Chapter 5- Canada's Mixed Economy

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.

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.

The correct answer is farms, fish, forests, minerals and fossil fuels. These industries are considered primary industries because they involve the extraction or cultivation of natural resources directly from the earth. Farms involve the cultivation of crops and livestock, fish refers to the fishing industry, forests involve the harvesting of timber and other forest products, and minerals and fossil fuels involve the extraction of minerals and energy resources from the earth. These industries are essential for providing raw materials for other industries and for meeting basic human needs.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.