Convergence Between Real GDP Per Person in Canada and Japan

question 55

Multiple Choice

Convergence between real GDP per person in Canada and Japan was relatively ________ during the 1960s; convergence has recently been ________.

• A)slow; increasing
• B)rapid; decreasing
• C)rapid; increasing at an even faster rate
• D)slow; decreasing
• E)rapidly; continuing at the 1960s pace

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Definitions:

FMV

Stands for Fair Market Value, which is the price an asset would sell for on the open market, where both buyer and seller have reasonable knowledge of the asset and are willing to trade without pressure.

Basis

The amount of an investment in property for tax purposes; the starting point for determining gain or loss.

Recognize Gain

The process of reporting the profit from a sale or exchange of an asset for tax purposes.

Dividend Income

Income received from owning shares of stock or mutual funds, which represents a portion of the company's profits distributed to its shareholders.