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Canadian-Citizenship Practice Test - Canada's Economy 2 Flashcards

6 cards from real CANADIAN practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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

    Answer: About 75%

    The United States is by far Canada's largest trading partner, accounting for approximately 75% of Canadian exports. The two countries share one of the world's largest bilateral trading relationships.

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

    Answer: Cobalt and nickel

    Canada is a significant global producer of cobalt and nickel — key minerals in batteries for electric vehicles. Canada's mineral wealth includes uranium, potash, gold, silver, copper, and many others.

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

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

    Provinces have significant economic responsibilities: they regulate natural resources within their borders, administer health care, education, and social services, and set provincial taxes and business regulations.

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

    Answer: The Bank of Canada

    The Bank of Canada is the country's central bank. It manages monetary policy, issues bank notes (currency), and promotes a stable and efficient financial system.

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

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

    A mixed economy combines private enterprise (market capitalism) with government intervention and public programs such as health care, social assistance, and regulation of industries. Canada's economy operates on this mixed model.

  6. What does the Canada Revenue Agency (CRA) do?

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

    The Canada Revenue Agency (CRA) administers Canada's tax laws, including income tax, GST/HST, and various benefit programs. It collects taxes that fund federal and provincial government programs.