If the median income in Canada is $50,000 . it means
a. that the poverty level is $50,000
b. that all Canadians earn $50,000
c. Canadians who earn $50,000 or more are classified as rich
d. 50 percent of Canadians who do not earn $50,000 earn less than $50,000 and 50 percent of Canadians who do not earn $50,000 earn more than $50,000
e. that the average income in Canada is $50,000
D
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Which of the following groups of countries are members of NAFTA?
A) the United States, Canada, and Mexico B) the United States, France, and Germany C) Japan, Canada, and Mexico D) the United States, Japan, and Mexico
The loss of efficiency that occurs in monopolistic competition has to be weighed against the gain of
A) higher wages for employees. B) an increase in employment. C) greater product variety. D) reduced environmental damage.
What criteria do consumers apply when deciding whether or not to consume
a. The consumer would consume only if the price is lower than his highest willingness to pay b. The consumer would only consume if his surplus is greater than zero c. The consumer would only consume if the price is higher than his highest willingness to pay d. Both A&B
National characteristics that affect the cost of producing goods in a particular country include all of the following except:
A. natural resources and climate. B. endowment of factors of production. C. technology. D. proper government oversight of production.