The main area of economic activity that Canada chose not to open to free trade is
A) agriculture.
B) lumber.
C) cultural industries.
D) financial services.
C
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Which of the following resources are nonrenewable?
a. hay b. lumber c. labor d. fish e. minerals
Suppose the production of widgets generates negative externalities but no positive externalities. If widget producers suddenly had to pay the true marginal cost of their product for every unit they produced, including all externalities, producers would
A. have less of an incentive to control their pollution output. B. produce and sell at a lower price than before. C. produce less than the current level of output. D. produce more than the current level of output.
The value of an hour of leisure can best be estimated as
A. Total recreational expenditures divided by hours of leisure. B. Zero since no income is earned. C. The value of any productive work, although such a value is lower than what could have been earned. D. The hourly wage that could have been earned.
The costs of unemployment to an individual out of work are larger now than in the 1930s.
Answer the following statement true (T) or false (F)