Choose the Statement That Is Incorrect

question 11

Multiple Choice

Choose the statement that is incorrect.

• A)Free trade destroys some jobs.
• B)Imports create jobs for retailers that sell imported goods and for firms that service those goods.
• C)Imports create income in the rest of the world,some of which is spent on Canadian-made goods and services.
• D)Free trade brings about a global rationalization of labour.
• E)Protection saves jobs at a low cost.

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Definitions:

Economic Growth

An increase in the output of goods and services in an economy over time, often measured as the percent rate of increase in real GDP.

Adjustable Rate Mortgages

A mortgage where the interest rate on the remaining balance changes over the duration of the loan.

Mortgage Default

Occurs when a borrower fails to make required payments on their mortgage loan, risking foreclosure and loss of property.

Economic Crisis

A situation in which a country experiences a severe downturn in its economy, characterized by a significant decline in economic activity, high unemployment, and financial instability.