Question 1

What does the simple circular-flow diagram illustrate?&#10;A) that expenditure generates income so that income and the value of production are equal&#10;B) that the economy's income exceeds its expenditure&#10;C) that factors of production &#34;flow&#34; from firms to households&#10;D) that money &#34;flows&#34; from households to firms

Accepted Answer

The simple circular-flow diagram illustrates that expenditure generates income so that income and the value of production are equal. This means that the flow of money and goods/services in the economy is a closed loop, with households providing the factors of production (land, labor, capital, entrepreneurship) to firms, who then use these factors to produce goods and services that are sold back to households. In exchange for these goods and services, households provide firms with the necessary income to continue the cycle.

Question 2

Which statistic is the best single measure of an economy's well-being?&#10;A) unemployment rate&#10;B) inflation rate&#10;C) gross domestic product&#10;D) trade balance

Accepted Answer

Gross domestic product (GDP) is the most comprehensive measure of an economy's output and is used to gauge a country's economic health. It takes into account the value of all goods and services produced within a country's borders and is often used as a proxy for a country's standard of living. Although other indicators like unemployment rate and inflation rate are also important, they do not provide as complete a picture of an economy's well-being as GDP. Trade balance is also important, but it only reflects a country's net exports and does not take into account other factors that contribute to economic growth.

Question 3

How should Robert's contributions to GDP be calculated?&#10;A) using his income, not his expenditure&#10;B) using his expenditure, not his income&#10;C) using both his income and his expenditure&#10;D) using either his income or his expenditure, but not both

Accepted Answer

D

Question 4

In a simple circular-flow diagram, why is total income equal to total expenditure?&#10;A) because firms re-invest their profits&#10;B) because savings are small&#10;C) because income from interest is not part of GDP&#10;D) because every transaction has a buyer and a seller

Accepted Answer

In a simple circular-flow diagram, every transaction has a buyer and a seller. The total income earned by the factors of production (land, labor, capital, and entrepreneurship) is equivalent to the total expenditure made by households on goods and services produced by businesses. Hence, total income is equal to total expenditure. This concept is based on the assumption that every transaction in the economy involves an exchange between a buyer and a seller.

Question 5

How is GDP computed?&#10;A) add up the quantities of all final goods and services within a country&#10;B) add up the cost of producing final goods and services within a country&#10;C) use weights determined by a survey regarding how much people value different sorts of goods and services to compute GDP as a weighted average&#10;D) add up the market values of all final goods and services produced within a country in a given period of time

Accepted Answer

GDP is computed by adding up the market values of all final goods and services produced within a country in a given period of time. This includes the value of all goods and services produced by businesses, government agencies, and individuals located within a country's borders. It is important to note that only final goods and services are included in GDP, and intermediate goods (those used in the production of other goods) are not counted to avoid double-counting.

Question 6

Which headline would be most closely related to what macroeconomists study?&#10;A) The inflation rate rises from 5 percent to 5.5 percent.&#10;B) The price of gold grows by 3.1 percent in the third quarter.&#10;C) The number of tourists visiting Canadian national parks has declined.&#10;D) The price of oranges rises after an early frost.

Accepted Answer

Macroeconomists study the overall performance of the economy, which includes factors such as inflation rates, gross domestic product (GDP), unemployment rates, and other broad economic indicators. The headline about the inflation rate rising is the most closely related to this field of study.

Question 7

In a simple circular-flow diagram, how are total income and total expenditure interrelated?&#10;A) They are seldom equal because of fluctuations in the business cycle that occur in an economy.&#10;B) They are equal only when all goods and services produced are sold.&#10;C) They are always equal because every transaction has a buyer and a seller.&#10;D) They are always equal because of accounting rules.

Accepted Answer

In a simple circular-flow diagram, every transaction involves a buyer and a seller. The buyer's expenditure becomes the seller's income. Therefore, total income and total expenditure are always equal.

Question 8

If GDP rises, what happens?&#10;A) Income and expenditure must both rise.&#10;B) Income and expenditure must both fall.&#10;C) Income must rise, but expenditure may rise or fall.&#10;D) Expenditure must rise, but income may rise or fall.

Accepted Answer

GDP measures both income and expenditure in the economy, so if GDP rises, both income and expenditure must also rise.

