International Trade and Specialization Concepts

The video tutorial covers Canada's voluntary trade, focusing on specialization, trade barriers, and currency exchange. It explains how countries engage in trade due to resource limitations, using examples like Colombia's coffee and Florida's oranges. Specialization allows countries to produce efficiently, reducing costs and increasing trade. Canada's export specialization includes motor vehicle parts and natural resources. The video also discusses trade barriers, both natural and political, affecting trade routes and policies.

What is the primary reason countries engage in voluntary trade?

• To increase their population

• To exchange goods they cannot produce themselves

• To reduce their natural resources

• To avoid international relations

Which of the following is an example of specialization?

• Colombia growing all types of crops

• Florida importing all its goods

• Idaho focusing on potato production

• A country producing all types of goods

How does specialization benefit countries in trade?

• It allows countries to produce goods more efficiently

• It limits the variety of goods available

• It reduces the need for trade

• It increases the cost of production

Which country does Canada import coffee beans from due to its climate?

• United States

• Colombia

• Brazil

• Mexico

Which of the following is NOT a major export of Canada?

• Telecommunication equipment

• Tropical fruits

• Motor vehicle parts

• Crude petroleum

What percentage of Canada's exports are sold to the US?

• 50%

• 60%

• 75%

• 90%

What are natural trade barriers?

• Government policies

• Mountains and deserts

• Currency exchange rates

• International laws

Which of the following is an example of a political trade barrier?

• A desert

• A mountain range

• A government-imposed tariff

• A river

Why is the St. Lawrence Seaway sometimes closed?

• Due to political reasons

• To reduce trade

• Because of ice formation

• For maintenance work

What is the role of an icebreaker in trade?

• To transport goods

• To break up ice and clear shipping routes

• To enforce trade laws

• To negotiate trade deals