In the Current Canadian Economy,the Majority of Choices on How

question 122

Multiple Choice

In the current Canadian economy,the majority of choices on how resources are allocated are made by

• A)consumers and firms through the price system.
• B)the various levels of government.
• C)negotiation between unions and firms.
• D)business firms only.
• E)legal contracts.

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Definitions:

Fixed Tariff

A preset tax or duty to be paid on particular imports or exports, which remains unchanged over a period regardless of economic conditions.

Ad Valorem Tariff

A type of tax calculated as a percentage of the value of the goods being imported or exported.