Unit 10 Review

How are the economies of Canada, Mexico, and

the United States similar or different?

• Canada is a pure market economy, while Mexico

  and the United States are mixed economies.

• Canada is a pure command economy, while

  Mexico and the United States are mixed

  economies.

• All are mixed economies, but Canada is more

  market-oriented than either Mexico or the United

  States.

• All all are mixed economies, but Canada is more

  command-oriented than either Mexico or the

  United States.

Which term is used to refer to a country focusing

on producing a relatively small number of goods

or services based on what the country can

produce most efficiently?

• opportunity cost

• competition

• specialization

• entrepreneurship

What is it called when an activity slows or

outright blocks the free exchange of goods and

services?

• Quota

• Production

• Goods

• Trade Barrier

What is a trade barrier which places a tax on imported goods?

• Embargo

• Quota

• Tariff

What is a trade barrier that blocks all trade with another nation?

• Embargo

• Quota

• Tariff

What is often the purpose of tariffs?

• To make foreign goods less expensive

• to increase imports of foreign goods

• to lower prices of domestic goods

• to protect domestic producers

What makes it easier for people and businesses

from different countries to trade with each other?

• high tariff rates

• the use of embargos

• investment in capital goods

• a currency exchange system

What is one reason for people to exchange currency?

• Because countries have different currencies that are valued differently

• Most people want to use the Brazilian real to trade.

• They don't because people can use any currency at any business in the world.

Liam lives in Canada. He and his family are going

on vacation to New York City. They will fly into a

major airport and then take a taxi to meet Liam's

aunt in the city. As they prepare for the trip,

Liam's mom goes to a bank in Canada so that

she will be prepared to pay for the taxi. What is

she MOST LIKELY doing?

• requesting a passport from Canada

• applying for citizenship in the United States.

• withdrawing a large amount of Canadian money

• exchanging Canadian money for US money

Canada has a literacy rate of 99%, one of the highest in the world. This high literacy rate is a result of investment

in human capital by the Canadian government. In 2016, Canada ranked ninth in the world for human capital

investment.

How has Canada's investment in human capital

MOST LIKELY affected the country?

• Canada's government has placed limits on trade

  with other countries

• Canadian citizens have equal access to

  educational opportunities.

• Canadian citizens enjoy a relatively high

  standard of living.

• Canada's economy is heavily dependent on

  agriculture.