General Facts
___________ borders Canada to the south.
U.S.
The Inuit of northern Canada typically have a _______________ economy.
Traditional Economy
Canadians pay higher taxes so they can receive free ________________ from the government.
healthcare
Look at the table on your study guide. Which country has the 3rd largest economy in the world?
Japan
Canada has invested billions of dollars in ______________like building new schools and providing job - training programs for workers.
human capital
Canada has the ________ freest economy in the world.
8th
Based on Canada's location on the economic continuum, it can best be described as:
market-leaning economy/mixed market economy
What are three industries Canada specializes in?
Mining, Fishing, Logging
Look at the table on your study guide. India's GDP is _________________.
3.01 trillion
Canada has invested billions of dollars in _______________ like improving factories, machinery and technology.
capital goods
The __________________ is Canada's top trading partner.
U.S.
What was the main purpose of USMCA?
to create a free trade zone with no trade barriers
90% of Canada’s population is concentrated within _______ miles of the U.S. border.
100
Canada taxes all wood pulp coming into the country from Brazil. This is an example of which type of trade barrier?
Tariff
Only 425,000 smartphones from South Korea are allowed to be imported into Canada each year. This is an example of which type of trade barrier?
Quota
Canada has the _________ largest economy in the world.
9th
When did the USMCA take effect?
2020
Who owns most of Canada's factories and resources?
private citizens and businesses
Mary is buying a sweatshirt in Quebec that costs 100 Canadian dollars. How much is the sweatshirt in US dollars if:
1 US dollar = 2 Canadian dollars
$50
Canada joined the United States in stopping all trade with Iran over their nuclear weapons program. This is an example of which type of trade barrier?
Embargo
What are the three questions everycountry's economy must answer?
What to produce? How to Produce? For Whom to Produce?
Would an entrepreneur want to live in a country with a command-leaning economy or a market-leaning economy and why?
market-leaning because there are more freedoms for starting your own business in a market economy
Canada’s government is a _______________________like the United Kingdom.
Parliamentary Democracy and Constitutional Monarchy
What does the USMCA stand for?
United States Mexico Canada Agreement
1. Canada specializes in producing automotive parts and rotors for airplanes.
2. The United States specializes in producing steel and lumber for building materials.
3. UK specializes in producing heavy machinery and soybeans.
If Japan imports soybeans and steel. Which country would Japan LEAST LIKELY want to trade with?
Canada