Canada Econ Review

Canada has which type of economy?

• mixed, command leaning

• mixed, market leaning

• pure command

• pure market

A traditional economy largely depends on what?

• technology

• imports

• agriculture

• government

In which type of economy does the government make all the decisions?

• market

• command

• republic

• traditional

Three important questions an effective economy system should answer are: (1) what to produce (2) how to produce and what is the 3rd question?

• who to ship it to

• who pays for it

• for whom to produce

• why to produce it

What is the best definition of voluntary trade?

• a market where buyers have all the power

• a market where sellers have all the power

• a market where buyers and sellers have the right to trade freely

• a trading system where people volunteer in factories to keep costs down

How are economies rated?

• on a scale of 1-10

• on a scale based on other nations

• on an economic continuum between command and market

• it is based on the United states'economy

Focusing on a specific range of products and services that can be produced in a cost-effective and efficient way is a strategy called _________________

• voluntary trade

• self-sustaining

• mutually beneficial

• specialization

______________________ is the ability to survive only on what is available.

• voluntary trade

• self-sustaining

• mutually beneficial

• specialization

Goods sent OUT of a nation are called___________.

• exports

• imports

If a Canadian were visiting family in the United States, he or she would need _____

• a translator

• a map

• to cross the Canadian Shield

• to exchange currencies