Canada's Average Tariff Rate Peaked at ________ in 1888 but Dropped

question 49

Multiple Choice

Canada's average tariff rate peaked at ________ in 1888 but dropped below ________ by 1996.

• A) 100%;80%
• B) 85%;40%
• C) 67%;20%
• D) 22%;1%
• E) 8%;2%

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Definitions:

Wages

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.

Tax Burden

The total amount of tax paid by individuals or businesses, often expressed as a percentage of income or GDP.

Inelastic

Refers to a condition where the demand for a product or service changes very little when there is a change in its price.

Price Elasticities

A measure of how much the quantity demanded or supplied of a good changes in response to a change in its price.