Canada Summative Review

Name one Canadian physical feature and a resource/product from that region which benefits Canada's economy.

• Rocky Mountains - Maple Syrup

• Great Lakes - Freshwater

• Niagara Falls - Hydroelectric Power

• Arctic - Tropical Fruits

How does having abundant resources affect a country's economy?

• It has no significant impact on the economy.

• It leads to a decrease in the country's GDP.

• It can lead to economic growth and increased trade opportunities.

• It causes the country to rely solely on imports.

What are the two titles for Canada's government type?

• Democracy and Republic

• Constitutional Monarchy and Parliamentary Democracy

• Federal and Provincial

• Socialist and Capitalist

How does the role of the President of the United States differ from the Canadian Prime Minister?

• The President is the head of state and government, while the Prime Minister is only the head of government.

• The President has no role in the government, while the Prime Minister is the head of state.

• The President is elected by the parliament, while the Prime Minister is elected by the people.

• The President and Prime Minister have identical roles.

What is needed for trade to take place between countries with differing currencies?

• A universal currency accepted by all countries.

• Exchange of goods without any monetary transactions.

• A system of currency exchange rates.

• Trade can only occur if countries have the same currency.

What examples could be given of how Canada could invest in human capital?

• Providing education and vocational training

• Building more factories

• Importing natural resources

• Increasing exports

Why would a government encourage investment in human capital, capital goods, natural resources, and entrepreneurship?

• To increase dependence on imports

• To discourage innovation and competition

• To promote economic growth and productivity

• To reduce the number of available jobs

How does specialization benefit a country? Provide two examples of what Canada specializes in.

• Increases dependence on a single product and Canada specializes in cotton

• Reduces efficiency and Canada specializes in technology and tourism

• Improves productivity and Canada specializes in cars and timber

• Decreases economic diversity and Canada specializes in fishing and mining

What agreement promotes trade between the U.S. and its two closest neighboring nations, when was it first introduced, and what is its new name?

• NAFTA, 1994, USMCA

• WTO, 2001, USMCA

• APEC, 1989, USMCA

• TPP, 2016, USMCA

Many Canadian citizens are involved in entrepreneurship. What does this tell us about the Canadian government's perspective on private business and ownership?

• shows a negative perspective

• indicates a neutral perspective

• reflects a favorable perspective

• demonstrates a restrictive perspective