1. A measure of personal and collective well- being a. Standard of living b. Sentence c. Quality of life d. Justice e. c

2. Which of these best describes an economy with the least amount of government intervention : A. Market B. Mixed C. Centrally planned D. Keynesian economy a

3. In a market economy, an equilibrium is reached where supply, demand and price are stable if the; A. Producers can supply more product than consumers want to buy B. Price of a product minimizes cost for the consumer and maximizes profit for the producer C. Consumer demand for a product exceeds the supply the producers can create, and the price minimizes the profit for the producer D. Producers can supply as much of a product as consumers will buy at a price that maximizes the profit for the producers d

4. Education, health care, seniors pensions and income assistance are social programs which A. Keep taxes low B. Reduce economic inequality in society to promote the well being of all citizens C. Keep government involvement in the economy to a minimum D. Promote the public good through individualism B

5. In Canada, political parties are formed to... A. Provide a place for socialization and networking for business professionals and academics B. Influence government officials an MP’s in favor of certain industries C. Create policies on how to deal with issues facing society based on shared values of its members D. Provide interest and lively debates at election time c

6. The most accurate definition of the term consumeris is A. Financial theory B. Psychological theory based on the ides of the mindless consumer begin exploited by mass media and marketing C. Economic theory linking prosperity to consumer demand, where consumer behavior drives economic decision making D. Soci-economic theory linking the social status of consumers the the amount of goods they consumer c

7. Social programs are designed to offer the greatest benefit to which group? A. Government B. Factory owners C. Factory workers D. Consumers D

8. An economic activity based on buying and selling products and serviced illegally A. Tax evasion B. Tax base C. Shift left D. Underground economy d

9. Better working conditions, higher wages, and increased retirement benefits would be the principal goals of A. Union leader B. Factory owner C. Government D. Consumer a

10. Privatization of industries by government most likely would appeal to supporters of a A. Mixed economy B. Market economy C. Centrally planned economy D. Socialism b

11. In mixed and market style economies where consumer behavior helps drive the economy, the role of marketing companies can best be described as A. Providing information about products B. Helping ensure good practices and safety for the consumer C. Help ensure that all people meet the minimum standard of living by informing consumers D Creating demand by encouraging consumption of non-essential goods and services d

12. Which principle is most central to a free market style economy? A.Justice B. equality C. Fraternity D. Liberty D

13. In economics, rivalry among producers to sell products to consumers is A. Black market B. Supply C. Sales Tax D. Competition d

14. Those who create products and services are called A. Consumers B. Stores C. Producers D. Suppliers c.

15. In economics, the ideas that land, labour and capital limit the supply of what people want and need A. Economics’ B. Quality of life’ C. Scarcity D. Profit c

16. What would be a characteristic of a market economy? A. The collective good B. Individual freedom C. No consumer choice D. No private initiative b