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Comparing Economic Systems The United States Central Intelligence Agency’s The World Factbook website is an excellent source of information about every country. Go to http://www.cia.gov/cia/publications/factbook/index.html for assistance in completing this chart. (Information in the CIA World Factbook is updated constantly. These were the answers on October 1, 2007.) Canada Japan Jamaica <catch ANS> <catch ANS> <catch ANS> 73.12 80.34 years 82.02 <end years <end ANS> <end ANS> ANS> <catch ANS> <catch ANS> <catch ANS> 99% <end 99% <end 87.9% <end ANS> ANS> ANS> <catch ANS> <catch <catch ANS> The The leader of ANS>Diet leader of the the majority designates majority party or party or the prime minister; the leader of the leader of the constitution majority coalition majority requires that in the House of coalition in the prime minister Representatives is Population Life Expectancy at birth Literacy Rate Government How are leaders elected? House of commands appointed prime Commons is parliamentary minister by the automatically majority; governor general designated following <end ANS> prime minister legislative by the governor elections, general <end leader of ANS> majority party or leader of majority coalition in House of Representatives usually becomes prime minister <end ANS> Military Spending as % of <catch ANS> <catch ANS> <catch ANS> 0.6% GDP 1.1% <end 0.8% <end <end ANS> ANS> ANS> What is the most serious <catch ANS> <catch ANS> <catch ANS> The economic problem facing An affluent, Japan's economy faces Economy this country? high-tech industrial serious long-term industrial sector is problems: high but society in the heavily declining interest trillion dollar dependent on rates, increased class, Canada imported raw foreign resembles the materials and competition, US in its fuels. The tiny exchange rate market-oriented agricultural instability, a sizable economic sector is highly merchandise trade system, pattern subsidized and deficit, large-scale of production, protected. unemployment and and affluent Usually self underemployment, living standards sufficient in and a high debt <end ANS> rice, Japan burden - the result must import of government about 60% of bailouts to ailing its food on a sectors of the caloric basis. economy <end Growth slowed ANS> markedly in the 1990s, averaging just 1.7%, largely because of the after effects of overinvestment and an asset price bubble during the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. From 2000 to 2001, government efforts to revive economic growth proved short-lived and were hampered by the slowing of the US, European, and Asian economies. In 2002-06, growth improved and the lingering fears of deflation in prices and economic activity lessened. Japan's huge government debt, which totals 176% of GDP, and the aging of the population are two major long-run problems. Some fear that a rise in taxes could endanger the current economic recovery. <end ANS> Gross Domestic Product <catch ANS> <catch ANS> <catch ANS> per capita $35,700 <end $33,100 <end $4,700 <end ANS> ANS> ANS> Gross Domestic Product – <catch ANS> <catch ANS> <catch ANS> 2.5% real growth percentage 2.8% <end 2.2% <end <end ANS> ANS> ANS> What percentage of the <catch ANS> <catch ANS> <catch ANS> population works in 2% <end ANS> 4.6% <end 18.1% <end ANS> agriculture? ANS> What percentage of the <catch ANS> <catch ANS> <catch ANS> population works in 22% <end 27.8% <end 17.3% <end ANS> manufacturing? ANS> ANS> What percentage of the <catch ANS> <catch ANS> <catch ANS> population works in 75% <end 67.7% <end 64.6% <end ANS> services? ANS> ANS> Population below the <catch ANS> <catch ANS> <catch ANS> poverty line 15.9% <end Unknown <end 14.8% <end ANS> ANS> ANS> <catch ANS> <catch ANS> <catch ANS> wheat, barley, rice, sugar sugarcane, bananas, Agriculture – Products Major Industries oilseed, tobacco, beets, coffee, citrus, fruits, vegetables, yams, ackees, vegetables; fruit; pork, vegetables; poultry, dairy products; poultry, dairy goats, milk; forest products; products, eggs; crustaceans, fish <end ANS> fish <end mollusks <end ANS> ANS> <catch ANS> <catch ANS> <catch ANS> transportation motor vehicles, tourism, equipment, electronic bauxite/alumina, chemicals, equipment, agro processing, processed and machine tools, light manufactures, unprocessed steel and rum, cement, metal, minerals, food nonferrous paper, chemical products, wood metals, ships, products, and paper chemicals, telecommunications products, fish textiles, <end ANS> products, processed petroleum and foods <end natural gas <end ANS> ANS> Exports Export Partners by % <catch ANS> <catch ANS> <catch ANS> $405 billion $590.3 billion $2.087 billion <end <end ANS> <end ANS> ANS> <catch ANS> <catch ANS> <catch ANS> US US 84.2%, US 22.8%, 25.8%, Canada Japan 2.1%, UK China 14.3%, 19.3%, UK 10.7% 1.8% <end South Korea <end ANS> ANS> 7.8% <end ANS> Imports Import Partners by % Internet country code <catch ANS> <catch ANS> <catch ANS> $353.2 billion $524.1 billion $4.682 billion <end <end ANS> <end ANS> ANS> <catch ANS> <catch ANS> <catch ANS> US US 56.7%, China 20.5%, 41.4%, Trinidad China 7.8%, US 12%, Saudi and Tobago 14%, Mexico 3.8% Arabia 6.4% Venezuela 5.5% <end ANS> <end ANS> <end ANS> <catch ANS> <catch ANS> <catch ANS> .jm .ca <end ANS> .jp <end ANS> <end ANS> Internet users <catch ANS> <catch ANS> <catch ANS> 1.067 21.9 million 87.54 million million <end ANS> <end ANS> <end ANS> 1. What percentage of the population of each country is in the labor force? <catch ANS> Canada 52.7%; Jamaica 39.6%; Japan 52.1%<end ANS> 2. What are the similarities and differences between the three countries in terms of the population that works in each type of industry? <catch ANS> Canada has less than half as many agricultural workers as Japan as a percentage of workers even though it is a major food exporter. A far greater proportion of the Jamaican population is engaged in food production. Japan has a significantly greater percentage of workers engaged in industry. Canada has the highest percentage of service workers. <end ANS> 3. Why might some products appear on both a country’s import and export list. Provide an example to explain your answer. <catch ANS> Japan imports and exports chemicals. Jamaica exports sugar, bananas, coffee, yams, and beverages but also imports food. Canada imports and exports motor vehicles and electricity. Canadian consumers can choose any make and model of car they want but not every make and model is produced in Canada. Car plants in the United States and Mexico specialize in certain makes and models so excess Canadian Chevrolets are sent to the United States for Honda Civics. <end ANS> 4. Exports and imports total in the billions of dollars for each country. Explain what this tells you about our society. <catch ANS> Modern industrial nations tend to specialize in areas where they hold the greatest competitive advantages. Trading accentuates the benefits to producers and consumers on both sides of the border. <end ANS>