Canada Economy

In what way is the mixed economy of Canada similar to a command economy?

• There are few private property protections.

• There are significant barriers to foreign trade.

• There is little competition between businesses.

• There is government control of some industries.

Why is the Canadian economy considered a mixed economy.

• because Canada's finances depend on loans from a number of major banks

• because Canada's markets are subject to significant government regulations

• because most of Canada's incomes from investing in private businesses

• because most of Canada's industries are owned and operated by the government

What has Canada's involvement in the North American Free Trade Agreement contributed to the MOST?

• significant decline in imports

• significant decline in exports

• the growth of Canada's tourism sector

• growth of Canada's business sector

Canada is part of many international agreements and organizations. Which of them has had the GREATEST effect on the growth of the Canadian economy in the past few decades?

• International Monetary Fund (IMF)

• North American Free Trade Agreement (NAFTA)

• North Atlantic Treaty Organization (NATO)

• United Nations (UN)

What is it called when focusing on a narrow range of products/services that can be produced most efficiently?

• Standard of Living

• Voluntary Trade

• Specialization

• Trade Barrier

Lucas lives in Canada and wants to start a business of his own. What will MOST LIKELY be true of his efforts?

• Lucas will face few obstacles in starting his business.

• The government will not allow Lucas to start a business.

• Lucas must work for the government in order to start a business.

• Residents of Lucas's city must vote on whether he can start a business.

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.

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

• opportunity cost

• competition

• specialization

• entrepreneurship

What is it called when activity slows or outright blocks the free exchange of goods and services?

• quota

• production

• goods

• trade barrier

Why would the Canadian government MOST LIKELY impose a tariff on certain imported goods?

• to increase the choices available to Canadian Consumers

• to help domestic businesses better compete in Canadian markets

• to reduce prices of necessary goods for Canadian consumers

• to improve the quality of goods available in Canadian markets