Which of the following best describes the evolution of the Canadian economy over the past decades?
A) Real GDP in 2012 was less than three times its level in 1970.
B) The output of goods and services grew on average about 1 percent per year from 1970 to 2012.
C) Real GDP was approximately constant over the past decades, only prices have increased.
D) Growth in real GDP has allowed an improvement in Canadians' standard of living.
Correct Answer:
Verified
Q135: Which of the following defines recessions?
A) higher
Q136: What is the GDP deflator?
A) a measure
Q144: Many things that society values, such as
Q146: The basic tools of supply and demand
Q147: Suppose that 25 years ago a country
Q148: A farmer produces the same output in
Q150: What do international GDP and socioeconomic data
Q151: Table 5-6 Q154: Dave knits ski caps with tassels at Q157: Table 5-5 ![]()
![]()
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents