Unit 5 Canada

Canada is a part of many international agreements and organizations. Which of them has had the GREATEST effect on the growth of the Canadian?

• the International Monetary Fund (IMF).

• the North American Free Trade Agreement (NAFTA)

• . the North Atlantic Treaty Organization (NATO)

• the United Nations (UN)

Which term is used to refer to a country focusing on producing a relatively small number of goods or services based on what the country can produce most efficiently?

• opportunity cost

• competition

• specialization

• entrepreneurship

What is the best description of Canada's economy?

• Pure market

• Mixed

• Pure Command

• Autocracy

In Canada, who has the biggest voice in what good and services to produce?

• Canadian consumers

• the Parliament of Canada

• the prime minister's cabinet

• Canadian business leaders

Which of the following does Canada specialize in trading with other countries?

• Cotton

• Peaches

• Peanuts

• Wood pulp

Which of the following is true of free trade between Canada and the United States?

• It discourages the countries from producing goods their citizens need, like food.

• It is only beneficial to the wealthiest of the two countries, the United States.

• It allows each country to specialize in the production of certain goods.

• It benefits all workers and consumers in each of the two countries.

What is the role of Canada's mineral resources in its economy?

• The country's economy benefits from the export of the minerals

• The country's economy relies on the continuous import of minerals.

• The country can produce what it needs from its mineral resources and does not trade.

• The country does not benefit from its minerals because mining them harms the environment.

What is often the purpose of tariffs?

• to make foreign goods less expensive

• to increase imports of foreign goods

• to lower prices of domestic goods

• to protect domestic producers

Read the text. Then answer the question that follows.

The Canadian beef industry has begun to struggle due to a major increase in beef imports from Brazil. Canadian producers have lowered prices to make their products more attractive to consumers, but have been unable to produce enough to keep up with the volume of Brazilian imports.

What is the BEST way for the Canadian government to protect the interests of Canadian producers and consumers?

• imposing sanctions on Brazil

• imposing an embargo on Brazil

• placing a quota on Brazilian beef imports

• creating a subsidy for Brazilian beef imports

What makes it possible for people and businesses in different parties to the North American Free Trade Agreement (NAFTA) to trade with each other?

• There are no tariffs on trade.

• They are able to exchange currencies

• All parties to NAFTA use the same currency.

• The parties to NAFTA are also military allies