Canada Review

How would it affect trade in Canada if the St. Lawrence Seaway was impassible year-round?

• Most people living in the St. Lawrence River Valley would not be able to get to work.

• It would provide a large supply of fish for markets around the world.

• Canada’s economy would decline due to lack of trade worldwide.

• Ships could freely travel year-round.

What features of the Canadian Shield region affect Canada’s economy?

• rich in natural resources.

• climate

• excellent farmland

• dense population

How does Canada's strategic position (location) in North America affect trade?

• It limits how much can be imported and exported.

• It allows for an easier movement of goods and services between other countries.

• It causes a barrier between its neighboring countries.

• It promotes some trading between provinces.

Canada exhibits a large amount of acid rain in its surrounding areas. What concerns do Canadians have about the consequences of acid rain in their area?

• Acid rain kills fish and eats away at the surfaces of buildings.

• There are no real concerns to Canadians at this time.

• It destroys vegetation and natural resources.

• Acid rain can temporarily harm the forests, but with government assistance Canadians feel it can be controlled.

What 3 economic questions are asked when studying the similarities of a traditional, command and market economy among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

• What to produce, how to produce, and for whom to produce?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

Which of the following explanations would reflect a country with a mixed economy (i.e., between a pure market and pure command)?

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

• A combination of privately owned industry and government control.

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

• Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.

Which of the following statements is the BEST example of a command economy?

• Anyone can easily start a company to sell goods.

• Anyone can make a profit from hard work.

• The government controls the economy.

• Traditional foods are gathered for sale.

The BEST definition of “market economy” is

• An economy where free markets determine what gets manufactured and sold.

• An economy where the government creates plans for what will be produced.

• An economy where people barter for whatever is available

• An economy where both the government and producers decide what to sell.

Rank the trade barriers in order from least-restrictive to most restrictive.

• Embargo, quota, tariff

• Quota, tariff, embargo

• Quota, embargo, tariff

• Tariff, quota, embargo

Which body of water is labeled number 3 on the map?

• Gulf of St. Lawrence

• Labrador Sea

• Hudson Bay

• Artic Ocean