Which of the Following Accounts for the Largest Percentage of Spending

question 61

Multiple Choice

Which of the following accounts for the largest percentage of spending by households in Canada?  

• A) durable goods 
• B) nondurable goods 
• C) services 
• D) underground activities (e.g., illegal activities)

Distinguish between public and private property, including the criteria for classification.

Differentiate between tangible and intangible property, particularly in relation to taxation.

Understand legal considerations and resolutions in engagement ring disputes.

Identify circumstances under which a hotelkeeper can be held liable for loss or damage to property.

---

Definitions:

Barriers to Entry

Obstacles that make it difficult to enter a given market, potentially including high startup costs, strict regulations, or strong competition.

Few Firms

In markets characterized by few firms, also known as oligopolies, a small number of companies dominate the industry, leading to limited competition.

Prime Rate

The interest rate that banks charge their most creditworthy customers, often used as a benchmark in lending rates.

Covert Collusion

A secret agreement between firms to fix prices or divide the market to limit competition, which is illegal in many jurisdictions.