Question 9

According to the simple circular-flow model, what do firms buy from households?&#10;A) natural resources, such as oil and minerals&#10;B) goods and services&#10;C) inventions and innovations&#10;D) labour

Accepted Answer

In the simple circular-flow model, firms buy labor (a factor of production) from households. Households provide labor to firms, and in return, they receive wages or salaries.

Question 10

Which topics are studied in macroeconomics?&#10;A) national income, investment, and exchange rates&#10;B) the price of BCE stock, wage differences between genders, and antitrust laws&#10;C) differences in market structure and how consumers maximize utility&#10;D) the effect of trade tariffs on prices and patterns of international trade

Accepted Answer

Macroeconomics studies the overall functioning and performance of the economy at a national or global level. This includes topics such as national income, investment, and exchange rates, which are all related to the performance of the economy as a whole. Topics such as the price of a specific stock, wage differences between genders, or antitrust laws are more relevant to microeconomics, which focuses on the behavior and decisions of individual consumers, firms, and markets. Differences in market structure and consumer behavior are also more relevant to microeconomics. The effect of trade tariffs on prices and patterns of international trade is another important topic in macroeconomics.

Question 11

Why does expenditure equal income?&#10;A) because firms are required by law to pay out all their revenue as income to someone&#10;B) because ultimately firms are owned by households&#10;C) because for every sale there is a buyer and a seller&#10;D) because the demand and supply of goods and services must be equal

Accepted Answer

The answer of Why does expenditure equal income?&#10;A) because firms...

Question 12

Which of the following is a macroeconomic issue?&#10;A) how many workers a firm employs&#10;B) how changes in the money supply affect interest rates&#10;C) how an increase in wages changes costs of production&#10;D) how an income tax changes a person's decision to look for a job

Accepted Answer

The answer of Which of the following is a macroeconomic...

Question 13

Which of the following is the best definition of GDP?&#10;A) the market value of all goods produced within a country&#10;B) the market value of all final goods and services produced by the citizens of a country&#10;C) the market value of all final goods and services consumed within a country over a number of years&#10;D) the market value of all final goods and services produced within a country in a given period of time

Accepted Answer

The answer of Which of the following is the best...

Question 14

Which market is the model of supply and demand most appropriate for?&#10;A) markets in which there is one large seller and many buyers&#10;B) markets in which there is one large buyer and many sellers&#10;C) markets in which there are few sellers and few buyers&#10;D) markets in which there are many sellers and many buyers

Accepted Answer

The answer of Which market is the model of supply...

Question 15

In order to include many different products in an aggregate measure, how is GDP computed?&#10;A) using values of goods based on consumers' tastes&#10;B) using primarily costs of production&#10;C) using primarily market prices&#10;D) using weights that are computed by how much of a particular good is produced relative to total output

Accepted Answer

The answer of In order to include many different products...

Question 16

What is the goal of macroeconomics?&#10;A) to explain how economic changes affect prices of particular goods&#10;B) to explain market failures, such as externalities and monopoly&#10;C) to explain changes that affect the economy as a whole&#10;D) to explain how an income tax influences a person's decision to work

Accepted Answer

The answer of What is the goal of macroeconomics?&#10;A) to...

Question 17

Which question is more likely to be studied by a macroeconomist than a microeconomist?&#10;A) Why do prices in general rise by more in some countries than others?&#10;B) Why do wages differ across industries?&#10;C) Does education increase a worker's income on average?&#10;D) Is there usually a gain from trade between two countries?

Accepted Answer

The answer of Which question is more likely to be...

Question 18

In an economy consisting of only households and firms, how can GDP be computed?&#10;A) by calculating the average total expenditures of households and subtracting savings&#10;B) by calculating the average income paid by firms only in exchange for labour&#10;C) by adding up either total income paid by firms or total expenditures of households, but not both&#10;D) by adding up both the total expenditures of households and the total income paid by firms

Accepted Answer

The answer of In an economy consisting of only households...

Question 19

What is the relationship between income and expenditure for an economy?&#10;A) Income is greater than expenditure.&#10;B) Income is less than expenditure.&#10;C) Income equals expenditure.&#10;D) Income could be greater or less than expenditure.

Accepted Answer

The answer of What is the relationship between income and...

