Canada's Economics Quiz

Type of economy that Canada has

• traditional

• command

• market

• mixed

Free trade means 

• the countries use the same currency
• No trade barriers
• there is a quota on some goods
• trade is quick and easy

Which is the best definition of a market economy?

• Decisions are made based on the prices set by buyers and sellers.

• Decisions are made based on the history of the country.

• Decisions are made based on the government.

• None of the above.

Canada has what type of Economic system?

• Traditional

• Mixed Economy Closer to Market

• Mixed Economy closer to Command

• Pure Market

Some Inuit tribes in northern Canada use bartering to trade and practice which type of economy?

• Traditional

• Command

• Market

• Mixed

Which characteristic BEST describes Canada’s economy?

• Market-leaning

• Traditional

• Command-leaning

• Pure market

Which of the following would reflect Canada’s mixed economy?

• Prices and wages are solely regulated by the country’s government.

• A combination of privately-owned businesses and government regulations.

• The country’s distribution of resources is based on inheritance.

• All economic decisions are based on customs and beliefs of ancestors.

Match gross domestic product (GDP) with the situation in Canada:

• Canada has a high GDP per capita and a high standard of living.

• Canada has a high GDP per capita and a low standard of living.

• Canada has a low GDP per capita and a high standard of living.

• Canada has a low GDP per capita and a low standard of living.

Which of the letters best represents Canada in the economic continuum above?

• A

• B

• C

• None of the above

The relationship between the literacy rate and standard of living is _________.

• Literacy rate has no effect on the standard of living.

• The higher the literacy rate, the higher the standard of living.

• The standard of living is independent of literacy rate.

• Low literacy rate creates a higher standard of living.