1)Canadians have been called “hewers of wood and drawers of water.” What does this phrase mean when applied to the Canadian economy? How valid is the comment for today’s Canadian industries? (Section 1-3)
2)In the last 5 years Canada's currency has risen from $.63 US to $.94 US. Is this good or bad for Canada?
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You'll find the page numbers for the answers here.
http://chatt.hdsb.ca/~mossutom/ib/notes/07-Review.htm
1) The phrase "hewers of wood and drawers of water" refers to the historical perception of Canada as primarily relying on natural resource industries, such as logging and water-related activities, for its economic prosperity. It implies that Canada's economy has been dependent on these activities, often at the expense of diversifying into other sectors.
To assess the validity of this comment for today's Canadian industries, you can follow these steps:
1. Research the current state of the Canadian economy: Look into the sectoral composition of the Canadian economy and determine the extent to which it still relies on natural resource industries.
2. Analyze the diversification efforts: Explore the steps taken by the Canadian government and businesses to diversify the economy beyond natural resources. Assess the growth of sectors such as technology, manufacturing, services, and others.
3. Consider economic indicators: Examine relevant economic indicators like GDP growth, employment rates, productivity, and trade balance to evaluate the overall health and diversity of the Canadian economy.
By performing these steps, you should be able to determine how valid the comment is in describing today's Canadian industries.
2) To determine whether the Canadian dollar's rise against the US dollar is good or bad for Canada, you can follow these steps:
1. Analyze trade dynamics: Research the overall trade relationship between Canada and the United States. Consider factors such as export competitiveness, import prices, trade balance, and the impact on key industries or sectors.
2. Assess economic impacts: Analyze how a stronger Canadian dollar affects various economic aspects, such as inflation, consumer purchasing power, business competitiveness, tourism, and employment rates.
3. Evaluate long-term economic factors: Consider the long-term implications of a higher Canadian dollar on trade diversification, domestic investment, foreign direct investment, and international competitiveness.
Through this analysis, you can form your viewpoint on whether the rise in the Canadian dollar is beneficial or detrimental to Canada's overall economy.
Remember to consult relevant economic data, expert opinions, and current news to gather the most up-to-date and accurate information. Good luck on your test!