of consumers because it indicates that a consumer group is taking action by making a claim about the high prices of gasoline. This suggests that consumers are actively advocating for their rights and interests in the market.

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  • 6. 

    Farms, forests and fish are all examples of secondary industry

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Farms, forests, and fish are not examples of secondary industry. They are actually examples of primary industry, as they involve the extraction or cultivation of natural resources. Secondary industry, on the other hand, involves the processing and manufacturing of these resources into finished products.

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  • 7. 

    And industry is work that provides income for people.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. Industry refers to economic activity that involves the production of goods or services to generate income. It encompasses various sectors such as manufacturing, construction, agriculture, and services. These industries provide job opportunities and income for individuals, contributing to economic growth and development.

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  • 8. 

    A tertiary industry- providing of services, such as customer support, distribution, retailing

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The statement is true because a tertiary industry refers to the sector of the economy that provides services rather than producing goods. The examples given, such as customer support, distribution, and retailing, are all service-based activities. Therefore, the statement accurately describes the nature of a tertiary industry.

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  • 9. 

    The multiplier effect are the effects of spending in a local economy

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The multiplier effect refers to the phenomenon where an initial increase in spending leads to a larger increase in total economic activity. When money is spent in a local economy, it circulates through various businesses and individuals, creating a ripple effect of increased income and spending. This increased spending then further stimulates the local economy, leading to more job creation and economic growth. Therefore, the statement that the multiplier effect is the effects of spending in a local economy is true.

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  • 10. 

    What is the correct order for the manufacturing system?

    • Feedback, input,, process, output

    • Input, output, feedback, process

    • Input, process, output, feedback

    • Input, output, process, feedbackk

    Correct Answer
    A. Input, process, output, feedback
    Explanation
    The correct order for the manufacturing system is input, process, output, feedback. This order makes sense in the context of a manufacturing system as it follows the logical flow of operations. Input refers to the raw materials or resources that are brought into the system. These inputs are then processed or transformed using various methods or techniques. The output is the final product or result of the manufacturing process. Finally, feedback refers to the information or data obtained from the output, which is used to evaluate and improve the manufacturing system.

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  • 11. 

    What are new technologies that change primary industry?

    • Computerized mining

    • Precision farming

    • High-tech forestry

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    The answer "all of the above" is correct because computerized mining, precision farming, and high-tech forestry are all examples of new technologies that have had a significant impact on the primary industry. Computerized mining involves the use of advanced computer systems and automation to improve efficiency and safety in mining operations. Precision farming utilizes technologies such as GPS, sensors, and drones to optimize agricultural practices and increase crop yields. High-tech forestry involves the use of advanced equipment and technologies to improve forest management and timber harvesting processes. Therefore, all of these technologies have the potential to revolutionize the primary industry.

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  • 12. 

    what is a revenue collection?

    • Economy

    • Industry

    • Tax

    • A step of the manufacturing system

    Correct Answer
    A. Tax
    Explanation
    A revenue collection refers to the process of collecting taxes from individuals, businesses, or other entities by the government. It is an essential part of the government's income and is used to fund public services and infrastructure development. Taxes are imposed on various sources of income, such as personal income, corporate profits, sales, property, and imports. The revenue collected through taxes helps to support government activities and contribute to the overall functioning of the economy.

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  • 13. 

    Selling a guitar is an example of what industry?

    • Primary

    • Secondary

    • Tertiary

    • All of the above

    Correct Answer
    A. Tertiary
    Explanation
    Selling a guitar is an example of the tertiary industry because it involves the provision of services. The primary industry involves the extraction and production of raw materials, while the secondary industry involves the manufacturing and processing of these materials. The tertiary industry focuses on providing services to consumers, such as selling products, and does not involve direct extraction or production. Therefore, selling a guitar falls under the category of the tertiary industry.

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  • 14. 

    Marketing boards are to improve product quality while ensuring the income of their members

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Marketing boards are organizations that are established to regulate and promote the marketing of agricultural products. One of their main objectives is to improve product quality by setting standards and guidelines for production, packaging, and marketing. Additionally, marketing boards also aim to ensure the income and welfare of their members, who are typically farmers or producers of the agricultural products. By implementing strategies to enhance product quality and ensuring fair prices for their members, marketing boards contribute to the overall development and sustainability of the agricultural sector. Therefore, the statement is true.

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  • 15. 

    In what year was cheap microchip circuits beginning?

    • Late 1990's

    • Early 1980's

    • Early 1990's

    • Late 1980's

    Correct Answer
    A. Early 1980's
    Explanation
    In the early 1980s, cheap microchip circuits began to emerge. This marked a significant advancement in technology as it made electronic devices more affordable and accessible to the general public. Prior to this, microchip circuits were expensive and limited to specialized industries. The introduction of cheap microchip circuits in the early 1980s revolutionized various sectors, including computing, telecommunications, and consumer electronics, leading to the widespread adoption of technology in everyday life.

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  • 16. 

    What are some raw materials that reach ontario by ship?

    • Cars and other transportation

    • Bikes and metals

    • Food and other products as such

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    Ontario is a province in Canada that has access to the Great Lakes and St. Lawrence Seaway, making it a major hub for shipping. As a result, a wide range of raw materials can reach Ontario by ship, including cars and other transportation vehicles, bikes and metals for manufacturing, as well as food and other consumer products. Therefore, all of the above options are correct as they represent different types of raw materials that can be transported to Ontario by ship.

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  • 17. 

    what  riding the bus, gitar lessons, buying milk, or mailing a letter clasified as?

    • Secondary

    • Primary

    • Tertiary

    • Non-economic

    Correct Answer
    A. Tertiary
    Explanation
    Riding the bus, guitar lessons, buying milk, or mailing a letter are classified as tertiary activities. Tertiary activities refer to services that are provided to people rather than producing goods. These activities are often considered non-essential and are not directly involved in the production of goods, but they play a crucial role in supporting and enhancing the overall economy.

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  • 18. 

    A sustainable yield is the amount that can be taken from a natural reasource while reducing the resource's ability to maintain itself

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The explanation for the given correct answer is that a sustainable yield refers to the amount that can be harvested or used from a natural resource without depleting or harming the resource's ability to replenish itself and maintain its population or productivity. Therefore, the statement that a sustainable yield reduces the resource's ability to maintain itself is false.

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  • 19. 

    A mixed economy consists of two or more of the same economic systems.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It includes both private and public ownership of resources and businesses. Therefore, it does not consist of two or more of the same economic systems, making the statement false.

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  • 20. 

    Outsoursing is sending work to an outside provider, usually to decrease costs.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Outsourcing is the practice of contracting out a business process or task to a third-party provider, usually to take advantage of their expertise or resources. While cost reduction can be a motivation for outsourcing, it is not the sole purpose. Outsourcing can also be done to improve efficiency, focus on core competencies, access specialized skills, or increase flexibility. Therefore, the given statement that outsourcing is solely done to decrease costs is false.

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  • 21. 

    What are the three types of industries and give one example for each.

  • 22. 

    How might technology change the economy of Canada in the future?

  • 23. 

    How does government spending affect you?

  • 24. 

    How does government revenue collection affect you?

  • 25. 

    How does the mixed economy work in Canada?

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  • Current Version
  • Jun 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 16, 2011
    Quiz Created by
    Allieruiz03
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