My favorite knives for hiking and camping.
Victorinox classic with scissors, tweezers.
Gerber LST folding knife
There are many knives around and in the past sheath knives were popular. For lightweight hiking it is a simple matter of knowing what you will want to do with the knife. If you will not be doing serious cooking or such then you will find a Victorinox small knife is more than adequate as it is good for cuting Avocados, oranges, cheese, and little bits. It also gives you a tweezers which is useful for getting out small splinters. The little scissors are fine for dealing with nails and such.
If you need to do a bit of cooking or like a more substantial knife I find the Gerber LST is more than adequate as it locks well and has a hole for tying it into a pocket or pack pouch. Both of these are around C$20 each but shop around. MEC is a good source in general for these.
Top row.. lovely knife from Thiers, classic officer, Grohman, small Swiss army, Grohman, Leather man. Bottom row.. custom from my brother - Neil knives, Grohman that I love, another Grohman, Swiss Officer. My favorites are the tiny, the black Gerber and the Grohman. All a matter of choice.