Question 20

Why is GDP computed using market prices as the value of final goods and services?&#10;A) because market prices do not change much, so it is easy to make comparisons between years&#10;B) because if market prices are out of line with how people value goods, the government sets ceilings and floors on them&#10;C) because costs change too much to reflect the value of goods and services&#10;D) because market prices reflect the value of goods and services

Accepted Answer

The answer of Why is GDP computed using market prices...

Question 21

If a province with legalized gambling made gambling illegal, then, other things the same, what would happen to GDP?&#10;A) It would decrease.&#10;B) It would increase.&#10;C) It would not change because both legal and illegal production are included in GDP.&#10;D) It does not change because gambling is never included in GDP.

Accepted Answer

The answer of If a province with legalized gambling made...

Question 22

Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. What would this change do by itself?&#10;A) It would make GDP fall over time.&#10;B) It would not make any change in GDP over time.&#10;C) It would make GDP rise over time.&#10;D) It would change GDP, but in an uncertain direction.

Accepted Answer

The answer of Over time, people have come to rely...

Question 23

Roommates Grace and Kelly are sharing household chores and think they have an even exchange. If instead they paid each other for the chores the other did, what would happen to GDP?&#10;A) It would fall.&#10;B) It would rise.&#10;C) It would be unaffected because paid or not, household chores are not included in GDP.&#10;D) It would be unaffected because paid or not, household chores are included in GDP.

Accepted Answer

The answer of Roommates Grace and Kelly are sharing household...

Question 24

A professional gambler moves from a province where gambling is illegal to a province where gambling is legal. What impact does this move have on Canada's GDP?&#10;A) It raises GDP.&#10;B) It decreases GDP.&#10;C) It does not change GDP because gambling is never included in GDP.&#10;D) It does not change GDP because in either case his income is included.

Accepted Answer

The answer of A professional gambler moves from a province...

Question 25

Suppose an apartment complex converts to a condominium (i.e., the renters become owners of their apartments). Suppose the value of the condominium owners' housing services is now the same as their former rent. What happens to GDP?

A) GDP necessarily increases.
B) GDP necessarily decreases.
C) GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP.
D) GDP is unaffected because previously rent was included in GDP, and now it is replaced by the estimate of the value of housing services.

Accepted Answer

The answer of Suppose an apartment complex converts to a...

Question 26

How are intermediate goods accounted for when calculating GDP?&#10;A) The value of all intermediate goods is included in GDP.&#10;B) The value of intermediate goods is included in GDP only if they were produced in the previous year.&#10;C) The value of intermediate goods is included in GDP only if they are purchased by firms rather than households.&#10;D) The value of intermediate goods is not included in GDP unless they are part of inventory.

Accepted Answer

The answer of How are intermediate goods accounted for when...

Question 27

Sally used to prepare her own meals, but now she eats out more. How does Sally's change of habit affect GDP?&#10;A) It raises GDP by the additional value Sally produces during her new extra time.&#10;B) It raises GDP by the price of the restaurant meals.&#10;C) It raises GDP by less than the restaurant price of the meals because now Sally does not work anymore for preparing meals.&#10;D) It raises GDP by more than the restaurant price of the meals because Sally can do something else during the extra time that she now has.

Accepted Answer

The answer of Sally used to prepare her own meals,...

Question 28

Over the past few decades, Canadians have chosen to cook less at home and eat more at restaurants. How has this practice affected GDP?&#10;A) It has increased measured GDP.&#10;B) It has reduced measured GDP.&#10;C) It has not affected measured GDP.&#10;D) It has had an ambiguous effect on GDP.

Accepted Answer

The answer of Over the past few decades, Canadians have...

Question 29

If Susan decides to groom her dog herself instead of having Petworld groom him for her, what is the impact on GDP?&#10;A) It necessarily rises.&#10;B) It necessarily falls.&#10;C) It will be unaffected because the same service is produced in either case.&#10;D) It will be unaffected because car maintenance is not included in GDP.

Accepted Answer

The answer of If Susan decides to groom her dog...

Question 30

What is NOT included in GDP?&#10;A) unpaid childcare&#10;B) services such as those provided by lawyers and hairstylists&#10;C) final goods that are produced but not sold by the end of the year&#10;D) production of foreign citizens living in Canada

Accepted Answer

The answer of What is NOT included in GDP?&#10;A) unpaid...

Question 31

Suppose an apartment complex converts to a condominium (i.e., the renters become owners of their apartments). Suppose the value of the condominium owners' housing services is now the same as their former rent. What happens to GDP?

