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Canada's Global Trade Test

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Canada's Global Trade Test

Use the case information and data below to answer the questions. The figures are fictional and are provided for analysis, not as current Canadian trade statistics. For written responses, support your reasoning with evidence from the case.

Case file: North Shore Components

North Shore Components is a fictional Canadian manufacturer in British Columbia. It imports electronic components and machinery, then exports energy-storage equipment. The company sells to Canadian buyers and customers in the United States and the European Union. A delay at a major port recently raised shipping costs and forced the company to consider alternative suppliers. Its managers are also weighing whether to invest in lower-emission production equipment.

Market

Exports (sales abroad)

Imports (purchases from abroad)

United States

$48 million

$31 million

European Union

$22 million

$27 million

Other markets

$10 million

$14 million

Part A: Understand the trade system

Answer each question in the format indicated.

1.Which agreement replaced NAFTA and governs trade among Canada, the United States and Mexico?
  • CUSMA (USMCA/T-MEC)
  • CETA
  • CPTPP
  • The World Trade Organization
2.Using the fictional data table, calculate North Shore Components' total exports, total imports, and trade balance. State whether it has a trade surplus or deficit.
3.Which market has the largest export value in the table, and which market has the largest import value? Give the values.
4.A trade deficit necessarily proves that a country or business is worse off than it would be with a trade surplus. Explain your answer in one or two sentences.
5.Match each term with the best description.
  • Tariff
  • Exchange rate
  • Comparative advantage
  • Supply chain
  • The price of one currency expressed in another currency
  • A tax charged on an imported good
  • The ability to produce something at a lower opportunity cost than another producer
  • The connected steps and organisations involved in making and delivering a product

Part B: Apply economic reasoning

Use the case and your knowledge of Canada's global trade to answer.

6.Explain why North Shore Components might import electronic components even though imports count as spending on goods from abroad.
7.A port delay increases shipping costs and interrupts deliveries. Describe two actions the company could take to reduce its exposure to future supply disruptions, and identify one possible drawback of either action.
8.Identify one potential benefit and one potential cost of a free trade agreement for Canada. Explain who could be affected by each.
9.Suppose the Canadian dollar falls in value relative to the US dollar. Explain one possible effect on North Shore Components' exports and one possible effect on its imported components.
10.The company is considering lower-emission production equipment. Explain one way this investment could strengthen its position in global trade and one challenge it might face.
11.Should Canada prioritise diversifying its trade relationships or deepening trade with established partners? Write a reasoned response of about 150–200 words. Develop a clear position, use at least two relevant examples or considerations, and address a counterargument.

3 printable pages

  • Canada's Global Trade Test, page 1 of 3: Case file: North Shore Components, Part A: Understand the trade system

    Page 1

  • Canada's Global Trade Test, page 2 of 3: Part B: Apply economic reasoning

    Page 2

  • Canada's Global Trade Test, page 3 of 3: 8. Identify one potential benefit and one potential cost of a free trade agreement for…

    Page 3

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