Trade In Canada Question Preview (ID: 55896)
Trade And Trade Barriers In Canada.
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This is when both partners freely agree to and benefit from the exchange of goods/services.
a) voluntary trade
b) coercion
c) forced through military threats
d) forced through economic laws
This is when a country focuses on a narrow range of products/services that can be produced most efficiently and cost-effectively.
a) trade barriers
b) economic specialization
c) economic generalization
d) physical barriers
Canada specializes primarily in what two industries?
a) pineapple and citrus farming
b) banana and avocado farming
c) oil extraction and refining
d) tourist and maritime industries
In order for Canada to trade with other nations, a system of ______________ must exist.
a) bartering
b) government intervention
c) tariffs
d) currency exchange
Canada uses the __________________ as its currency.
a) Canadian dollar
b) Canadian peso
c) ruble
d) drachma
This is the approximate value of one nation’s currency in terms of another nation’s.
a) money rate
b) exchange rate
c) value
d) quota
This is a tax on imported goods.
a) quota
b) embargo
c) property tax
d) tariff
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) quota
b) tariff
c) embargo
d) capital
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) tariff
b) quota
c) market economy
d) embargo
This is a refusal to purchase a good/service from a specific company or country.
a) tariff
b) boycott
c) quota
d) physical capital
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) homegrown
d) domestic
This any activity which slows or blocks the free exchange of goods and services between nations.
a) command economy
b) trade barrier
c) specialization
d) exporting
What is currency?
a) a nation's exports
b) capital goods
c) a nation's money
d) quotas
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