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

question 74

Multiple Choice

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

• A)The value of Canada's exports exceeded the value of Canada's imports.
• 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:

White-collar Employment

Jobs that typically involve professional, managerial, or administrative work, often in an office setting, as opposed to blue-collar jobs that involve manual labor.

Substitution Effect

The change in demand for a good due to a change in its price, leading consumers to substitute it with another product.

Output Effect

When the price of any resource rises, the cost of production rises, which, in turn, lowers the supply of the final product. When supply falls, price rises, consequently reducing output.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production, holding all other factors constant.