Until Recently,Canada Was Mostly A(n)____________ When It Came to International

question 69

Multiple Choice

Until recently,Canada was mostly a(n) ____________ when it came to international trade.

• A) market leader
• B) economy where exports played a major role
• C) economy built on countertrade
• D) self-contained economy
• E) example of the world's most successful exporting nations

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Definitions:

Perfectly Competitive

A market structure characterized by many sellers, homogeneous products, and free entry and exit, leading to price determination by supply and demand.

Long-Run Industry Supply Curve

The long-run industry supply curve shows how the quantity supplied by an industry varies with price once all adjustment has been made, including the entry and exit of firms.

Increasing-Cost Industry

An industry in which production costs rise as firms enter the market, often leading to higher prices for consumers.

Positive Profits

Financial gains achieved when the total revenues exceed the total costs of a business.