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BBB4M1 Exam Review Questions with Latest Update
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BBB4M1 Exam Review Questions with Latest Update
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BBB4M1 Exam Review Questions withLatest Update
Self-sufficiency - Answer-the ability and means to provide for oneself without external
help
Interdependence - Answer-A relationship between countries in which they rely on one
another for resources, goods, or services
Tariff - Answer-A tax imposed by the local government on goods or services being
imported
capital intensive - Answer-production process requiring large amounts of capital
(investment) in relation to labor
Protectionism - Answer-the theory or practice of shielding a country's domestic
industries from foreign competition by taxing imports.
What led the British and French to come to Canada to trade? - Answer-Initially came to
find the Orient but stayed when discovering fish and furs
Canada's 4 primary industries (w. examples) - Answer-Agriculture (Crops and
Livestock)
Fishing and Trapping (Wildlife Pelts and Ground fish)
Forestry and Logging (Lumber and Pulpwood)
Energy and Mining (Fossil Fuels and Hyrdo Electric)
Processing - Answer-Changing and improving the form of another product.
Fabricating - Answer-Changing a product until it becomes complete
Products from Canada's Manufacturing Sector (4 examples) - Answer-Processed Food
Beverages
Plastic
Rubber
service industry (4 examples) - Answer-Industry that provides in-tangible products/
services
Commercial
Travel
Transportation
Government
, How does international trade help us to: Meet our needs? - Answer-Allows people to
access goods or service which can't be produced or provided in Canada for various
reasons
How does international trade help us to: Create jobs? - Answer-Importing and exporting
create jobs due to labour, packaging, transporting, and sale workers needed.
How does international trade help us to: Attract investments? - Answer-Foreign
countries will want to invest in Canada b.c we have a successful trade and goods
system.
Reduced costs and simplified trade.
How does international trade help us to: Create new technology and materials? -
Answer-Trade makes us aware of new technology and materials from the countries we
trade with, whilst encouraging comp
How does international trade help us to: Offer diverse products and services? - Answer-
Makes products and services from around the world available
Disadvantages of International Trade: Support of non-democratic system (?) - Answer-
In countries where there aren't government regulations for fair treatment, product sales
will encourage governments to take more profit than giving proper pay to workers
Disadvantages of International Trade: Cultural identify issues - Answer-Predominant
culture pulls people from their own culture
Disadvantages of International Trade: Social Welfare Issues (?) - Answer-Work
standards add cost for companies thus, most deprive their workers of these and a
livable wage.
Disadvantages of International Trade: Environmental Issues - Answer-Production and
transportation of trading goods create pollution. Unethical environmental practices that
are used to save money but harm the environment (i.e First world country outsourcing
work to third world countries)
Disadvantages of International Trade: Political Issues - Answer-Political turmoil and
instability can cause warfare and divide, unappealing to trade. Ownership over certain
trades has caused political divide as well (i.e. oil or diamonds)
Barriers to International Trade: Purpose of tariffs - Answer-protect local businesses from
low-priced competitive foreign products
Barriers to International Trade: Currency exchange is determined ? - Answer-
International banks exchange sums of money with each other, which determines the
rate
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