A) GDP necessarily increases.
B) GDP necessarily decreases.
C) GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP.
D) GDP is unaffected because previously rent was included in GDP, and now it is replaced by the estimate of the value of housing services.

Accepted Answer

The answer of Suppose an apartment complex converts to a...

Question 32

How does the value of total sales of all firms in the country for a year compare with GDP?&#10;A) It equals GDP for the year.&#10;B) It is larger than GDP for the year.&#10;C) It is smaller than GDP for the year.&#10;D) It could be larger or smaller than GDP for the year.

Accepted Answer

The answer of How does the value of total sales...

Question 33

How is the value of housing services included in GDP?&#10;A) It is valued as the annual depreciation of the house.&#10;B) It is valued as the mortgage payment made on the house.&#10;C) It uses the purchase price of the house in the year it is sold.&#10;D) It is based on an estimate of its rental value.

Accepted Answer

The answer of How is the value of housing services...

Question 34

If a province made an illegal activity such as gambling or prostitution legal, then, other things the same, what would happen to GDP?&#10;A) It would increase.&#10;B) It would decrease.&#10;C) It would not change because both legal and illegal production are included in GDP.&#10;D) It would not change because these activities are never included in GDP.

Accepted Answer

The answer of If a province made an illegal activity...

Question 35

How are grapes treated in GDP terms?&#10;A) They are always counted as intermediate goods.&#10;B) They are counted as intermediate goods only if they are used to produce another good like wine.&#10;C) They are counted as intermediate goods only if they are consumed.&#10;D) They are counted as intermediate goods whether they are used to produce other goods or consumed.

Accepted Answer

The answer of How are grapes treated in GDP terms?&#10;A)...

Question 36

Sean used to volunteer to shovel his elderly neighbour's walk, but now his neighbour pays a company to do it. How does this change affect GDP?&#10;A) It decreases GDP by more than the price of the service.&#10;B) It increases GDP by less than the price of the service. .&#10;C) It decreases GDP by the price of the service.&#10;D) It increases GDP by the price of the service.

Accepted Answer

The answer of Sean used to volunteer to shovel his...

Question 37

Which nonmarket good or service is included as an estimate in Canadian GDP?&#10;A) the value of unpaid housework&#10;B) the value of vegetables that people grow in their gardens&#10;C) the estimated rental value of owner-occupied homes&#10;D) the estimated value of volunteer work

Accepted Answer

The answer of Which nonmarket good or service is included...

Question 38

How is flour treated in GDP terms?&#10;A) It is always counted as an intermediate good.&#10;B) It is counted as a final good if it is used by a company to make bread.&#10;C) It is counted as a final good if it is used by a consumer who bakes bread for his own consumption.&#10;D) It is always counted as a final good.

Accepted Answer

The answer of How is flour treated in GDP terms?&#10;A)...

Question 39

A professional gambler moves from a province where gambling is legal to a province where gambling is illegal. What impact does this move have on Canada's GDP?&#10;A) It raises GDP.&#10;B) It decreases GDP.&#10;C) It does not change GDP because gambling is never included in GDP.&#10;D) It does not change GDP because in either case his income is included.

Accepted Answer

The answer of A professional gambler moves from a province...

Question 40

How are intermediate goods treated in GDP computations?&#10;A) They are included so we can get a measure of sales.&#10;B) They are excluded because their value is already counted in the value of final goods.&#10;C) They are excluded because there are too many to accurately measure.&#10;D) They are included because they are final goods for the firm producing them.

Accepted Answer

The answer of How are intermediate goods treated in GDP...

Question 41

Anna, a Canadian citizen who works in France for a Swiss firm, receives her pay in a German bank. To which country's GDP does Anna's employment contribute?&#10;A) Canada.&#10;B) Germany&#10;C) France&#10;D) Switzerland

Accepted Answer

The answer of Anna, a Canadian citizen who works in...

Question 42

What is included in GDP?&#10;A) the sale of stocks and bonds&#10;B) the sale of used goods&#10;C) the sale of services such as visits to a doctor&#10;D) the sale of ownership in a new company

Accepted Answer

The answer of What is included in GDP?&#10;A) the sale...

Question 43

How is gasoline treated in GDP terms?&#10;A) It is counted as an intermediate good.&#10;B) It is counted as a final good if a company uses it to provide transportation services.&#10;C) It is counted as a final good if a consumer uses it to mow her yard.&#10;D) It is counted as an intermediate good if a consumer uses it to mow a friend's yard without pay.

