Economy of Canada Quiz

Canada has a ________ economy.

• command

• market

• traditional

Businesses like banks, insurance companies, and real estate are a part of Canada's _________ __________.

• federal government

• financial sector

When a country specialize on goods they have large amounts of, this is called ______________.

• embargo

• specialization

• trade

What did the North American Free Trade Agreement do?

• allowed countries to specialize in goods they had a lot of

• ended tariffs between the U.S. Canada, and Mexico

• all of the above

Taxes on goods are called ___________.

• embargo

• quota

• tariff

Limit on the amount of goods traded are called ___________.

• embargo

• quota

• tariff

Stopping trade between countries is called an ___________.

• embargo

• quota

• tariff

In 2020, NAFTA was replaced by the new treaty known as the United States-Mexico-Canada (USMCA) Agreement.

• True

• False

Canada has a _______ ________ with the United States, meaning it exports (sells to other countries) more than it imports(buys from other countries).

(a)  

Canada is the United States’ largest foreign supplier of energy, including oil, natural gas, and electric power.

• True

• False