Which of the Following Statements About Canada's International Trade in 2016

question 56

Multiple Choice

Which of the following statements about Canada's international trade in 2016 is correct?

• A)The value of Canada's imports exceeded the value of Canada's exports.
• B)Canada exported only goods.
• C)Canada was the world's second largest trader.
• D)Canada imported only goods.
• E)The value of Canada's exports was about 45 percent of the value of total expenditure in Canada.

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Definitions:

Factors Of Production

The inputs or resources that are used in the process of producing goods and services, typically including labor, capital, land, and entrepreneurship.

Input

The resources, materials, or labor used in the production of goods and services.

Output

In economics, output refers to the total amount of goods and services produced by a company, sector, or economy within a certain period of time.

Function

A relation between a set of inputs and a set of permissible outputs, specifying a single output for each input.