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- 1. Multiple Choice
In what way is the mixed economy of Canada similar to a command economy?
There are few private property protections.
There are significant barriers to foreign trade.
There is little competition between businesses.
There is government control of some industries.
- 2. Multiple Choice
Why is the Canadian economy considered a mixed economy.
because Canada's finances depend on loans from a number of major banks
because Canada's markets are subject to significant government regulations
because most of Canada's incomes from investing in private businesses
because most of Canada's industries are owned and operated by the government
- 3. Multiple Choice
What has Canada's involvement in the North American Free Trade Agreement contributed to the MOST?
significant decline in imports
significant decline in exports
the growth of Canada's tourism sector
growth of Canada's business sector
- 4. Multiple Choice
Canada is part of many international agreements and organizations. Which of them has had the GREATEST effect on the growth of the Canadian economy in the past few decades?
International Monetary Fund (IMF)
North American Free Trade Agreement (NAFTA)
North Atlantic Treaty Organization (NATO)
United Nations (UN)
- 5. Multiple Choice
What is it called when focusing on a narrow range of products/services that can be produced most efficiently?
Standard of Living
Voluntary Trade
Specialization
Trade Barrier
- 6. Multiple Choice
Lucas lives in Canada and wants to start a business of his own. What will MOST LIKELY be true of his efforts?
Lucas will face few obstacles in starting his business.
The government will not allow Lucas to start a business.
Lucas must work for the government in order to start a business.
Residents of Lucas's city must vote on whether he can start a business.
- 7. Multiple Choice
Which of the following is true of free trade between Canada and the United States?
It discourages the countries from producing goods their citizens need, like food.
It is only beneficial to the wealthiest of the two countries, the United States.
It allows each country to specialize in the production of certain goods.
It benefits all workers and consumers in each of the two countries.
- 8. Multiple Choice
Which term is used to refer to a country focusing on producing relatively small number of goods or services based on what the country can produce efficiently?
opportunity cost
competition
specialization
entrepreneurship
- 9. Multiple Choice
What is it called when activity slows or outright blocks the free exchange of goods and services?
quota
production
goods
trade barrier
- 10. Multiple Choice
Why would the Canadian government MOST LIKELY impose a tariff on certain imported goods?
to increase the choices available to Canadian Consumers
to help domestic businesses better compete in Canadian markets
to reduce prices of necessary goods for Canadian consumers
to improve the quality of goods available in Canadian markets
- 11. Multiple Choice
What is often the goal of quotas?
to protect domestic producers
to improve the efficiency of domestic production
to encourage resellers to import more goods
to increase imports of foreign goods
- 12. Multiple Choice
What is one way Canada benefits through specialization?
It can produce all of the goods that its citizens want and need.
It can use its resources more efficiently than it could if it did not do so.
It can fund its government without imposing high taxes on its citizens.
It can control the prices that goods are sold for in its domestic markets.
- 13. Multiple Choice
Which nations are signatories to the North America Free Trade Agreement? Select all that apply.
United States, Mexico, Canada
United States, Brazil, Canada
United States, Colombia, Canada
United States, Cuba, Colombia
- 14. Multiple Choice
Olivia lives in Canada. She and her family are going on vacation to New York City. They will fly into a major airport and then take a taxi to meet Olivia's aunt in the city. As they prepare for the trip, Olivia's mom goes to a bank in Canada so that she will be prepared to pay the taxi, What is she MOST LIKELY doing?
requesting a passport to Canada
apply for citizenship in the US
withdrawing a large amount of Canadian money
exchanging Canadian money for US money
- 15. Multiple Choice
How does the North American Free Trade Agreement promote economic growth in Canada?
by giving the government more control over product prices
by giving the government more control over production quotas
by imposing barriers to trade with Mexico and the US
by eliminating barriers to trade with Mexico and US
- 16. Multiple Choice
What is one reason for people to exchange currency?
Most people want to use the Brazilian real to trade.
Because countries have different currencies that are valued differently
Most people want to use American dollars to trade.
They don't because people can use any currency at any business in the world.
- 17. Multiple Choice
How has NAFTA increased trade between the nations of Canada, Mexico, and the United States?
by reducing tariffs
by imposing quotas
by establishing embargoes
by prohibiting foreign investment
- 18. Multiple Choice
How has Canada's investment in human capital MOST LIKELY affected the country?
Canada's government has placed limits on trade with other countries.
Canadian citizens have equal access to educational opportunities.
Canadian citizens enjoy a relatively high standard of living.
Canada's economy is heavily dependent on agriculture.
- 19. Multiple Choice
Why does the Canadian government invest in human capital?
because Canada's standard of living is very low
because such investments reduce immigration rates
because Canada's population is rapidly growing
because such investments improve economic growth
- 20. Multiple Choice
The Canadian economy supports many well-paying service sector and high-technology jobs. Based on this information, what conclusion can be drawn about Canada?
Canada has a highly literate workforce.
Canada has a very few natural resources.
Canada has a rapidly growing population.
Canada has a low personal income tax rate.
- 21. Multiple Choice
What has the GREATEST effect on the productive efficiency of Canadian workers?
the number of businesses in Canada
the number of people working n Canada
the amount Canada invests in capital goods
the amount Canada owes in national debt.
- 22. Multiple Choice
An insurance company based in Toronto, Canada wants to improve its efficiency. To do so, company leadership decides to buy new computers with updated programs. What did the company do?
It invested in improving its capital goods.
It invested in new types of natural resources.
It encouraged employees to show entrepreneurship.
It encouraged employees to improve their human capital?
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