Accepted Answer

The answer of How is gasoline treated in GDP terms?&#10;A)...

Question 44

The local Nissan dealership has an increase in inventory of 25 cars in 2015. How will the sale of all 25 cars in 2016 affect the GDP?&#10;A) The value of the cars will be counted as part of GDP in 2015 but not in 2016.&#10;B) The value of the cars will not affect the 2015 GDP, but will be included in 2016 GDP.&#10;C) The value of the cars will be included in both 2015 and 2016 GDP.&#10;D) The value of the cars will not be included in GDP in 2015 or 2016.

Accepted Answer

The answer of The local Nissan dealership has an increase...

Question 45

An Italian company opens a pasta company in Ottawa. Where are the profits from this pasta company included?&#10;A) in both Canadian and Italian GNP&#10;B) in both Canadian and Italian GDP&#10;C) in Canadian GNP and Italian GDP&#10;D) in Canadian GDP and Italian GNP

Accepted Answer

The answer of An Italian company opens a pasta company...

Question 46

Which of the following is counted in GDP?&#10;A) the estimated value of housework&#10;B) the value of illegally produced goods and services&#10;C) the value of newly issued stocks and bonds&#10;D) the estimated value of housing services

Accepted Answer

The answer of Which of the following is counted in...

Question 47

Which of the following best defines national income?&#10;A) all income produced within a country&#10;B) the total income earned by a nation's residents from the production of goods and services within the borders of the country&#10;C) the total income earned by a nation's residents in the production of goods and services&#10;D) the income received by the national government

Accepted Answer

The answer of Which of the following best defines national...

Question 48

In the national income accounts, what is depreciation called?&#10;A) total consumption depreciation&#10;B) capital consumption allowance&#10;C) consumption of circulating capital&#10;D) loss due to wear

Accepted Answer

The answer of In the national income accounts, what is...

Question 49

George buys and lives in a newly constructed home he paid $200,000 for in 2015. He sells the house in 2016 for $225,000. How is GDP impacted?&#10;A) The 2016 sale increases 2016 GDP by $225,000 and does nothing to 2015 GDP.&#10;B) The 2016 sale increases 2016 GDP by $25,000 and does nothing to 2015 GDP.&#10;C) The 2016 sale does not increase 2016 GDP and does nothing to 2015 GDP.&#10;D) The 2016 sale increases 2016 GDP by $225,000, and 2015 GDP is revised upward by $25,000.

Accepted Answer

The answer of George buys and lives in a newly...

Question 50

How is Canadian GNP calculated from Canadian GDP?&#10;A) by including income earned by foreigners in Canada and excluding income earned by Canadian citizens abroad&#10;B) by including income earned by Canadian citizens abroad and excluding income earned by foreigners in Canada&#10;C) by including income earned by foreigners in Canada&#10;D) by excluding income earned by Canadian citizens abroad

Accepted Answer

The answer of How is Canadian GNP calculated from Canadian...

Question 51

How is NNP calculated?&#10;A) by subtracting savings from the total income of citizens of a nation&#10;B) by subtracting business expenses and taxes from the total profits earned by citizens of a nation&#10;C) by subtracting depreciation from the total income of citizens of a nation&#10;D) by subtracting depreciation from the total profits earned by citizens of a nation

Accepted Answer

The answer of How is NNP calculated?&#10;A) by subtracting savings...

Question 52

Which of the following is included in Canadian GDP?&#10;A) the difference in the price of the sale of an existing home and its original purchase price&#10;B) goods produced by foreign citizens working in Canada&#10;C) the estimated value of volunteer activities&#10;D) goods produced by a Canadian company in France

Accepted Answer

The answer of Which of the following is included in...

Question 53

A company makes 500,000 smart phones in the second quarter. It sells 300,000 of them before the end of the second quarter, and holds the others in its warehouse. How is the second quarter GDP affected?&#10;A) The smart phones are included in second-quarter GDP.&#10;B) The smart phones that are not purchased in the second quarter are not counted in the second-quarter GDP.&#10;C) Since all the 500,000 smart phones will eventually be bought by consumers, they are included as consumption in the third quarter.&#10;D) The smart phones will be counted as a change in inventory in the second quarter, and when sold in the third quarter will raise GDP.

