Canadian-Citizenship Practice Test - Canada's Economy 2

Question 1

What percentage of Canada's trade is conducted with the United States, making it Canada's largest trading partner?

Accepted Answer

About 75%

Answer

About 35%

Answer

About 50%

Answer

About 90%

Question 2

Canada is among the world's leading producers of which mineral used in batteries and electric vehicles?

Accepted Answer

Cobalt and nickel

Answer

Lithium only

Answer

Tin

Answer

Bauxite

Question 3

What is the role of provincial governments in Canada's economy?

Accepted Answer

Provinces regulate and develop natural resources within their borders, manage health care, education, and social services

Answer

Provinces have no economic role — all regulation is federal

Answer

Provinces set national interest rates and manage monetary policy

Answer

Provinces control all immigration and trade policy

Question 4

Which organization manages Canada's monetary policy and issues Canadian currency?

Accepted Answer

The Bank of Canada

Answer

Finance Canada

Answer

The Royal Canadian Mint

Answer

The Canada Revenue Agency

Question 5

Canada's economy is described as "mixed." What does this mean?

Accepted Answer

Canada's economy combines private enterprise and government involvement, with both market forces and public programs playing key roles

Answer

Canada has both agriculture and manufacturing sectors

Answer

Canada trades with countries on all continents

Answer

Canada has equal French and English economic participation

Question 6

What does the Canada Revenue Agency (CRA) do?

Accepted Answer

It administers tax laws and collects taxes and duties on behalf of the federal and provincial/territorial governments

Answer

It manages trade agreements with other countries

Answer

It regulates banks and financial institutions

Answer

It provides employment insurance benefits to workers