1) How does Canada's rich supply of mineral resources impact their economy? a) Canada's GDP is increased by the export of minerals making them very beneficial to the country. b) The export of minerals decreases Canada's GDP c) Canada uses the minerals to create everything they need and they do not export or trade them. 2) New businesses in Canada face few regulations and small business taxes are low. The government also protects their private property  a) It is very difficult for entrepreneurs to start a business so there are not many new businesses b) There are more entrepreneurs because of these policies towards starting a business. They add to the GDP! 3) It is a good idea for governments to invest in capital goods (one of the 4 productive resources) because a) It is never a good idea to invest in the capital goods because they slow the manufacturing process. b) Newer machines and factories do not break down as much so they are much more efficient and can produce more product in a shorter amount of time. 4) Canada has a high standard of living because: a) Investment in human capital is a waste of money and lowers the GDP b) Investment in human capital increases the standard of living and the GDP. 5) When traveling in between the United States and Canada and vice versa: a) It is necessary to visit a bank and exchange currency before you go. b) Canada and the US have the same currency so you can just go and not worry about it. 6) One of the most important reasons for the USMCA and free trade between Canada and the US is: a) Specialization keeps the countries from producing enough food to feed the citizens. b) The US can specialize in products that they are the most efficient in producing; and Canada can specialize in products that they are the most efficient in producing.  7) The Canadian economy is an example of a ____________ economy. a) Mixed economy because the marketplace has government laws and regulations to keep products and workers safe. b) Pure market economy- the government has nothing to do with it. Supply and demand makes the economic decisions. c) traditional, they look to the past or traditions to answer the 3 economic questions. 8) definition of significant a) a noticeably large amount b) unimportant 9) Quotas a) totally ban trade between countries b) Limit imports of foreign goods and increase the appeal of the lower cost of domestic goods for consumers 10) How do governments increase human capital (and the GDP) a) investing in training, education, and healthcare b) by investing in newer efficient machines 11) The USMCA is good for Canada, the US and Mexico because: a) It only benefits Canada and the US. b) it removes trade barriers between the three countries 12) Why is the USMCA beneficial to consumers in Canada, the US, and Mexico? a) the lack of trade barriers lowers the price of products for customers b) The USMCA increases trade barriers, so consumers have to pay more for products. 13) What was the most significant reason for the development of the European Union? a) Free or voluntary trade between the members of the EU b) to increase the trade barriers between the members of the EU. 14) How do traditional economies determine what to produce, how to produce it, and for whom to produce? a) They look to the past, traditions answer the questions. Nothing changes, but everyone in the village barters for what they need. Only what is needed is produced. b) The government controls the decisions. c) Supply and demand controls the decisions. 15) When employers train employees to use a new machine, or to begin a new job in a company with different skills they need to: a) invest in human capital so that the employee will be efficient in the job. b) invest in capital goods so that the machines will work more efficiently 16) In Latin America: a) Currency exchange is unnecessary because every country has the same currency. b) Currency exchange is important because every country has a different currency.

Economics Standards IA3

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