W4P1 (article): The Importance of International Trade to the Canadian Economy: An Overview by the Fraser Institute

Question 1

In 2015, had Canada’s GDP for exports gone up since 2008?

Answer 1

No, Canada’s export GDP was 36% before the 2008 crash, and 31.5% now. Canada’s export GDP is up from 1988, when GDP for exports was 25%.

Question 2

Where is trade mainly oriented towards?

Answer 2

The U.S

Question 3

What are the benefits of exports and imports to an economy?

Answer 3

Boosts productivity

Question 4

What country exited the EU in 2020?

Answer 4

Britain

Question 5

Is having a trade surplus always good?

Answer 5

Not necessarily

Question 6

What countries are at the bottom of global economic development rankings?

Answer 6

Countries that chose economic independence like Latin America, China before 1978, India before 1991, Cuba, or North Korea.

Question 7

Does Japan encourage imports?

Answer 7

No, Japan discourages imports and encourages exports

Question 8

From 1974 - 2010, how much manufacturing employment was caused by exporters?

Answer 8

70%, and they also had 14% higher efficiency

Question 9

Who usually wins in trade disputes?

Answer 9

The more powerful country

Question 10

What is a big downside of trade?

Answer 10

Trade leads to higher income inequality