Canada Economic Unit Review

In 2017, Canada stopped trading goods or services with Venezeuela because of Venezuela's human rights violations.

Japan charges a 15% tax on U.S. automobiles.

Voluntary trade between countries is when two countries are forced to buy and sell freely.

Supply & demand and personal choice decide how the 3 basic economic questions will be answered in a __________ economy.

One way to determine the standard of living is to calculate the values of which three?

The relationship between the literacy rate and standard of living in Canada is _________.

Canada invests 6% of its GDP into education & training for its citizens. Which factor of production is this?

A 3% tax added to the cost of imported corn to the U.S.

U.S. does not trade with Cuba for political reasons. Cuba is a communist dictatorship.

GDP per capita is calculated by dividing the total GDP by the _______.

The U.S. limits imports of Australian beef, Bahraini tobacco, and Dominican peanuts.

USMCA promotes _____ and economic growth between U.S., Mexico and Canada.

One goal of NAFTA and USMCA is to decrease the standard of living in the U.S., Mexico, and Canada by increasing trade.

Canada's literacy rate is 99%. What does this mean?

An ______ is when a country sells goods or services to another country for profit. This increases the country's GDP.

Most of the world's economies are MIXED economies, either command-learning or market-leaning.

Specialization is when a country makes goods ______. Select the TWO that apply.

In the USMCA, there are LESS environmental regulations and working regulations for workers (migrants and women).

A tariff is a TRADE BARRIER that is a ________.

Countries specialize in producing goods or services they have easy access to.

Specialization _________ countries to trade with one another.

A quota is a TRADE BARRIER that is a ________.

What does mutually beneficial mean?

An ______ is when a country brings in a product from another country to sell.

Which of the following would most likely raise a country's GDP?

What are some products Canada specializes in?

Trade between countries must be _______ and ________ to be successful.

What 2020 trade agreement is designed increase trade between the U.S., Mexico and Canada?

The Canadian Inuits are an example of which type of economy where traditions of the past and bartering are used?

What does the GDP per capita mean?

The United States limits the number of Chinese car imports to 3 million per year.

How is the GDP per capita is calculated?

What is the economic feature below called?

How is USMCA (2018) is different from NAFTA (1994)?

What is a key provision of the USMCA?

As a result of the USMCA the U.S. is allowed to access the large dairy markets in Canada.

In 2018, the European Union stopped trading with Russia because they took over Ukraine’s Crimean Peninsula in 2014.

When was USMCA signed into agreement?

Canada's placement on the economic continuum below shows that it is ________.

An embargo is a TRADE BARRIER that is a ________.

USMCA includes new rules for digital commerce. Digitial commerce is _______.

Voluntary trade is when two countries trade _____.

One reason NAFTA needed to be updated with the USMCA is because of digital commerce (the buying and selling online).

Standard of living can be determined by studying a country's GDP per capita, literacy rate, and life expectancy.

Which countries does the USMCA include?

Canada's GDP per capita is $62,266, while Mexico's is 24,249. Which most likely has a higher standard of living?

USMCA stands for United States, Mexico, Canada Agreement.

____ is when a country focuses on producing certain products & services in a cost effective and efficient way for trade.

____ are government policies which place restrictions on international trade. Examples are tariffs, quotas, & embargoes.

The ________ is the level of wealth (financial and material goods) available to citizens within a country.