Imports Are

question 238

Multiple Choice

Imports are

• A) services that are created in Canada and sold abroad.
• B) products that are made or grown abroad and sold in Canada; services cannot be imported.
• C) goods and services that are made or grown in Canada and sold abroad.
• D) products that are made or grown in Canada and sold abroad; services cannot be imported.
• E) goods and services that are made or grown abroad and sold in Canada.

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Definitions:

Equilibrium Price

The sale price at which the supply of goods precisely meets the demand in the market.

Fine

A monetary penalty imposed by an authority on individuals or entities as punishment for an offense or infraction.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Total Variable Costs

The sum of expenses that vary directly with the level of production or output, including costs for materials and labor.