45c and 45d Practice

What is the main reason countries engage in voluntary trade?

• To force other countries to buy their products

• To benefit both parties involved

• To eliminate competition

• To reduce their own production

Which of the following is an example of Canada's exports?

• Electronics

• Wheat

• Automobiles

• Textiles

One of the benefits for sellers in voluntary trade is:

• They can avoid taxes

• They can reach new customers

• They can import goods at no cost

• They can monopolize the market

How does voluntary trade benefit buyers?

• It provides more choices of goods

• It eliminates tariffs

• It guarantees lower prices

• It forces them to buy locally

What is the primary reason countries need to exchange money?

• To simplify trade agreements

• Because each country has its own currency

• To create a single global currency

• To increase financial aid

What does USMCA stand for?

• United States of Mexico and Canada Agreement

• United States-Mexico-Canada Agreement

• Universal Standards for Mexican and Canadian Agriculture

• United Systems for Managing Canadian Assets

Which country is NOT part of the USMCA agreement?

• Mexico

• United States

• Canada

• Brazil

How does USMCA benefit trade?

• It eliminates all tariffs between countries

• It creates new jobs and strengthens supply chains

• It forces countries to only trade within the agreement

• It allows free movement of people across borders

Which industry is significantly impacted by USMCA?

• Tourism

• Agriculture

• Fashion

• Entertainment

What was USMCA formerly known as?

• NAFTA

• NATO

• TPP

• GATT