Market Economy Quiz
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Questions and Answers

In Canada, the level of government involvement in resource ownership is based on:

  • The size of the resource
  • Historical ownership patterns
  • Public demand
  • The party in charge (correct)

    • What is a Crown corporation in Canada?

  • A corporation owned by private individuals
  • A company owned by the government to provide products and services (correct)
  • A corporation owned by multiple political parties
  • A corporation owned by foreign investors

    • In a traditional economy, economic decisions are based on:

  • Past practices and ancestral wisdom (correct)
  • Market demand
  • Government regulations
  • Technological advancements

    • What happens to price when demand decreases and supply increases?

    <p>The price decreases</p> Signup and view all the answers

    What is a monopoly in the context of economics?

    <p>When one producer controls the entire supply</p> Signup and view all the answers

    In a traditional economy, economic decisions are based on:

    <p>Past practices and wisdom of ancestors</p> Signup and view all the answers

    In Canada, the level of government involvement in resource ownership is based on:

    <p>The political party in charge</p> Signup and view all the answers

    What happens to price when demand decreases and supply increases?

    <p>The price decreases</p> Signup and view all the answers

    What is a Crown corporation in Canada?

    <p>A company owned by the government to provide products and services to Canada</p> Signup and view all the answers

    What is a monopoly in the context of economics?

    <p>When one producer controls the entire supply</p> Signup and view all the answers

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