Economic well-being in Canada is overstated by growth rates because they don't account for:
What will be an ideal response?
adverse effects on the environment
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Answer the next question using the following budget information for a hypothetical economy. All data are in billions of dollars. Government SpendingTax RevenuesGDPYear 1$800$825$4,000Year 28508504,200Year 39008754,350Year 49509004,500Year 51,0009254,600The budget deficit was $75 billion in
A. Year 2. B. Year 3. C. Year 4. D. Year 5.
If the market price is lower than a perfectly competitive firm's average total cost, the firm will
A) immediately shut down. B) continue to produce if the price exceeds the average fixed cost. C) continue to produce if the price exceeds the average variable cost. D) shut down if the price exceeds the average fixed cost. E) shut down if the price is less than the average fixed cost.
On December 10 the price of a Christmas tree is $50 and 100 trees are purchased. On December 20 the demand for Christmas trees decreases so that the price falls to $30 and 20 trees are purchased. From this set of facts, the
A) demand for Christmas trees is price inelastic. B) demand for Christmas trees is price elastic. C) supply of Christmas trees is inelastic. D) supply of Christmas trees is elastic.
The Japanese demand curve for dollars is downward-sloping because a:
a. higher number of yen per dollar means U.S. goods are cheaper in Japan. b. lower number of yen per dollar means U.S. goods are cheaper in Japan. c. lower number of yen per dollar means U.S. goods are more expensive in Japan. d. lower number of yen per dollar means U.S. goods are less expensive in the U.S.