Accepted Answer

The answer of A company makes 500,000 smart phones in...

Question 54

How are goods that go into inventory and are not sold during the current period treated in GDP terms?&#10;A) They are counted as intermediate goods and so are not included in current-period GDP.&#10;B) They are counted in current GDP only if the firm that produced them sells them to another firm.&#10;C) They are included in current-period GDP as inventory investment.&#10;D) They are included in current-period GDP as consumption.

Accepted Answer

The answer of How are goods that go into inventory...

Question 55

Darla, a U.S. citizen, only works in Canada. How does the value added to production from her employment impact GDP and GNP?&#10;A) It raises Canadian and U.S. GDP.&#10;B) It raises Canadian GDP and U.S. GNP.&#10;C) It raises Canadian GNP and U.S. GDP.&#10;D) It raises Canadian and U.S. GNP.

Accepted Answer

The answer of Darla, a U.S. citizen, only works in...

Question 56

Greg, a Canadian citizen, works in the United States but lives with his family in Canada. How does his employment impact GDP and GNP?&#10;A) He raises Canadian GDP because he spends part of his income in Canada.&#10;B) He lowers U.S. GDP because he takes his income out of the U.S.&#10;C) He raises Canadian GNP because he earns income abroad.&#10;D) He lowers Canadian GNP because he earns income abroad.

Accepted Answer

The answer of Greg, a Canadian citizen, works in the...

Question 57

Which of the following is counted in Canadian GDP?&#10;A) goods and services produced by Canadian citizens working in the U.S.&#10;B) American intermediate goods used in the production of Canadian final goods&#10;C) Canadian final goods and services purchased by the American government&#10;D) American final goods and services purchased by the Canadian government

Accepted Answer

The answer of Which of the following is counted in...

Question 58

National income differs from net national product in that it includes business subsidies. What does national income exclude, as opposed to net national product?&#10;A) profits of corporations&#10;B) indirect business taxes&#10;C) retained earnings of corporations&#10;D) capital consumption allowance

Accepted Answer

The answer of National income differs from net national product...

Question 59

What is included in GDP?&#10;A) the sale of stocks and bonds&#10;B) the estimated rental value of owner-occupied housing&#10;C) unpaid production of goods and services at home&#10;D) proceeds of a garage sale

Accepted Answer

The answer of What is included in GDP?&#10;A) the sale...

Question 60

A Canadian company owned by a Japanese citizen has opened a sushi restaurant in Romania. Where is the profit included?&#10;A) in Romanian GNP&#10;B) in Canadian GDP&#10;C) in Romanian GDP&#10;D) in Japanese GDP

Accepted Answer

The answer of A Canadian company owned by a Japanese...

Question 61

Which of the following best defines retained earnings?&#10;A) the part of income that households retain after paying taxes&#10;B) the part of income that businesses retain after paying taxes&#10;C) the part of income that corporations pay to their owners in the form of dividends&#10;D) the part of income that corporations do not pay to their owners in the form of dividends

Accepted Answer

The answer of Which of the following best defines retained...

Question 62

The government reports that &#34;GDP increased by 1.6 percent in the last quarter.&#34; What does this statement mean?&#10;A) GDP increased at an annual rate of 6.4 percent during the last quarter.&#10;B) GDP increased at an annual rate of 4.8 percent during the last quarter.&#10;C) GDP increased at an annual rate of 1.6 percent during the last quarter.&#10;D) GDP increased at an annual rate of 0.4 percent during the last quarter.

Accepted Answer

The answer of The government reports that &#34;GDP increased by...

Question 63

In Canada, GDP is reported each quarter. How are these numbers computed?&#10;A) These numbers are adjusted to make them measure at annual and seasonally adjusted rates.&#10;B) These numbers are adjusted to make them annual rates, but no adjustment for seasonal variations is made.&#10;C) These numbers are quarterly rates that have been seasonally adjusted.&#10;D) These numbers are at quarterly rates and have not been seasonally adjusted.

Accepted Answer

The answer of In Canada, GDP is reported each quarter....

Question 64

&#10;Refer to the Table 5-2. What is the personal income for this economy?&#10;A) $338&#10;B) $349&#10;C) $367&#10;D) $417

Accepted Answer

The answer of  &#10;Refer to the Table 5-2. What...

Deck 5: Measuring a Nations Income