How are the fundamental economic decisions determined in Canada?
A) Individuals, firms, and the government interact in a market to make these economic decisions.
B) These decisions are made by the country's elders who have had much experience in answering these questions.
C) The government decides because Canada is a centrally planned economy.
D) The United Nations decides because Canada is a developing economy.
Answer: A
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The market clearing price of computer modems has just decreased. Which of the following could have caused this change?
A) a decrease in supply at the same time that demand increases B) an increase in supply at the same time that demand decreases C) a decrease in supply with demand unchanged D) an increase in demand with supply unchanged
Given the prices of two goods, all quantity combinations outside the budget line are:
a. undesirable. b. inefficient. c. inferior. d. unattainable.