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Midterm

Course Title: The Canadian Economy

Total Marks: 100

Section 01

MCQs

(10 x 1 = 10)

Choose the most appropriate answer.

1. The Canadian economy is one of the largest and most ……….. economies in the world.   b

a. poor

b. developed

c. developing

d. under-developed

2. Economic system applied in Canadian economy is:  a

a. Capitalism

b. Socialism

c. Mixed

d. Islamic

3. Canada is composed of ……………. provinces and ………… territories, each with its own unique characteristics and economic contributions.   a

a. 10 - 3

b. 9 - 4

c. 8 - 5

d. 7 - 6

4. The services sector contributes the largest share to Canada's GDP, accounting for around: d

a. 55%

b. 60%

c. 65%

d. 70%

5. Canada is a rich in natural resources. Which one is not its natural resource?   b

a. Oil

b. Salt

c. Gas

d. Timber

6. ……………. is a steady process by which the productive capacity of the economy is increased over time to bring about rising levels of national output and income.   b

a. Economic growth.

b. Economic development.

c. Economic progress.

d. Economic prosperity.

7. An unequal distribution of opportunities, resources, rewards, and power within the workforce based on various social factors such as gender, race, ethnicity, age, disability, and socioeconomic status is:   a

a. Income inequality.

b. Wealth inequality.

c. Regional inequality.

d. Occupational inequality.

8. The Canadian ………………, as defined by its political institutions and government, plays a significant role in shaping and overseeing the country's political, economic, and social systems.        c

a. Public finance

b. Education

c. State

d. Trade

9. The Canadian government generates revenue through various sources. These include:

a. Income taxes.    d

b. GST

c. Corporate taxes

d. All

10. A set of measures and policies undertaken by governments and central banks to reduce fluctuations and promote stability in an economy is called:      c

a. Economic stabilization.

b. Trade stabilization.

c. Monetary stabilization.

d. Fiscal stabilization.

Section 02

Short questions

(8 x 5 = 40)

Question 01. 

What do you know about the GDP of Canada?

Question 02.

Give any two tools to measure income inequality.

Question 03.

Define economic growth. Give any two features also.

Question 04.

What is productivity?

Question 05.

What is occupational inequality?

Question 06.

What is a mixed economy?

Question 07. 

Give key characteristics of a state.

Question 08.

What is the role of Bank of Canada in in economic stabilization?

Section 03

Long questions

(5 x 10 = 50)

Question 01. 

Write key aspects of economic inequality in Canada.

Question 02. 

How to increase productivity in Canada?

Question 03. 

What are the causes of occupational inequality in labour market of Canada.

Question 04. 

What is economic policy of Canada. Give its key elements.

Question 05.

Give some examples along with recovery efforts of recession in Canada.