Practice test

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York University *

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3500

Subject

Economics

Date

Feb 20, 2024

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pdf

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Uploaded by DukeShark1694

_______________________ is the type of government by which a country is run. _______________________ country that is moving towards industrialization and from rural to urban places, _______________________ the way a country organizes its resources and distributes goods and services to citizens. _______________________ is also known as capitalism or private enterprise. ________________________ known as communism or command economy _____________________ is government based on religion _______________________ the government controls all elements of the economy, including prices, wages, and production. _______________________ Zimbabwe, Indonesia, Egypt and Libya have what type f political system ____________________ is government based on the wealthy and educated class _____________________ reffered to as a contraction _______________________ also known as modified free enterprise system, _______________________ government based on a king/queen ________________________ when a country has two periods of (-) GDP ______________________ healthcare, education, maternity leave are know as ________________________ reffered to as recovery or prosperity _________________________ fewer taxes are collected during this time, which means the government has less capital to provide social services. ________________________ Investments are strong, new businesses are created and the economic climate is good. ________________________economic system that sits between a market economy and a centrally planned economy ________________________ a decline in construction and exports means that what may occur

________________________ the period from 2001-2007 was a period of... ________________________ economy combining government intervention and private enterprise. _________________________A state governed by a single individual or small group of people with unlimited power. _________________________ A state governed by all eligible members of the population through elected representatives. _______________________ has an absolute advantage in the production of copper. __________________________ Characterized by free and fair elections, the rule of law, free speech and press, the right to assembly, and freedom of religion. ____________________ referred to as the least-developed or third-world countries ____________________ is the system that is mostly connected to a centrally planned economy ____________________ created the idea of a free market ____________________ nations that are at the lowest level of the worlds economies. ____________________ Adam smith used this term to describe market forces ____________________characterized by severe property, a lack of social services, poor infrastructure ____________________ company’s owned by the government ____________________ economies that are predominantly agriculture or resource based. __________________ also known as emerging or second world countries. ____________________nations in transition from a poor economy to a prosperous one. __________________ characterized by a movement away from agriculture and natural resources towards more urban/ industrialized areas. __________________ Also known as industrialized or first world countries. __________________ nations that are characterized by a higher per capita income or strong gross domestic product

___________________ North Korea and Cuba have what type of economic system. ___________________ have moved from a reliance on primary industries into predominantly tertiary industries. _________________ CBC and Canada post is an example of _________________ the total goods and services produced in one country in one year. __________________ two groups that classify countries based on economic development _________________ the value of what is foregone, or the cost of giving something up to get something else. _________________ Recurring periods of increased and decreased economic activity, or expansions and contractions. _________________ characterized by four stages: recession, trough, expansion and peak. _________________ The ability of one country to use its resources to make a product or service more efficiently than other countries. ____________________ bottom of the business cycle. Production reaches it lowest levels ___________________ in Greek means government by the people _________________ the ability of a country to produce a good at a lower opportunity cost than another country. _________________ is the foundation for specialization and trade. ________________ companies, special interest groups, or individuals attempt to influence government officials and persuade then to endorse public policy favourable to these groups. ________________ An economic system determined by free competition, in which business, consumers, and government act independently of one another _________________ market forces and self interest determine what goods and are created an sold. _________________ country that comes closest to having a market economy. ____________________economy completes the recession and turns towards prosperity.

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___________________ bottom of the business cycle. Production and employment reach their lowest levels. ____________________ a deep trough. Happening in the 1930s ___________________ these things measure how well the economy is doing. ___________________ predict where the economy is headed. They adjust before the economy changes ___________________ Housing starts are an example of a.. ____________________ these do not adjust until the economy has changed. ____________________ it can take two or three quarters of economic change to influence this ____________________ unemployment rate is an example of this ______________________ moves in conjunction with the business cycle ______________________ international trade is an example of this. ______________________ can influence the business cycle ______________________ what is needed to start a business in Canada _______________________ where do you go to start a business ____________________ is the 1st ranked country in easiest to set up a business ____________________ is the 2nd ranked country in easiest to set up a business _____________________ is the hardest to open up business in _____________________ in 2007, what country made changes to how easy it was to set up a business and now has increased by 80% (2060 companies _____________________ governments establish a foreign presence thorough what to help businesses operate _____________________ how many of those ^ does the canadian governement have _____________________ these help Canadians export products, invest outside of Canada, seek R&D, technological opportunities, and provide market intelligence and expertise.

