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US & Canada Economy Overview Flashcards | StudBud
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US & Canada Economy Overview
US & Canada Economy Overview
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Classroom overview of the reading on the economy of US & Canada.
Flashcards
16 cards
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Questions
16
Answers
1
Which of the following agencies is controlled by the government in both the US & Canada?
Post Office
Mining and forestry
Utility companies
Factories
2
How is the price of items determined in a capitalist economy?
What people are willing to pay
The government sets the price
A complicated formula created by Bill Gates
The cost of all the materials to make it multiplied by 2
3
Why does the USA have to import a lot of petroleum products?
It is cheaper to import it than make it ourselves
There is none in the USA
USA is one of the largest consumers of energy in the world
The Petroleum produced in the USA is contaminated
4
What type of manufacturing dominates the industrial sector of the US economy?
computers, iphones
cars, trucks, planes
clothes, shoes
movies & video games
5
What does it mean to have a capitalist government?
the government runs the businesses
The people have no choice in the cost of products
the king or queen sets the prices
most business is run by private people
6
What type of economy does the USA & Canada have?
Capitalist
Traditional
Closed
Communist
7
What types of services dominate Canada's economy?
Fishing & Farming
Automobile & Computer Factories
Banking & Tourism
Lumber Mills & Coal Mines
8
Which of the following factors helps the US & Canada have a strong economy?
Job loss
strong Infrastructure
Divided Government
War
9
What is the largest part of Canada's economy?
Government
Service
Manufacturing
Natural Resources
10
What of the following makes up the United States largest energy production?
Wind
Petroleum
Solar
Hydroelectric
11
Which economic sector makes up 80% of the US economy?
Natural Resources
Manufacturing
Government
Service
12
What type of industry would benefit from Canada's large forests?
Financial
automobile
Tourism
Timber
13
Which country has the highest Gross Domestic Product in the world?
United States
China
Canada
India
14
What type of energy resources does Canada depend on?
Petroleum & Hydroelectric
Solar & Wind
Hydroelectric & Thermal
Wind & Uranium
15
Where does the money come from for the governments to support military, education, etc?
National Mint
Taxes
Other countries
Banks
16
Both the US & Canada have been ranked in the top 10 in the world by researchers in which area?
natural resource exportation
economic freedom
political leaders
prison systems
