Refer to the table. Between years 1 and 2, real GDP grew by __________ percent in Alta.
A. 3
B. 4
C. 5
D. 10
C. 5
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Rent controls can cause distortions in resource allocation by
a. causing too many resources to be devoted to housing b. creating a surplus of housing c. creating incentives toward home ownership rather than renting d. causing too few resources to be devoted to housing e. decreasing the demand for rental units
Explain why the average cost curve for the long run differs from that for the short run
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.
Decreases in consumption, investment, or net exports caused by an increase in government purchases are known as
A) strategic substitution. B) crowding out. C) diminishing returns. D) demand-side effects.