Which of the Following Statements About Canada's International Trade in 2013

question 26

Multiple Choice

Which of the following statements about Canada's international trade in 2013 is correct?

• A)The value of Canada's imports exceeded the value of Canada's exports.
• B)The value of Canada's exports was about 45 percent of the value of total expenditure in Canada.
• C)Canada imported only goods.
• D)Canada was the world's second largest trader.
• E)Canada exported only goods.

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Definitions:

Competitive Markets

Markets where multiple sellers offer a similar product, leading to price competition and quality improvements.

Parity Concept

A principle in economics that suggests that exchange rates between currencies should adjust to reflect changes in price levels between countries.

Farm Subsidies

Financial support provided by the government to farmers, intended to stabilize prices, ensure a sufficient food supply, and support farmers' incomes.

Price Support

Government interventions or policies that set a minimum price for a product, typically agricultural, to ensure farmers' incomes are protected against price fluctuations.