1.In your own words, describe the circular flow model of how economies work
2.Explain with examples why Canada is a mixed economy
3.Explain how economic recession in the United States can affect the Canadian Economy
Communication [6 marks]
4.Create an economic system continuum by drawing a line and putting the label “centrally planned economy”
on the left and “market economy” on the right.
Placed the following countries on the continuum: Canada, United States, China, Cuba, United Kingdom, and
Venezuela.
Explain the reasons for the positioning of countries
Thinking / Inquiry [6 Marks]
5.In your opinion, where is Canada currently on the business cycle?
Provide 3 reasons for your answer
Application [5 Marks]
6.Assume that two countries are trading: Canada and Australia. They can each produce only two produces
using half of their resources for each.
Use the following table to answer the following questions
Country Coats Sweaters
Canada 30 6
Australia 10 20
a. How many coats and sweaters are produced?
b. In which good does Canada and Australia has comparative advantage
c. In which good does Canada and Australia has absolute advantage
d. If both countries decide to specialize in the good, they have absolute advantage in, and trade.
Create a new trade table showing how production units will change.
e. If both countries decide to specialize in the good, they have comparative advantage in, and trade.
Create a new trade table showing how production units will change.
Sample Solution
Whittlesey 2012 sets up an exhaustive continuum for any exchange of any substance starting with one medium then onto the next, principally, however not only, including language to language, language to different mediums, e.g., pictures (films, kid's shows, and so forth.) or from different mediums to different mediums, with interpretation, comprehended as in exactly the same words replication in the thin sense, at the one end, transposition including different degrees of free rendering of the source, and adjustment saw as the uttermost expelled from the source. He calls attention to that genuine interpretation in the thin sense he proposes is somewhat confined then again, with numerous guidelines: exclusions of words, expressions, and sentences, not to mention entire segments, is disliked, as are augmentations, or bends of the source or its purpose. Interpretations must summon a similar picture as the source messages and pass on their content.9 The exactness of an interpretation must be obvious, which is considerably less simple for transposition or adaptation.10 Whittlesey likewise refers to such models as condensed variants of the works of art, making old messages increasingly available absolutely by modernizing the language; decorating, enhancing or really J. Pierrepont Finch, a youthful window washer in New York City with enormous aspirations, peruses the book How to Succeed in Business Without Really Trying. The "Book Voice" reveals to him that he will be fruitful in the business world in the event that he follows the book's recommendation. Energized, Finch enters the World Wide Wicket Company looking for an occupation ("How To Succeed"). Finch catchs J.B. Biggley, the leader of the organization, who sends him to the work force supervisor, Mr. Bratt. Rosemary Pilkington, an entirely, youthful secretary working at the organization, is dazzled purchase Finch's intensity and causes him meet Mr. Bratt. Bratt is initially curt to Finch, thus Finch discloses to him that Biggley sent him and that they were companions.>
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