If We Know That It Takes, on Average, One Canadian

question 128

Multiple Choice

If we know that it takes, on average, one Canadian worker and one Canadian dollar to make 10 soccer balls in an 8 hour work day, we can measure Canada's

• A) balance of trade.
• B) GDP.
• C) productivity.
• D) GNP.
• E) GNP and productivity.

---

Definitions:

Utility

A measure of satisfaction or benefit that consumers receive from consuming goods and services.

Equilibrium Position

The state in which market supply and demand balance each other, resulting in stable prices and quantities.

Budget Line

A graphical representation showing all possible combinations of two goods that can be purchased with a given income.

Indifference Curves

Graphical representations used in economics to show the different combinations of two goods that give a consumer equal satisfaction and utility.