_____________________ info on trade offices can be found online at ______________________ is an example of emergency services, communication with family, help locating missing persons, passport services, information on customs, tax, social services, property and estate management provided by embassies. _____________________ take place in forms like embassies, high commissions, perminant missions, consulates general, consulates, consulate is headed bu honorary consuls, offices. _____________________ are located in capital cities of countries and provide a full range of services. ________________________ answer to the question above are located in what countries ________________________ provide same services as embassies but are located in common wealth countries ______________________ answer to the question above is located in what countries. ________________________ these offices are located in international organizations ________________________ list 3 examples of organizations this can be found in ________________________ these are located in major cities that are not capitals ________________________ examples of cities that ^ is located in include ________________________ are located in major cities and don’t provide a full range of services _________________________ examples of these include _________________________ there are 100 consulates in the world that are headed by these persons. __________________________ example is located in ‘ __________________________ found in capital cities and in major cities. They are established to support Canadas foreign aid programs or specific programs. They provide limited consular services. ___________________________ example is located in _________________ have agreed to provide services for one another’s citizens if an embassy for their own country is

unavailable ______________ Canadians can call what embassy in case of an emergency. __________________ Canadian government provides international business through ????? To other countries. ____________________ Who organizes trade missions? _____________________ what is the name for these groups that go on trade missions. _____________________ provides Canadians business people with an opportunity to meet potential customers, clients, suppliers or other key contacts and gather market intelligence. ______________________ these Canadians youths meet with international businesses, gather cultural business information and make critical contact. _________________________ another word for Canada’s international identity ______________________ team Canada’s visited what country in 2008 for oil and gas ______________________ in 2008 team Canada visited what country to help with electricity __________________________ in 2009 what countries did junior team Canada visit on a mission to grow agricultural development and enhancing youth leadership and social responsibility. ___________________ what does G20 stand for. ________________________ What is it called when companies influence governemnts ________________________ the process in which companies, special interest groups or individuals attempt to influnece the government officials and persuade them to endorse public polices favourable to these groups. _________________________ regulates activities activities of lobbyists and government officials to insure that no single group can obtain funding or influence government policy through access to law makers. ____________________________ this is the strongest lobbying group in the United States.

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Should Crown Corporations be privatized? 4.1 what are the four questions all economic questions answer? 4.2 Define a market economy? 4.3 describe how a market economy deals with private property, profit and competition? 4.4 state three advantages and disadvantages of a market economy. 4.5 define a centrally planned economy. 4.6 describe how a centrally planned economy deals with profit, property and competition. 4.7 state three advantages and disadvantages of having a centrally planned economy. 4.8 define a mixed economy.

4.9 describe how a mixed economy deals with property, profit and competition. 4.10 state three advantages and disadvantages about the mixed economy system. 4.11 describe democracy. . 4.12 What are the drawbacks of a democracy? 4.13 describe an autocracy 4.14 Name 4 countries that have an autocratic government. 4.15 What are the characteristics of an underdeveloped country? Name these underdeveloped countries. 4.16 what are the characteristics of a developing country name them? 4.17 What are the characteristics of a developed country name them? 4.18 State the characteristics of a recession. 4.19 state the characteristics of an expansion. 4.20 Draw and label the business cycle.

4.21 Define absolute advantage and provide an example. 4.22 provide an example of specialization. 4.23 Define opportunity cost. 4.24 Define Comparative advantage. 4.25 State six ways the government has a role in international trade. 4.26 What is the purpose of the government of canada trade offices found throughout the world? 4.27 What services does a consultant provide?

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4.28 What is team Canada? What are the purposes of these trade missions. 4.30 What do lobbyists do? 4.31 state four examples of lobbyist groups in Canada. What is GDP per capita? Which country has the absolute advantage? Calculate the opportunity cost Show what would happen if they were to specialize Calculate a way so that no apples or peaches are lost

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