Analyzing Current Economic Issues Worksheet

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CIA4U
Final Exam
Samuel Sogeke
Oxford College of Canada
Grade 12: Analyzing Current Economic Issues
CIA4U
Final Exam
Teacher: Samuel Sogeke
Due Date: November 04, 2021
Total Weight: 30%
Student Name:
Total Score:
/80
Knowledge
and
Understanding
Thinking
and
Inquiring
Application
Communication
/20
/20
/20
/20
Instructions
•
•
•
Read the instructions carefully before you answer the questions;
You must provide answers to all questions. Read the questions carefully before you
answer the questions.
You must submit your exam on time, there will be deduction in your mark if you
submit after the required duration of the exam.
CIA4U
Final Exam
Samuel Sogeke
PART A: Knowledge and Understanding (20 marks)
PART I: Multiple Choice – Choose the BEST answer. (15 marks)
1. Economics is
a)
b)
c)
d)
a natural science
non-scientifi
a social science
studied through lab experiments
2. Fallacy of Composition is based on the mistaken assumption that
a)
b)
c)
d)
what is good for the individual is good for society as a whole
what comes before automatically causes what follows
a single factor or person caused a particular event to occur
when all productive resources are increased, there is an increase in yield age.
3. All of the following are barriers to economic development except
a)
b)
c)
d)
political and economic stability
Malnutrition
Dependence on child labour
Natural-resource-intensive production
4. Which law comes into play when a society in order to get greater amounts of one product
sacrifices an increase in another product
a)
b)
c)
d)
Law of diminishing return
Law of increasing relative cost
Law of increasing return to scale
Law of single causation
5. An increase in the economy’s total production of goods and services. This defines
a)
b)
c)
d)
Economic freedom
Economic Growth
Communism
Depression
6. What you give up pursuing another alternative is known as
a)
b)
c)
d)
Capital
Opportunity cost
Money cost
Capital goods
7. The law of demand is:
a) the higher the price of a product, the less it will be purchased; the lower the price, the
more it will be purchased
b) the relationship between price and quantity demanded for a particular product
CIA4U
Final Exam
Samuel Sogeke
c) a line running downward from top left to bottom right
d) the sum total of all the consumer demands for a product
8. A coefficient that is less than one is called
a)
b)
c)
d)
Elastic Coefficient
Unitary Coefficient
Inelastic Coefficient
None of the above
9. Which of the following is NOT a determinant of demand?
a)
b)
c)
d)
Income
Population
Expectations
Costs
10. __________ is referred to as the “father of modern economics”:
a)
b)
c)
d)
Adam Hayes
Adam Smith
Thomas Robert Malthus
David Ricardo
11. If the price elasticity of demand is elastic, which of the following could be a possible
value of the elasticity?
a)
b)
c)
d)
0.5
1
1.28
0.78
12. Which is a market?
a)
b)
c)
d)
a location
the network of buyers and sellers for a product
the demand for a product
all of the above
13. The __________ banking system restricts the number of banks that can operate
a)
b)
c)
d)
branch
unit
systematic
online
14. Canada’s financial system is divided into how many categories
a)
b)
c)
d)
2
3
4
5
15. A ________ is recognized to vote on behalf of the shareholder at the annual general
meeting
CIA4U
a)
b)
c)
d)
Final Exam
Samuel Sogeke
proxy
friend
relative
sibling
Part II: Indicate whether the statement is True or False (5 marks)
16. __________ Union dues are an amount of money that each member of the union pays
in order to support its activities
17. ___________ Equity refers to a distribution that is just and fair.
18. ___________ The Cost-of-living allowances is NOT a factor in negotiations between
employers and unions
19. ____________ Financial co-operatives can give better rates for savings and loans than
those available at local banks
20. __________ Legal and government fees for establishing a corporation significantly
higher than those for proprietorships and partnerships
PART B: Thinking and Inquiry: Provide short answers in paragraphs. (20 marks)
1. Differentiate between positive and normative economics. Use the other name,
explanation and examples. (5 marks)
2. Suppose the price of gasoline increases. What will happen to quantity demanded?
What do you think best explains the change in quantity demanded? (5 marks)
CIA4U
Final Exam
Samuel Sogeke
3. What are the three fundamental questions of production that all economic systems of
production must answer? (5 marks)
4. Why does a country’s government impose taxes or tariffs on imported goods? (5
marks)
PART C: Application: Show all workings where calculation is required. Present free
hand graphs where needed (20 marks)
1. Consider the table below:
Price (per gallon)
Quantity Supplied
(gallons)
$1
Total Quantity
Demanded
(gallons)
800
$1.20
700
550
$1.40
600
600
$1.60
550
640
$1.80
500
680
500
$2.00
460
700
$2.20
420
720
a. Draw a demand and supply graph and plot these figures (Hint: The price should be
measured on the vertical axis) (4 marks)
b. From the table and the graph, what is the equilibrium price point? (4 marks)
c. Ceteris paribus, what happens when the price rises above or goes below the
equilibrium point? (2 marks)
CIA4U
Final Exam
Samuel Sogeke
2. Suppose a large gas station sells 20 million litres of gasoline a month at the price of
$0.58 per litre. If the station owners raise their price to $0.62 per litre, the quantity
demanded by the station’s consumers falls to 19 million litres.
With this information, calculate:
a. the Coefficient of Demand elasticity (8 marks)
b. Is this coefficient elastic or inelastic? How has the per cent change in price
affected the per cent change in quantity demanded? (2 marks)
PART D: Communication: Write as much as you can as this section is to test how well
you can communicate some of the concept you have learnt. (20 marks)
1. Differentiate between a Co-operative Enterprise and Government Enterprise. Give
examples (5 marks)
2. Why has Canada been referred to as having a branch-plant economy? (5 marks)
3. What is the difference between Communism and Socialism? Give examples of
countries where these political models are still prevalent today (6 marks)
CIA4U
Final Exam
Samuel Sogeke
4. Give an example of an economic decision you had to make this week. What was the
opportunity cost for making this economic decision? (4 marks)

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Analyzing Current Economic Issues

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