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Canada Economy review Flashcards | StudBud
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Canada Economy review
Canada Economy review
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Questions
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Answers
1
Education, skills, and training the workers is part of ...
command economy
education
capital goods
human capital
2
The price of one country's currency compared to another.
money
pesos
currency excange
dollars
3
In Canada, the
government
decides who purchases goods and services.
True
False
4
The higher a country's economic development, the ...
lower the literacy rate
higher the urban population
lower the life expectancy
lower the infant mortality rate
5
What type of economy does Canada have?
command
mixed market
traditional
market
6
A government that operates in a market economy might become involved in the economy...
to eliminate income inequality among its citizens
to make sure all products are produced the same way
to provide public goods and services to its citizens
to increase the profits of a specific company
7
Which statement is a primary characteristic of a capitalist system?
private ownership of property
equal distribution of resources
government regulation of business
graduated income tax
8
If Canada wanted to create an economic punishment against Cuba, which of these would they be most likely to create?
quota
subsidy
embargo
tariff (tax)
9
The total value of all goods and services produced within a country in a single year.
traditional economy
command economy
GDP (Gross Domestic Product)
market economy
10
Decisions are made by private citizens with
no
government regulation
traditional
mixed market
command
market
11
The process of starting your own business.
entrepreneurship
specialization
business right
traditional economy
12
the ability to read and write
specialiization
mixed economy
literacy rate
standard of living
13
In a market economy, prices are established by
businesses
supply and demand
governement
consumers and labor unions
14
Gifts of nature-something made by nature
plants
market
natural resources
food
15
Canada is located to the north of the US. Due to its shared border, the US and Canada, along with Mexico, entered into
the United Nations
the World Trade Organization
NAFTA (the North American Free Trade Agreement)
the European Union
16
NAFTA (North American Free Trade Agreement) encouraged free trade between the USA, Canada, and ?
Mexico
Russia
Brazil
Argentina
17
How does specialization allow for a higher standard of living?
those who specialize have more money
people can trade for those items they don't produce themselves
people who specialize are happier than those who don't
everyone is better educated
18
Why are foreign exchange rates necessary in trade?
rates help to balance imports and exports
rates help to compare prices stated in foreign currency
rates help ensure cultural exchanges across borders
rates help to compare the supply and demand of goods traded
