Economics Basics Quiz

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Questions and Answers

What is a resource?

  • Any object created by humans for decoration.
  • A tool that is necessary for survival.
  • Anything that is consumed or used by humans. (correct)
  • Something that is exclusively used by nature.

Which of the following is an example of a natural resource?

  • A computer
  • A textbook
  • A smartphone
  • Soil (correct)

How has technology impacted resource consumption?

  • It has increased the amount of resources available.
  • It has eliminated the need for resources altogether.
  • It limits access to all types of resources.
  • It allows tracking of resource use and its impacts. (correct)

Which of the following describes societal reliance on gas and oil?

<p>It causes pollution and resource depletion. (B)</p> Signup and view all the answers

What is one significant concern regarding the use of gas and oil?

<p>They take millions of years to form and pollute the earth. (C)</p> Signup and view all the answers

What does an economy primarily do?

<p>Allocates resources to meet needs and wants (D)</p> Signup and view all the answers

Which of the following describes a 'good'?

<p>Something that is used or consumed (A)</p> Signup and view all the answers

What is an 'import'?

<p>Buying something from another country (D)</p> Signup and view all the answers

How are services defined in relation to goods?

<p>Services are actions that may or may not involve payment (C)</p> Signup and view all the answers

What encompasses economic activity between countries?

<p>The exchange process of imports and exports (B)</p> Signup and view all the answers

Which country is Canada's largest trading partner?

<p>United States (C)</p> Signup and view all the answers

What controversial issues are associated with trade with China?

<p>Unfair wages and child labor (B)</p> Signup and view all the answers

Which agreement replaced NAFTA on July 1, 2020?

<p>USMCA (United States-Mexico-Canada Agreement) (B)</p> Signup and view all the answers

What is one way Canadians can address human rights issues in trade?

<p>Voting with their dollar (B)</p> Signup and view all the answers

What is one potential benefit of trade agreements like USMCA?

<p>Reduction of tariffs and quotas (C)</p> Signup and view all the answers

Flashcards

What are resources?

Resources are things used or consumed by people.

Examples of resources

Computers, books, soil, air, oil, and minerals are examples.

Role of technology in resource use

Technology helps track and manage resources like oil and gas.

Over-reliance on resources

Some societies rely too much on resources like oil and gas.

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Technology's impact on resource monitoring

Technology lets people track oil and gas use and its effects.

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What is an economy?

A system that distributes resources to satisfy people's needs and wants.

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What are goods?

Tangible items used or consumed.

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What are services?

Actions that help or do work for others.

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What is an import?

Buying goods from another country.

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What is an export?

Selling goods to another country.

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Canada's main trading partner

The United States

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Canada's second largest trading partner

China

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USMCA

Trade agreement between Canada, US, and Mexico

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Trade agreements

Agreements between countries to boost trade

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"Voting with their dollar"

Supporting companies that prioritize fair practices.

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