Canada (Econ)

What is the MOST LIKELY result of the Canadian government's investments?

• The price of food and automobiles produced in Canada has increased.

• Canada has stopped purchasing food and automobiles from other countries.

• Canada's agricultural and automobile industries have become more efficient.

• The cost of the investments increased debt and led to economic decline.

What are the THREE basic economic questions all economic systems must answer?

• What goods and services will be produced?

• For how long will goods and services be produced?

• How will goods and services be produced?

• For whom will goods and services be produced?

In the past, traditional communities of the Inuit of northern Canada passed on the skills needed to survive in the frigid Arctic Circle. From an early age, children were taught to fish, hunt, and make tools. These skills were passed along from generation to generation. When the Inuit hunted, they typically shared what they acquired with others in the community. This custom ensured that the Inuit could survive the long, cold winters with the resources they needed to live.

• command economy

• mixed economy

• market economy

• traditional economy

How does Canada answer the three basic economic questions?

• by combining command and market economic principles

• by strictly following the principles of command economics

• by combining traditional and market economic principles

• by strictly following the principles of traditional economics

Based on your knowledge of social studies, what is the BEST description of the Canadian economy?

• It is a mixed economy.

• It is a traditional economy.

• It is a pure market economy.

• It is a pure command economy

Canada is a part of many international agreements and organizations. Which of them has had the GREATEST effect on the growth of the Canadian economy in the past few decades?

• the International Monetary Fund (IMF)

• the North American Free Trade Agreement (NAFTA)

• the North Atlantic Treaty Organization (NATO)

• the United Nations (UN)

What is one way Canada benefits through specialization?

• It can produce all of the goods that its citizens want and need.

• It can use its resources more efficiently than it could if it did not do so.

• It can fund its government without imposing high taxes on its citizens.

• It can control the prices that goods are sold for in its domestic markets.

How would tariffs help Canadian goods better compete with similar foreign goods in Canadian markets?

• by limiting the availability of the foreign goods

• by raising the prices of the foreign goods for consumers

• by improving the quality of the Canadian goods

• by increasing production levels of the Canadian goods

Both tariffs and quotas are typically used for what purpose?

• lowering the prices of goods for domestic consumers

• protecting domestic markets from foreign competition

• improving the standard of living of domestic populations

• reducing the costs of production for domestic businesses

What tends to result from trade between two countries?

• increased competition and increased specialization

• increased competition and reduced specialization

• reduced competition and increased specialization

• reduced competition and reduced specialization