113 review questions copy

Most economic activity occurs within markets b

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Unformatted text preview: ost economic activity occurs within markets B. markets facilitate the exchange of resources between individuals C. resource allocation decisions that occur outside markets do not affect the economy D. all of the above 10. Gross Domestic Product (GDP) A. measures the market value of all goods and services produced within a country B. is a useful proxy for the magnitude of economic activity C. is highly correlated with living standards D. all of the above 11. Sub-surface minerals on private land in British Columbia are owned by A. the private owners themselves B. the Federal Government C. the Province of British Columbia D. all Canadians 12. A key determinant of productivity in the economy is A. consumer spending B. investment and innovation C. education D. both B and C 2 13. Crime is relevant to the allocation of resources because A. Canadian taxation rates are criminally high B. crime cannot be fully prevented C. people devote time and effort to protect themselves against crime D. none of the above 14. The...
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