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Trade In Canada
Test Description: Trade and Trade Barriers in Canada
Instructions: Answer all questions to get your test result.
1) This is when both partners freely agree to and benefit from the exchange of goods/services.
A
forced through economic laws
B
voluntary trade
C
forced through military threats
D
coercion
2) This is when a country focuses on a narrow range of products/services that can be produced most efficiently and cost-effectively.
A
economic generalization
B
physical barriers
C
economic specialization
D
trade barriers
3) Canada specializes primarily in what two industries?
A
oil extraction and refining
B
tourist and maritime industries
C
banana and avocado farming
D
pineapple and citrus farming
4) In order for Canada to trade with other nations, a system of ______________ must exist.
A
currency exchange
B
bartering
C
government intervention
D
tariffs
5) Canada uses the __________________ as its currency.
A
drachma
B
Canadian peso
C
Canadian dollar
D
ruble
6) This is the approximate value of one nation’s currency in terms of another nation’s.
A
quota
B
exchange rate
C
value
D
money rate
7) This is a tax on imported goods.
A
quota
B
property tax
C
embargo
D
tariff
8) This is a limit on imported goods done so that cheaper foreign imports do not flood domestic markets and put those producers out of business.
A
capital
B
embargo
C
tariff
D
quota
9) This is a block on all trade with another nation and may be employed for safety reasons or to punish another country for their policies.
A
market economy
B
quota
C
embargo
D
tariff
10) This is a refusal to purchase a good/service from a specific company or country.
A
boycott
B
tariff
C
physical capital
D
quota
11) This term which refers to the products or services originating in one’s own country; it is the antonym of foreign.
A
tariff
B
capital goods
C
domestic
D
homegrown
12) This any activity which slows or blocks the free exchange of goods and services between nations.
A
exporting
B
specialization
C
trade barrier
D
command economy
13) What is currency?
A
a nation's money
B
a nation's exports
C
quotas
D
capital goods
*select an answer for all questions
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