Canada's Economic System

What is a question that every country must answer when determining its economic system?

• What to produce?

• How to produce?

• For whom to produce?

• All of the above

Which statement accurately describes Canada's economic system?

• Traditional

• Market

• Command

• A mix of Market and Command

Canada's economy can best be represented by which letter on the graph?

• A

• B

• C

• D

In a traditional economy, how are economic decisions made?

• Customs and traditions

• Consumers

• Government leaders

• A mix of consumers and government leaders

In a market economy the government owns all of the land, resources, and businesses

• True

• False

The Inuit of northern Canada typically use which type of economic system?

• Command

• Market

• Traditional

• a mix of Command and Market

Which of the following is an aspect of Market economic systems?

• The government limits entrepreneurship.

• Prices are based on supply and demand.

• Customs dictate how things will be produced.

• The government makes all of the money
  

Which of the following is an aspect of Command economic systems?

• The government decides what will be produced.

• Prices are based on supply and demand.

• Traditions regulate the economy.

• Consumers make all of the money.

Based on Canada's location on the economic continuum, it can best be described as:

• Pure Market

• Pure Command

• Market leaning

• Command leaning

What role does Canada's government play in its economy?

• Government limits entrepreneurship and owns all businesses.

• Government has a very limited role with few regulations (healthcare and postal service).

• Government makes all economic decisions.

• Government is not involved in Canada's economy at all.