North American Economy Quiz Review

What best describes the impact the Panama Canal has on the economies of the countries in North America?

• The Panama Canal greatly reduces the travel time of shipping vessels, increasing profit and productivity

• The Great Lakes offer access to Canadian Ports

• It increases the costs of goods due to Asian import tariffs

• Historically, it allowed European Explorers easier access to the Pacific Ocean

How does the economic system of the United States impact the behavior of its citizens?

• Allows government complete control over the products and services that exist in the market

• Forces citizens to follow traditional values in the purchase choices they make

• Removes all competition from the marketplace and fosters monopolies to control the economy

• It created choices within the marketplace and offers competition to businesses

What impact does forestry/ logging have on the Canadian economy?

• The logging industry creates more jobs and trade than other major industries

• Provides a hobby for a limited few in the country to enjoy at their leisure

• Limits the price that Canadians pay for the import of textiles

• Lowers the availability of job due to having few natural resources

How does the economic system of Canada impact the behavior of its citizens?

• Canadians are dependent on their technology export

• Canada is subject to heavy import tariffs from the US and Mexico

• Canada relies heavily on service industries and its natural resources, which is where most of the jobs are located

What best describes Mexico's economic system?

• Mexico relies on barter and trade

• Mexico is a market economy that relies on services and agriculture

• Mexico is a command economy where the government tells the people what they can and can't do

What is Canada's largest export?

• Wool

• Fish

• Fossil Fuels

• Vehicles

The Inuit Tribe in Alaska as well as isolated pockets of India utilize this type of economy..

• Traditional

• Command

• Free Market

What is inflation?

• The fall in assets and consumer prices over time

• The increase in taxes over time

• the increase in prices and the fall of the purchasing power of money.

What is supply and demand?

• The amount of raw materials available found in nature.

• The amount of labor resources required to produce a product or service.

• The amount of a good or service available and the desire for consumers to buy it.

• None of the above

What is scarcity?

• Limited or short supply of a good or service.

• Unlimited supply of a good or service.

• Limited supply of a good but unlimited supply of a service.