Economic Systems True/False Chapter 6

The two basic "factors of production" are supply and demand.

• True

• False

Canada has a market economy and the U.S. has a mixed economy.

• True

• False

The Canadian Museum of Civilization is a Crown corporation, because it is owned by the government of Canada.

• True

• False

The North American Free Trade Agreement is an example of a "shift right," because it supports less government involvement in the economy.

• True

• False

Competition and monopoly mean the same thing. They both happen when one producer controls all supply of a product or service.

• True

• False

Canada's position on the economic continuum shifts between a mixed economy and a market economy.

• True

• False

Pensions for senior citizens and publicly funded health care are examples of a "shift left."

• True

• False

The importance of consumer choice is one similarity between mixed and market economies.

• True

• False

As the demand for a product goes up, the supply goes down. As the supply goes down, so does the price of the product.

• True

• False

It is illegal for producers to "fix" the prices of their products.

• True

• False