The Balance of Merchandise Trade That Canada Has Experienced Has

question 5

Multiple Choice

The balance of merchandise trade that Canada has experienced has been

• A) changing between favourable and unfavourable with about a seven-year cycle.
• B) unfavourable since Confederation.
• C) favourable for most of the last thirty years.
• D) unfavourable for the last thirty years.
• E) favourable since Confederation.

Identify the characteristics of different market structures, including competition and monopoly.

Understand the effects of government intervention in the economy, such as through taxes, subsidies, and regulation.

Understand the key principles and terminology of classical conditioning.

Describe the process and effects of extinction and spontaneous recovery in conditioned responses.

---

Definitions:

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible.

Real GDP

An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, expressed in base-year prices.

Aggregate Supply Curve

A graphical representation in economics that shows the total quantity of goods and services that producers are willing to supply at various price levels.

Aggregate Demand

The all-encompassing demand for every good and service within an economic framework, calculated at a set aggregate price level for a specific period.