Two Striking Features of a Graph of Canadian Real GDP

question 34

Multiple Choice

Two striking features of a graph of Canadian real GDP per capita over the twentieth century are the:

• A)overall upward trend interrupted by a large downturn due to the economic depression in the 1930s.
• B)nearly constant level with a large downturn in the 1930s.
• C)downward trend in the first half of the century followed by the upward trend in the second half.
• D)constant level in the first half of the century followed by the upward trend in the second half.

Discuss the advantages and strategies around owning versus controlling resources in start-ups.

Understand the importance and process of finding and utilizing consultants in business.

Analyze benefits and strategies of operating a startup or bootstrapping with limited resources.

Grasp basic terminology and concepts related to resource ownership and corporate structure.

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Definitions:

Public Policy

Public policy is a system of laws, regulatory measures, courses of action, and funding priorities concerning given topics, enacted and enforced by governmental entities.

Economic Efficiency

A condition in which all resources are optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

Consumer Surplus

The gap between the price consumers are prepared to pay for a good or service and the price they actually end up paying.

Consumer Surplus

The gap between what consumers are prepared to spend on a good or service and the actual amount they end up paying.