Question

unit 5 final exam study guide
using the word bank below, answer the following questions.
tariff
quebec
rocky mountains
specialization
prime minister
gross domestic product (gdp)
natural resources
great lakes
currency exchange
literacy rate
capital goods
traditional economy
mixed economy
nafta
hudson bay
parliamentary democracy

1. what mountain range do the united states and canada share to the west?
2. many people are employed mining for these found within the canadian shield.
3. while most of canada is english - speaking, what province in eastern canada is french - speaking?
4. what is the total value of goods and services produced in a country within a years time?
5. a company deciding to update old machinery within their factories is them investing in their
6. the five lakes south of ontario and north of michigan is the
7. a society where decisions are made based off of customs and generations from the past is which type of economic system?
8. the percentage of those in a country that can read and write.
9. which agreement encouraged trade and economic growth in the 1990s?
10. germany, great britain, and canada all have a
11. a country or company focused on producing a few goods and services efficiently is
12. this trade barrier places a tax on imported goods.
13. when traveling abroad a person does this with their money.
14. most countries in the world, including canada has this type of economy.
15. what body of water sits inside the canadian shield?
16. the chief executive in canada is called the

Answer:

To solve these questions, we match each question to the appropriate term from the word bank:

Question 1

What mountain range do the United States and Canada share to the west?

• The Rocky Mountains are a major mountain range shared by the U.S. and Canada in the west.
• Answer: Rocky Mountains

Question 2

Many people are employed mining for these found within the Canadian shield.

• The Canadian Shield is rich in Natural Resources (e.g., minerals, metals) that are mined.
• Answer: Natural Resources

Question 3

While most of Canada is English - speaking, what province in Eastern Canada is French - speaking?

• Quebec is the Eastern Canadian province where French is predominantly spoken.
• Answer: Quebec

Question 4

What is the total value of goods and services produced in a country within a year's time?

• Gross Domestic Product (GDP) measures the total value of goods and services produced in a country in a year. (Note: The word bank has “Gross Domestic Product (GDP)” as an option, with “GDP” hand - written over it, so we use the relevant term.)
• Answer: Gross Domestic Product (GDP)

Question 5

A company deciding to update old machinery within their factories is them investing in their ______.

• Capital Goods are assets (like machinery) used to produce other goods/services. Updating machinery is an investment in Capital Goods.
• Answer: Capital Goods

Question 6

The five lakes south of Ontario and north of Michigan is the ______.

• The Great Lakes are a group of five lakes in the region described (south of Ontario, north of Michigan).
• Answer: Great Lakes

Question 7

A society where decisions are made based off of customs and generations from the past is which type of economic system?

• A Traditional Economy is based on customs, traditions, and practices passed down through generations.
• Answer: Traditional Economy

Question 8

The percentage of those in a country that can read and write.

• Literacy Rate is the percentage of a population that is literate (can read and write).
• Answer: Literacy Rate

Question 9

Which agreement encouraged trade and economic growth in the 1990s?

• NAFTA (North American Free Trade Agreement) was established in the 1990s to promote trade between the U.S., Canada, and Mexico.
• Answer: NAFTA

Question 10

Germany, Great Britain, and Canada all have a ______.

• These countries have a Parliamentary Democracy, where the executive branch is led by a Prime Minister (or equivalent) and is accountable to the legislature.
• Answer: Parliamentary Democracy

Question 11

A country or company focused on producing a few goods and services efficiently is ______.

• Specialization means focusing on producing a limited range of goods/services to increase efficiency.
• Answer: Specialization

Question 12

This trade barrier places a tax on imported goods.

• A Tariff is a tax imposed on imported goods, acting as a trade barrier.
• Answer: Tariff

Question 13

When traveling abroad a person does this with their money.

• Currency Exchange is the process of converting one currency to another when traveling internationally.
• Answer: Currency Exchange

Question 14

Most countries in the world, including Canada has this type of economy.

• A Mixed Economy combines elements of market and command economies. Most modern countries (including Canada) have a Mixed Economy.
• Answer: Mixed Economy

Question 15

What body of water sits inside the Canadian shield?

• Hudson Bay is a large body of water located within the Canadian Shield.
• Answer: Hudson Bay

Question 16

The chief executive in Canada is called the ______.

• In Canada, the chief executive (head of government) is the Prime Minister.
• Answer: Prime Minister